Broker Referral Network On Trulia ?

Posted under: Agent2Agent | February 2, 2012 2:34 PM | 11,529 views | 12 comments

I am thinking of starting a broker referral network through trulia or an external site. If you have a client moving to New York for instance you would get 25% referral fee and you client would get a rebate if they bought/rented with that agent. This rebate he/she wouldn't have gotten if they weren't referred by you. Every agent would sign an agreement to the terms ect. This can even be for sales, I have alot of clients that want to move to Manhattan or Brooklyn but need to sell there home elsewhere first.

What are your thoughts on this idea ?

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By Janet M. Nation, CBR, Thu Feb 2 2012, 16:44

What rebate to clients, anything over $25 is illegal remember other than that it's okay, why is that necessary. I actually go to Trulia whenever I have to find an out of town agent. I judge them by their comments/opinions and profile before making that call, and it's worked good so far.

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By Janet M. Nation, CBR, Thu Feb 2 2012, 20:30

Im in the same state as you. You asked our opinion and I don't like that portion of your suggestion that's all.

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By Matthew Hars - Top Realtor in NYC, Thu Feb 2 2012, 21:23

I'll revise my comment. Its definitely not illegal see the article below. I want clients to get value from the referral, and not feel like it's mainly for my own personal gain. I see rebates as a way to do this, even if they are a small amount they create value for the client. Its way to say thank you to your client an know that your putting their best interests at heart. I can understand if you don't agree. I also value your feedback, and realize in a lot of markets this won't make sense. However in NYC with multimillion dollars properties I do see it as viable

http://online.wsj.com/article/SB114420022305317252.html

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By Terri Vellios, Sat Feb 4 2012, 12:56

Matthew, there are a lot of referral options. Either through individual Brokerages across the nation or other networks. I'm not keen on the rebate idea either. By the time the agent provides their full service, pays the referral to the referring agent, splits with their Broker and rebate back to the client, what is left?

I agree with Janet, that finding the right agent not based on fee is in the client's better interest.

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By Deborah Griffin, Sun Feb 5 2012, 05:19

I think a client would prefer professional service and excellent care more than receiving a rebate.

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By John Souerbry, Sun Feb 5 2012, 06:59

I was interviewed by Trulia development staff a couple weeks ago regarding site development and suggested this precise thing. Since rebate and referral legalities vary from state-to-state, as they should, I recommended just a bulletin board with no financial issues being handled on the site.

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By Kevin Olson & Jessica Laude - Higher Living Team, Mon Feb 6 2012, 15:22

Bad idea. Some things really are simple already, why make them technical? Some of the best agents out there are not on Trulia. They're too busy doing a good job for their clients.

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By Yuri Katz, Mon Feb 6 2012, 17:36

Whenever you have clients interested in ANY type of real property in Los Angeles metro area and Malibu to Hollywood in particular, please, let me know. We'll work it out ;)

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By Real Estate Supergirl, Khrystyna Chorna, Wed Feb 8 2012, 13:02

Hi, Mathew, it is NOT a bad idea. It's a great idea! If some people are not interested, then oh well! It is not for everybody. But i'm sure there are agents that would be interested in this.
How much of a rebate are we talking about?

Thanks,
RealEstateSupergir.Com

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By Matthew Hars - Top Realtor in NYC, Wed Feb 8 2012, 13:15

Khrystyna,
Something small maybe $1,000 or so to help with closing costs. Its just to help build the relationship with your client. I think in today's market it would give participating brokers an edge.
Thanks,
Matthew

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By Melina Tomson, Wed Feb 8 2012, 15:51

You'd be ruling out those in non-rebate states as participating in your referral network.

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By Akil Walker, Wed Feb 8 2012, 18:28

Hello Matthew,

The 25% seems reasonable. i am not sure if the rebate is needed. if we provide quality service therre is no need for a rebate, in my opinion.