{"id":255,"date":"2022-03-20T23:12:45","date_gmt":"2022-03-20T23:12:45","guid":{"rendered":"https:\/\/referralcloud.co\/blog\/?p=255"},"modified":"2022-03-20T23:13:55","modified_gmt":"2022-03-20T23:13:55","slug":"real-estate-referral-networks","status":"publish","type":"post","link":"https:\/\/referralcloud.co\/blog\/real-estate-referral-networks\/","title":{"rendered":"Real Estate Referral Networks"},"content":{"rendered":"\n

Real estate referrals are a great source of business for real estate agents. They provide a good source of business and also are a better source of business than leads, which usually require an up-front cost. The best way for agents to get more referrals<\/a> is to join a number of real estate referral networks.<\/p>\n\n\n\n

What is a Real Estate Referral Network?<\/h2>\n\n\n\n

A real estate referral network is a group of agents who only share their client referral with each other. The advantage of doing this is that the agents can ultimately get more referrals than using non-referral network means. These include google, Facebook referral groups, asking other agents and just asking random people.<\/p>\n\n\n\n

One of the benefits of a real estate referral network is the idea of a “central coordinator”.<\/p>\n\n\n\n

What is a Central Coordinator?<\/h3>\n\n\n\n

A Central Coordinator is either a person(s) or technology that tracks which agents have given referrals and then makes sure that those agents are the next in line for those referrals. This idea is that of a clearinghouse. A Clearinghouse is an organization that collects and distributes information as well as holds and distributes money. But where did this idea begin?<\/p>\n\n\n\n

Back in the 1700s banks were just beginning. Not all banks gave loans to all types of businesses, so a group of bankers decided to get together to share their applications for a loan. The bankers would trade away their loans to other banks for loans that better suited themselves. This mechanism still exists, especially with large business like banks, airlines and insurance companies.<\/p>\n\n\n\n

How to Join a Real Estate Referral Network<\/h2>\n\n\n\n

Many franchises already have built in real estate referral networks. These companies have a central coordinator, usually someone who tracks everything with a spreadsheet, and makes sure that the referrals from agents that belong to their network are the recipients of real estate referrals from other agents.<\/p>\n\n\n\n

Part of the problem with these networks, is that they are ultimately very small. Keller Williams, the largest real estate franchise in the US only has a 10% market share. This means that 90% of the referrals are being missed by Keller Williams agents! This does not include the fact that most agents in these franchises don’t use their referral networks! Instead they use Facebook referral groups<\/a> and similar resources.<\/p>\n\n\n\n

The best way for real estate agents to share their referrals with other agents is to make sure that the real estate referral network does 3 things:<\/p>\n\n\n\n

  1. Allow agents to place their outbound referrals through the network<\/li>
  2. Only allow referrals to be given to agents in the network<\/li>
  3. Keep track of the referrals to reward agents who use the network with more referrals. <\/li><\/ol>\n\n\n\n

    We will start with companies that are actually run real estate referral networks.<\/p>\n\n\n\n

    List of Real Estate Referral Networks<\/h2>\n\n\n\n

    1. ReferralCloud<\/h3>\n\n\n\n

    ReferralCloud is a real estate referral network for real estate agents. <\/p>\n\n\n\n

    \"real
    ReferralCloud – Real estate referral networks<\/figcaption><\/figure>\n\n\n\n

    It allows agent to not only place referrals within the network, it only assigns referral to agents that are part of the network<\/strong>. Some of the factors that are included in which agent will receive an inbound referral are:<\/p>\n\n\n\n