Today's Headlines - Realty Times

Almost every buyer in today’s market has faced the challenge of the seller’s market. Homes selling the moment (or even before) they are listed, homes with multiple offers, and of course, the dreaded multiple offers, sold over asking with appraisal and inspection waivers! Just to name a few! 

Never before has it been so important to set the proper expectations with your buyers and arm them, and their buyer’s agents” with all the strategies at their disposal to make the odds move in their favor. This also includes defining for each buyer all the things they can be doing every day to improve as buyers.

We have talked a great deal about this before, but we are seeing solid results from people who are on the ground and getting deals done because they used one or more of these strategies:

• The quality of the offer is stronger because of the fully documented preapproval.
• The speed at which we can close can make our offer stand out over others.
• Working to bank as much money as we can to make stronger offers. Additional part-time work is available in most of the country.
• Using stimulus money, tax refunds, gifts, retirement funds, and even selling off other items to improve cash position.
• Considering paying off outside debt to improve scores or increase purchasing power.
• Lowering the down payment to free up cash so if the house doesn’t appraise, cash is available if the buyer chooses to do so. Even if that means accepting PMI to make it work.
• Increasing down payment to improve loan program and/or to lower borrowing costs.
• Getting really clear about the child tax credit that starts July 15th 2021 for most families with small children. Up to a $300 payment each month per child from July through December could really help the situation during the looking process, or for those who begin the search soon.

There are many challenges in today’s housing market for buyers. However, everyday people are getting offers accepted and families are winning the home of their dreams! The key for us in helping our clients and referral partners is to be certain we are helping our buyers buy better, by having all the tools and strategies at hand to help them win the deal!

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In today’s world of dealing with unproductive Internet leads, it is time to cultivate the tried and true methods of yesteryear, the referral. A referral is often a warm lead from a trusted source. But have you ever sent a referral to another broker, and then never heard from that broker again? Join the club. 

What is your conversion rate on getting or giving referrals?  With over 2500 referrals given each day in the US between agents, you may want to focus on building a stream of income from this underserved resource. But when you are actively giving or receiving referrals, keeping track of status might be a challenge.  

The communication of status and updates might be consistent or ,all too often, you never hear what the status is. Did the client have a good experience? Did the referral result in a sale?  With the success or failure of the transaction, would you ever refer to that agent again?

Statistics tell us that people are moving to many different areas, and when they are referred to a professional by another professional, confidence levels raise to a more comfortable level.

However once referred, the referring agent is often not compensated with future referrals.  Losing the contact, or infrequency of prospects wanting to buy or sell in a given area, can block getting a steady stream of future referrals going forward.

Want more referrals?  Here are a few tips to increase the flow of referral income to your bottom line:

1. Have a referral marketing plan in place to intentionally solicit and offer referral reciprocity.  Include in your current marketing messages an offer of specific relocation resources to target groups of prospects that may be in a position to give you referrals.  Tailor your messaging to engage other real estate professionals in neighboring states that you are a resource for anyone coming to your destination area. Follow up with your sphere of influence and update them on migration trends for second home destinations.  Poll your past clients with a non-solicitive checkup/check-in and remind them that you can leverage your services all over the country through your network to help their friends and family. 

2. If you are located in an area with close proximity to other states,  consider contacting top producing agents and companies of your offer to help their agents and their prospects that might be coming your way. Be consistent with updating this group with recent changes in your area that may be a new asset to those considering moving to your area.

3. Check out a new referral platform that organizes the referral process.  Created by a practicing agent from Nevada, Todd Miller saw the need for a more systematized process for giving and getting referrals. He and his partner, Oana Sterlacci, developed ReferralCloud.co.  (Note: Not .com- www.ReferralCloud.co)

This system acts as a referral coordinator for any real estate agent client referral and rewards those agents using the platform to more referrals acquired from inbound resources.

They addressed the fragmentation of the referral process by streamlining the online platform that shares real clients, not just a “lead”.  With no monthly fee, ReferralCloud.io includes other strategic partners for referrals like lenders, to promote their services. With their position as a directory, agents who want to increase referral business may want to consider a platform that supports the referral process.

For more information about ReferralCloud.co,visit their website and click here for our video interview with this dynamic team.

Posted On Friday, 29 April 2022 00:00 Written by


Todd MillerOanaTodd is the owner and broker of Nevada Realty Solutions, with his partner Oana Sterlacci.  In 2009 Todd and Oana sold over 1,100 houses and were the #1 team in the nation as reported by the Wall Street Journal.  Todd lists properties for banks, and regular sellers, including short sales.  Todd also works with investor buyers and regular home buyer with his team of highly talented agents.

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