Real Estate Referral Network in Camden County
A real estate referral network is a group of real estate agents who refer clients interested in buying or selling real estate to an active agent they can work with. Essentially, the referral network acts like an agent’s agent.
Although agents within referral networks must maintain their real estate licenses and be affiliated with real estate brokerages in New Jersey, they do not normally list properties for clients. In return for their referrals, they get a finder’s fee from the agent they referred. The agents with South Jersey Referral Network work with both listing agents and buyer’s agents.
When Would Someone Need a Real Estate Referral Agent?
- One of the main reasons people use a real estate referral agent is if they have never bought property before and do not know any real estate agents in their area. In this instance, they would contact a referral network to find a real estate agent who knows their area and is familiar with their market.
- Another situation involves clients who want to buy property in areas they don’t know very well. They might want a second home near the beach or a getaway in the mountains but have never lived there. If a buyer wants a specific type of property, he or she usually wants a real estate agent that knows the area to help them. In this situation, a referral agent can help them find a real estate agent who truly understands their needs.
- When your client needs services that you can provide but are not within your area of expertise. For example, you have done residential real estate transactions with a client in the past but now they need to sell a building zoned for industrial use. If you have never worked with commercial real estate, you may not feel confident about advising your client on pricing, negotiations, or closing conditions. In this instance, a referral to a knowledgeable commercial real estate agent might be in your client’s best interests.
- If a buyer or seller has a family member who is a real estate agent, but that agent would prefer not to be involved in the transaction due to a potential conflict of interest. The agent would refer the interested family member to another real estate agent.
Advantages of a Real Estate Referral Program
- Build your client’s trust – In the real estate business, it is critical for clients to trust you. One of the most effective ways to build trust is for you to be introduced to a potential client by a trusted third party. Using a well-known real estate referral program in Camden County like the South Jersey Referral Network is a great way to make this happen. Having heard about you from a trusted source should generate more interest in your skills and can be one of your most effective marketing tactics.
- Increase your profit margins – Typically, the referral fee is a percentage of the commission received by the agent who accepts the referral. Most referral networks charge a 25% commission from the buyer’s or seller’s agent. An advantage is that referred clients are usually less sensitive to price because they presold based on your client’s credibility. This can translate into higher selling prices and higher commissions for everyone involved.
One thing to remember is that the state of New Jersey changed the laws surrounding real estate referral licenses. After August of 2018, anyone who wants to remain or become a real estate referral agent must have their license with a referral only office. The South Jersey Referral Network is a referral only agency and is fully compliant with these new laws.
If you are real estate agent based in Cherry Hill, Camden, Gloucester, Pennsauken, Voorhees, Winslow Township or a nearby town in Camden County, and you are interested in becoming a referral agent, contact South Jersey Referral Network today.