The National Association of REALTORS (NAR) reports having more than 1.5 million realtors as members. With numbers this high comes steep competition. This is why realtors should form professional relationships to help one another secure real estate transactions.
These types of relationships are part of a real estate agent referral program.
These programs are important no matter where you live, but the best real estate referral network is in St. Louis, MO. But what makes this program stand out? Keep reading to learn more about St. Louis realty partners and the benefits of these programs.
What Are Real Estate Agent Referral Programs?
When realtors are unable to help clients, they refer them to trusted professionals in their network of realtors. There are tons of referral program advantages, such as fees paid to the referring agent -- and much more.
Instead of losing a client by being unable to help them -- or at the least, losing a potential commission -- real estate agents refer their clients out to another agent they trust. Should they close a deal, the referring agent recoups a fee. This makes the program mutually beneficial, as the refereed agent also secures a commission as payment.
Why St. Louis Realty Partners Are the Best
St. Louis realty partners come equipped with the knowledge and network capabilities to ensure that you find the best professionals to refer clients to. Here are some other referral program advantages.
Builds Trust
When you create a real estate referral network, you build trust with clients and other professionals. Instead of having to turn clients away due to a high volume of work, possibly losing their business in the process, you can refer them to a trusted agent.
This keeps your clients and other agents happy. Should those agents have to refer their clients elsewhere, odds are they'll send them your way.
Turn Leads Into Sales
A challenge all realtors face is turning leads into sales. It can feel impossible to know who's serious about purchasing and who's just window shopping. But real estate agents skilled in marketing:
- Understand their leads
- Follow-up with clients
- Categorize their leads
When you work with a trusted referral program in St. Louis, you have serious clients coming your way, which means you're more likely to turn these funnel leads into actual sales.
Extra Income
This might seem self-explanatory, but when an agent misses out on an opportunity to work with a client, they lose income. However, should an agent refer that client elsewhere, they still receive a fee, which works to keep a steady income.
It doesn't matter if a real estate agent is selling their first property or their 100th, all sales matter and a referral program can work to keep these transactions steady.
Build Your Real Estate Referral Network Today
Are you ready to build your real estate agent referral program? Of course, you are, and PMI STL Metro can help.
Our company has everything you need to take your real estate experience to the next level. You can complete a free rental analysis here or get in touch with us at 314.246.0002. From referral programs to owner resources and everything in between, we're your one-stop shop for all things related to real estate asset management.
