Residential Real Estate Agency Grows with Steady Stream of Referrals

A referral company lets struggling agents stay connected to their agency and generate referral fees for deals they pass on to active Realtors.

(Boonton, NJ, February 16, 2010) — In a tough market, Lynn Moles has found one growing niche: a referral company staffed by agents who otherwise would have left the industry.

Moles, a co-owner of ReSales & Investment Realty of Haddonfield, NJ, describes her latest venture in the February issue of Real Estate Broker's Insider.

The downturn in the housing market had left some of her agents struggling to support themselves, with several taking on full-time jobs to pay their bills.

By starting a referral company, Moles accomplished a couple of things. First, she created a steady stream of high-quality leads for agents at her real estate brokerage.

When the lead comes from a referral, Moles says, "You have more of a loyal lead, and it's easier to work with them, because they trust you already."

Second, she makes use of her former agents' contacts and relationships. When those agents hear from past clients, they pass them along to Moles' company. And when the agents meet people looking to buy or sell, they likewise send along the names.

"In a shrinking market, we're growing," Moles says, "so our concept is the right one."

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