Best Practices for Making a Referral Determine the region that best meets client Interview agents needs Get a feel for the agent’s style in handling the Your buyer may already have a location and transaction and set expectations. Does the type of property in mind. agent’s approach to the transaction seem consistent with your own way of doing Research market dynamics business? Research market dynamics and conditions in the location where you are referring a client. Discuss compensation issues Be straightforward about compensation. You Check your office policies could ask the receiving agent, much “How Find out if your firm is part of a referral or would this transaction be worth to you?” franchise network. If so, you can still follow these steps to assure a satisfactory outcome Share specific information with the receiving for your client. agent If you have established a rapport and Research firms in the market discussed compensation issues, exchange Consider client needs and client personality, as specific information about the client and the well as property information. anticipated transaction. Prepare for agent interviews on communications Make a plan for interviewing agents and Agree on how and when you will communicate organize the information about your client. with your referral partner. Before making phone calls, write down the questions you want to ask. Prepare the client your client on market conditions so that Make contact with the firm expectations are realistic. Describe your Call at a convenient time (check the time zone) contact with the receiving agent and brief your and ask for the firm’s manager. Inquire about client on the receiving agent’s firm, local market conditions and say that you have background, and experience. Describe the a potential referral. Ask if the firm would be steps you have taken to facilitate the referral. able to pay a referral fee. Provide a few details about the client and ask which agent in the Hand off client to receiving agent office would be best suited for the client and Send a note to your client assuring that you the type of transaction. will continue to monitor the transaction to completion because you care about client Schedule interviews service and satisfaction. Make an initial contact with the agent to schedule a time for an in-depth discussion. Monitor the transaction Follow up at least every ninety days.
Best Practices for Making a Referral Determine the region that best meets client needs Your buyer may already have a location and type of property in mind. Research market dynamics Research market dynamics and conditions in the location where you are referring a client. Check your office policies Find out if your firm is part of a referral or franchise network. If so, you can still follow these steps to assure a satisfactory outcome for your client. Research firms in the market Consider client needs and client personality, as well as property information. Prepare for agent interviews Make a plan for interviewing agents and organize the information about your client. Before making phone calls, write down the questions you want to ask. Make contact with the firm Call at a convenient time (check the time zone) and ask for the firm’s manager. Inquire about local market conditions and say that you have a potential referral. Ask if the firm would be able to pay a referral fee. Provide a few details about the client and ask which agent in the office would be best suited for the client and the type of transaction. Schedule interviews Make an initial contact with the agent to schedule a time for an in-depth discussion. Interview agents Get a feel for the agent’s style in handling the transaction and set expectations. Does the agent’s approach to the transaction seem consistent with your own way of doing business? Discuss compensation issues Be straightforward about compensation. You could ask the receiving agent, “How much would this transaction be worth to you?” Share specific information with the receiving agent If you have established a rapport and discussed compensation issues, exchange specific information about the client and the anticipated transaction. on communications Agree on how and when you will communicate with your referral partner. Prepare the client your client on market conditions so that expectations are realistic. Describe your contact with the receiving agent and brief your client on the receiving agent’s firm, background, and experience. Describe the steps you have taken to facilitate the referral. Hand off client to receiving agent Send a note to your client assuring that you will continue to monitor the transaction to completion because you care about client service and satisfaction. Monitor the transaction Follow up at least every ninety days.