My Experience with ReferralCloud

Note from the Co-Founders. An agent who used the ReferralCloud platform to place a referral asked if she could share her experience and have it posted as a blog post. We agreed and below is her unedited ReferralCloud review submission.

ReferralCloud agent Review

The client was moving out of state to Ohio and I had listed his house for sale.  The house was very nice and it was going to sell quickly.  I had sold several homes for this client, he was very nice, and I was sorry to see him move away, not to mention that this was going to be out last transaction together.  Client relationships take time to cultivate and we treasure them, but when the client moves away, a lot of times, that source of business dissipates.  Yes, I would refer him to an agent in Ohio and receive a referral fee, but let’s face it, the odds of that agent having a client to refer to me in my market, was not great.  

As expected, the house I listed for my client generated multiple offers.  In chatting with one of the buyer’s agents, he mentioned that his client was a referral he received through ReferralCloud.  He explained that he had referred a client to an agent in another market through the ReferralCloud platform and that an unrelated agent in a different market referred a client to him as a “reward” for having sent his referral though the ReferralCloud platform.  

The agent explained the process to me and I was super excited.  I would receive the 25% referral fee for the client I was referring who would be purchasing in Ohio and receive another client on top of the 25% referral.  Best of all, there was no fee to join ReferralCloud and no subscription fee. The only fee is a referral fee paid at closing.

My first thought was brilliant!  Not only can I refer this seller though the ReferralCloud platform and receive my 25% referral fee on his purchase in Ohio, but I will receive a referral client back!  This is awesome!  This is like receiving a 25% referral fee for my client’s purchase, and being sent a “replacement” client.  

My client accepted an offer and I joined ReferralCloud.  I was able to view agents in ReferralCloud, select one that I thought would be a good fit for my client, placed my client’s information in ReferralCloud and he was assigned to the agent I selected.  The platform can also select the receiving agent for you if you can’t find or select an agent for your client.  The agent was prompt in responding to me, was very knowledgeable about the market, connected with my client, and the hunt for my client’s new home had begun.  It was very nice to see updates in the portal from the agent in Ohio regarding the home search, and later about the progress of the transaction.  The portal was a nice way for us to communicate and keep everything about this transaction in one place easily accessible to both of us.  My escrow with my client closed and soon after that, the escrow in Ohio also closed.  The 25% referral fee was sent to me promptly and I now have a happy client because our sale was smooth and with my help, his relocation purchase in Ohio was also a good experience.  

As I look back on this transaction, using ReferralCloud has increased my client funnel.  My client is happy and will continue to send me referrals here and connect me with his sphere of influence that required the services of a great Realtor anywhere because he knows I have a network of great agents throughout the country ready to provide exceptional service.  This means that I will be able to send place referral clients in the ReferralCloud platform beyond my current client base.  The agent in Ohio is happy and is likely to choose me as a recipient of her referrals in my market, plus ReferralCloud will reward me with a referral that becomes available in my market for using the ReferralCloud platform.  

Agents are constantly bombarded with lead generation sources that are expensive, and the leads a lot of times are assigned to multiple agents.  ReferralCloud is different since there is no cost to join or a recurring costs, plus these are not cold leads — these are agent to agent referrals which have a high closing ratio since they are vetted by the agent sending the referral through the ReferralCloud platform and they are assigned to a SINGLE agent not multiple agents.  I’m glad I used ReferralCloud for my client referral and I will continue to do so as a way to grow my business with quality client referrals.

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