Many Rainmaker real estate agents we’ve spoken with recently say referrals are a large source of their short sale listings. As a short sale specialist – ideally with special training, such as Certified Distressed Property Expert (CDPE) – here are four proven referral-generating strategies:
- Other Agents: Many agents don’t want to deal with short sales. As a short sale specialist, ideally with the CDPE designation, you can say: “We know what we are doing…and we pay referral fees.”
- Multiple Options: Give your referral sources several options to earn a fee. You could: 1) pay an upfront fee; 2) offer a regular referral upon closing (percentage); or, 3) act as a mitigation negotiator (billed at hourly rate).
- Cultivate Birddogs: Contact attorneys or title officers to exchange referrals on a reciprocal basis. Rainmaker real estate agents ask, “If I get a short sale, will you look at the title for me to check for liens?”
- Back Fence: In neighborhoods where many owners are underwater, one of the largest referral sources is neighbors talking to neighbors. Close every conversation with the question: “Do you know anyone who is facing foreclosure that you can help?”
Short sales – like divorces – are going to be with us for years to come. Learn how to generate those leads to grow your business.
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