You've finally reached the point where you have listings but there just doesn't seem to be enough hours in the day. You don't have enough business to support hiring a buyer's agent or even a full-time assistant. Don't panic there may be a simple solution to your problem. You may be missing an income stream that could free up your time but still bring in additional dollars so you can continue to market your listings and yourself.
Agent referrals: when in doubt, refer it out.
Here are a few things I wish more agents would consider as they reach their limit:
1. Refer the business to a fellow agent in your office.
Newbies are always looking for buyers. This frees up your time to work with all those listings you currently have.
2. Hire a transaction broker. This person handles everything from contract to close. They will stay on the buyer to schedule the home inspection, the lender to schedule the appraisal, and the other agent to make sure everything is running smoothly. There is a girl in our office who does this for $250. A mere pitance in comparison to referring the business out.
3. Limit your geographic area. There are 13 counties surrounding Nashville--some locations 90 minutes away. Once again, find an agent in an office that services that area and refer it out. Your buyers and sellers will love that you found a qualified agent for them who specifically services their area.
4. Refer buyers to an agent who works that niche, i.e., short sale agents, first-time home buyers, or senior citizens. For instance, a young couple recently came into my office. They were first-time home buyers. They were looking to move to a very hip area of Nashville. I could tell, I wasn't exactly what they were looking for in an agent (not that I'm not hip). Rather than risk losing the business entirely, I decided to refer the couple to a young man in Nashville who I've worked with before. He was thrilled to get the referral and I will get a nice referral fee.
Agent referrals: When in doubt, refer it out.
Some agents are stretching themselves too thin. This keeps them from providing the best service. Why not help agents who may be struggling right now by referring that business out or hire a transaction broker to lighten your load? Your clients will love all the additional attention you're able to give them.
Who knows? This just may open up a whole new income stream for you.
If you are an agent working in the Nashville area and find you've met your limit or you have a client relocating to Nashville, feel free to contact me. I'd be happy to pay you a nice referral fee.
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