Do you limit this to one agent per city?
Not with the traditional program, but yes with the sponsorship model.
With our traditional referral business, we want to work with the absolute best agent for our clients in each city, but, as of right now, it is a open competition to find the best agent. We are paid on closed transactions and so we want agents that are experienced at helping investors buy and sell real estate.
Best agent does not necessarily mean the top producer in your office… I am developing proprietary internal metrics but to give you an idea of some of what goes into it is your level of service to the client, your knowledge of the market and your ability to keep us informed of the status of the clients we refer to you.
Agents that do great jobs are rewarded with more referrals. Agents that are out there finding great deals for our investor clients are also rewarded by us marketing the deal analysis we do on those deals to our investors and then referring people who request info on those deals to the agent that brings us the deal (with some exceptions to that policy).
Of course, with the sponsorship model, which does not require us to track your effectiveness in closing transactions since you get to keep ALL your commission, you are the only person getting inquires and referrals for your market from that city’s website and that city’s investor list.
Until my next post,
James
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