Real estate referral fees present a lucrative opportunity for agents, particularly for newer agents eager to close more deals and for busy, experienced agents looking for added income.
According to NAR, about five percent of sellers and four percent of buyers found their agent through another agent's referral, translating into 160,000 to 200,000 transactions last year.
Referral agreements allow agents to connect clients with others who possess the appropriate geographical knowledge or expertise, ensuring transactions continue without leaving potential business on the table.
While agent-to-agent referrals may not be emphasized in many lead generation courses, they are vital for new agents to tap into the market and grow their business.
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