Quality referrals are often the most solid foundation that a loan officer can build their business. Real estate professionals and loan officers are constantly working together, and building a strong relationship with these professionals can be beneficial for both businesses. When looking to grow your realtor referral program, exploring or joining real estate referral companies can be a great way to find new realtors in your area in order to generate more qualified leads. Here we take a close look at five of the top real estate referral companies you should consider.
Key Takeaways
- Real estate agents often turn to real estate referral companies in order to generate new leads each month. Networking and establishing relationships with these agents can help boost your lead generation.
- Some real estate referral companies are also open to loan officers, providing them with qualified leads from borrowers looking to acquire a pre-qualification or learn more about how much home they can afford.
Get Our Billion Dollar Mortgage Playbook
Get the proven strategies that helped close Billions of dollars in funded deals!
1. Market Leader
Market Leader is a real estate referral company that provides a guaranteed number of exclusive leads each month to real estate agents. In addition, these leads are fed into an integrated CRM and customizable website that allows realtors to connect to leads directly through the Market Leader platform through marketing automation.
Features
- A mobile app allows you to connect with leads from anywhere
- Customizable websites to create a website that matches your business and provides direct lead generation.
- An integrated CRM that allows agents to manage their leads directly in the platform.
- Automated marketing: Professional templates that allow you to create marketing material that can be automated to maintain direct and immediate communication with the lead.
How it works
Market Leader works by providing real estate agents with a minimum number of exclusive buyer and seller leads in their desired zip code. Agents create their lead-generating website, and leads come directly through the included CRM.
How to join
To join, visit Market Leader online and submit your local zip code in order to determine eligibility.
Pros and Cons
- Target specific zip codes and locations
- Receive exclusive leads
- Charges are per lead
- Website and CRM take time to customize
- Lead sorting could be better
2. Referral Exchange
Referral Exchange is a lead generation company that delivers high-quality leads to real estate agents that are ready to buy or sell now. In addition, if you have clients that you are unable to serve at the time, such as a client looking at commercial property in another location, Referral Exchange can find quality agents to refer them to.
Features
- Vetted referrals: The team at referral exchange contacts leads to ensure they are real and ready to buy or sell.
- Top matches: Algorithms that match real estate agents to the best clients in their area
- No upfront fees: Payment occurs when a sale is closed.
- Allows you to help clients: If you are not the best match for a current client, they can refer your client to an agent that is.
How it works
When leads come into Referral Exchange, the platform automatically verifies that a lead is real and able to be contacted. If the lead is a match to a real estate agent, they contact the agent immediately. As an agent, you can follow up immediately or the team at Referral Exchange can begin the nurturing process.
How to join
Visit Referral Exchange and apply for a free consultation to join the network.
Pros and Cons
- No upfront payment
- Helps start the relationship-nurturing process
- Only experienced agents make up the referral network.
- Must have at least eight years of industry experience as well as at least 20 closings or $5 million in sales in the last year
- Can lose access to the program if minimums are not met
3. Sold.com
Sold.com is a real estate platform that helps buyers and sellers find a realtor that best matches their unique needs.
Features
- No cost to join
- When you close a sale, you pay a standard referral fee
How it works
Buyers and sellers fill out a form going over their needs and they then receive a report that links them to the best realtor match in their area. How a realtor appears on this report will depend on their demonstrated history with Sold.com. Sold.com rates all its realtors based on performance history generated from MLS data and consumer reviews.
How to join
Signing up with Sold.com is simple. Simply go to the website and fill in the sign-up form. Once filled in, the site will provide you with a partnership agreement and, once signed, will activate your profile.
Pros and Cons
- Join for free
- Fees paid only after closing
- Can be confusing
- Does not integrate with CRMs
- Performance-based ranking so not recommended for new agents
4. ZillowFlex
ZillowFlex is a program offered by Zillow Premier Agent and delivers qualified leads to top-performing real estate agents for no up-front cost. Agents pay a commission to Zillow once closing occurs. While similar to Zillow Premier Agents in design, ZillowFlex is an elite program designed for the top real estate agents most likely to close.
Features
- Designed to highlight the top real estate agents in a geographical area
- Agents only pay when a buyer or seller closes
How it works
ZillowFlex works the same way as Zillow Premier Agent does, except all connections and leads come with no upfront cost in ZillowFlex. Real estate agents work with the new leads, keeping in close contact with Zillow through closing, when the agent pays a fee to Zillow.
How to join
ZillowFlex is currently limited to select markets and is by invitation only as they are looking for high-performing agents with exceptional customer service that stand out above the competition.
Pros and cons
- No upfront costs
- Increased share of the local market as your conversions increase
- Available by invite only
- Not available in all markets around the country
5. Realtor.com
Realtor.com is the second-largest real estate search engine, ideal for realtors looking for an increase in lead generation from a much larger audience.
Features
- A steady volume of leads each month
- Exposure to a wide real estate market
- Create a free Agent Profile
- Not limited to real estate agents – lenders can have listings as well
How it works
Realtors can choose from two options. One delivers a steady stream of leads for a single upfront cost, while the other connects agents with live prescreened buyers and sellers for no upfront cost but instead a fee paid at closing. For loan officers, joining Realtor.com connects you with pre-screened homebuyers and delivers a steady pipeline of leads directly into your CRM.
How to join
Visit the Realtor.com website and sign up for either an agent or lender listing.
Pros and cons
- Large reach potential
- Multiple listing and payment options
- Offers a listing option for real estate agents as well as loan officers
- Leads are not exclusive
Choosing the real estate referral company that fits you best
As a loan officer, real estate referral companies can be a great way to find top real estate agents in your area to connect and build relationships with in order to grow your realtor referral program. In addition, some companies, like Realtor.com, offer lenders the ability to add their own listings in order to generate leads. With lead generation and referral leads playing a vital role in the success of loan officers, it is important to use them to your advantage.
Helping you boost lead generation
At Good Vibe Squad, our team understands the importance of quality lead generation and creating a strong real estate referral program. We offer the tools you need to take your business to the next level. To learn more, schedule a strategy call today.
