Just how are those top brokers getting agents to join their offices? Research shows that brokers are letting their agents do the talking. One respondent wrote:
“When one agent tells another agent how well they are doing by being with my brokerage, it is much more credible and makes a more powerful statement”
On a daily basis, you have agents talking with other agents about the real estate market, listings, buyers, leads, office support, and yes their broker.
Since this conversation was already happening, top brokers revised a way to have their brokerage discussed in a manner that made agents wanted to join their brokerage, by having their own agents speak very positive of their real estate office.
To get their existing agents to bring in more agents, top brokers have adopted the “Bonus Referral FOREVER” strategy.
How Bonus Referral FOREVER Works
It lets each agent receive a bonus on every recruit’s transaction, for as long as the agent and the recruit remains with the broker’s real estate company.
The referral amount that the agent receives typically is about $100 or 5 to 10% of the commission. The amount is paid after the close of each transaction.
The key selling point is that the agent can receive this amount of money for a very long time; just by telling other agents how they like where they work.
Ways to get your brokerage started…..
1. Have a web page that discusses your bonus referral program
(be sure to give the link to all your agents)
2. Tell your agents about the program and how they benefit
3. Show agents how to take advantage of the program by
– talking about how they like where they work
– contacting agents they know
– posting on their facebook, twitter, social media
– tell agents they know from their previous company
– tell agents that are involved with their transactions
– include informational tag lines in their email
Reward programs have been around for a long time because they work. Providing incentive to help get the word out is what help companies grow. And in this case, it can help real estate brokers increase their agent roster.
When setting-up your bonus referral program, be sure to have a systematic way to track the referrals, agents and agents’ commission splits.