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A Closer Look: What Should You Expect From a Real Estate Agent Referral Program?

System - Tuesday, November 23, 2021
Property Management Blog

Real estate sales were up almost 25% in March 2021 compared to March 2020. If you're thinking of buying, selling, or investing in real estate in Chicago, the market remains strong.

Is it time to make your move?

But first, how do you find a real estate agent? You want an expert in Chicago properties who will help you get the best deal.

A real estate agent referral program could be the answer. Find out more about using a real estate agent referral and how it can help you reach your goals.

What Is a Real Estate Agent Referral Program?

When you want to buy or sell real estate, you look for a real estate agent. In a real estate agent referral program, the agent refers you to another agent or property management company who will actually manage the transaction. The agent who made the referral receives a fee if and when the transaction goes through.

A real estate referral agent is a licensed real estate professional who specializes in referring clients to other agents. Referrals don't necessarily need to come from a dedicated referral agent, though. Other sources include:

  • Real estate agents
  • A real estate agent's clients
  • Local businesses

You use a trusted source to help you find the best real estate agent for the property you want to buy or sell.

Benefits of a Real Estate Agent Referral Program

A referral program can be a win-win for buyers, sellers, agents, and property managers. It helps facilitate real estate transactions so everyone gets what they're looking for.

You benefit from a referral program because you get a trustworthy agent to help you buy or sell property. You get someone with expertise in the type of real estate you're considering.

When to Use a Real Estate Agent Referral

A referral program can be especially useful if you're in one of several common situations. An agent you've worked with before may give you a referral. A referral can help you get started with your first real estate transaction. A referral can also help with an investment property.

Referral from Your Real Estate Agent

If you have a relationship with a real estate agent already, that agent may refer you to someone else if the property you want to buy or sell is:

  • Outside the agent's usual market area
  • In another state where the agent isn't licensed
  • A type of property the agent has less experience with

Having a real estate agent with expertise in the market and type of property you want to buy or sell is essential. A referral can help you find an experienced local agent.

Referral to Find Your First Real Estate Agent

You can also benefit from a referral if you haven't bought or sold property before. If you aren't already connected with an agent, a referral can help you get started.

Referral for Investment Properties

A referral can help you find a property manager for your investment properties. Some property management companies will help you buy or sell real estate. Others focus exclusively on managing your property when you need services like finding and screening tenants, collecting rent, and property maintenance.

Using a Real Estate Agent Referral Program

You use a real estate agent referral because you want to find a trustworthy partner for your real estate needs. Whether you're looking to buy or sell, a referral can help you get an experienced professional.

HomeRiver Group Indianapolis is ready to be the property management firm you count on. We provide the entire range of investing and management services from buying and selling to leasing and maintenance. You'll appreciate our focus on promoting a culture of integrity, superlative performance, and respect.

Contact us today to discuss your Chicago property management or investment needs. We look forward to earning your business.