Earn More Income by Creating a Virtual Team

Are you struggling to keep up with all the business coming your way? Or are you getting leads or referrals for potential clients that are outside your area of specialization? Then it may be time to switch up your business model.

Joining a team or bringing on a partner to handle the clients you can't serve is a common strategy for overwhelmed agents. But if you enjoy working independently, or just aren't ready for the adjustments that come with joining a team, there's another tactic you can take, courtesy of nationwide referral service ReferralExchange.

Creating a Virtual Buyer/Seller Team with ReferralExchange

In January, Lisa Fettner of ReferralExchange outlined 65 sources of potential real estate referrals. If you're diligently working all of these sources, or even just a portion, chances are good that plenty of business is constantly coming your way.

But what do you do if, for example, you're a listing agent who receives a lot of inquiries from buyers looking to hire you? Rather than turning these leads down, you can turn them into a secondary stream of income by referring them to other trusted agents in your area and collecting referral fees from the closed transactions.

ReferralExchange makes this process easy. If a lead or referral that you're unable to serve contacts you, simply inquire about their situation (e.g., their preferred neighborhood, property type, and target price) and offer to refer them to a qualified agent who is better equipped to work with them. Then simply input their name and information into ReferralExchange and the system will automatically match them with two to four thoroughly vetted agents.

Those agents will then write up a personalized proposal and contact your lead. Your lead will choose the agent that best suits their needs. As the referring agent, you'll be able to track this entire process--from the moment you refer the lead to their selection of another agent and all the way to closing. And once the transaction has closed, ReferralExchange will automatically collect your 25 percent referral fee from the other agent and pay you. To learn about how this process works in more depth, see our recent product review.

Who Can Benefit from Virtual Referrals?

It's not just listing agents who benefit from referring out buyer leads. Agents in multiple situations can benefit from using ReferralExchange to create a "virtual team." Here are just a few examples:

• Buyer's agents with excess listing leads
• Agents with leads who are moving out of the area
• Listing agents who meet buyers at open houses that need an agent
• Buyer's agents contacted by leads whose price point is too low
• Agents contacted by potential clients outside of their price point, property type, area or specialty (e.g., investors, condos, vacation properties, first-time buyers, etc.)
• Agents with a buyer relocating to their area who needs a listing agent in their town of origin

Remember, every lead represents a possible source of income--and every interaction you have with a lead, whether you work with them or not, serves to build your brand and reputation. The buyer who's not right for you today may become the seller who is just a few years down the road. By providing them with top-notch service, even if that means referring them to another agent, you're setting your future self up for more commissions down the road.

ReferralExchange makes referring clients to trustworthy agents simple. You can learn more here.