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Qualified Referrals Can Improve Our Odds For Success!

By
Real Estate Broker/Owner with MoonDancer Realty, Dillsboro,NC NC# 218097
 

We’ve all had them…buyers looking farther and farther from our comfort zone or sellers with property we just can’t move. Many agents try to hang on to the prospects, afraid they’re going to miss a sale. You know what? It might be best for ALL parties to just let them go…with a referral. It may be the only way to improve your odds in getting a portion of that sale.

Yesterday, Wednesday, we referred out a vacant land listing that we’ve represented for years. Sure, vacant land moves slowly in this economy but some agents still manage to sell a few parcels. TheExchange Referrals referral went to an agent specializing in land, someone I used to work with. He taught me what I know about vacant land. More importantly, he’s managed to stay afloat using his developer contacts to sell property. We made the seller understand this wasn’t personal, we have his best interests and ours in mind by sending the listing to someone new. A fresh perspective was needed. We had coffee with the agent and reviewed our history regarding property and seller. Within minutes, the agent shared ideas to market the property that we hadn’t thought of, because he has a background in development. Great for him, for the seller and for us. With our exchange of signatures on the referral agreement we all increased our odds for a profitable outcome.

Later that day, I met with a Waynesville agent showing property to his buyers here in Sylva. Because he wasn’t familiar with our area, I agreed to show with him. Wouldn’t you know, he couldn’t make the sharp turn off the gravel road into the driveway and ended up driving into the ditch. Since the other side of the road could have turned into a steep slide to nowhere, it took careful directions and a million point turn to get him out of there. Sure glad I drove myself! Anyway, the round eyes and pallor of the backseat rider clued me in that we wouldn’t be showing this house today! We stopped at the bottom of the mountain to talk about anything else I had to suggest. Once he got to terra firma, the agent admitted that he didn’t know our area well enough to avoid the kinds of roads he knew his buyers didn’t want. He asked if I would work with them in this area. I sent him the referral agreement and again, by exchanging signatures we’ll increase our odds for a profitable outcome.

Time is money and energy. So often there isn’t enough of either. Our goals are clear….sellers want to sell….buyers want to buy…agents want successful deals. Why limit the chances for successful outcomes by continuing to list a property long after you’ve thrown everything you know how to at it…or hauling buyers into unfamiliar territory and risk selling them something inappropriate because you didn’t know your way around?

Qualified referrals can increase your odds for successful results!

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Comments (7)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Mona.....it's wise to refer to others for anything outside of your area and your expertise..... we have an area that we decided to be Franklin and its abutting towns....beyond that, we refer to others.... and if the concept is anything other than residential that also gets referred.... it's good business sense.

Oct 18, 2012 09:42 PM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Barbara, it is just too exhausting to try and be all things to all people...you end up being nothing special to anyone.  It does make business and personal sense.

Oct 18, 2012 10:02 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Love the post, Barbara's comment and your response to her Mona..................

Oct 18, 2012 10:20 PM
Bill & Cyndi Daves
Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA
TeamDAVES - Your REALTORS In the GA/NC Mountains!

Mona - I agree, we can't be all things to all people.  Last year Bill had been working with an asset management company on some property in Robbinsville - an area in which we frequently list/sell.  The A/M then called and wanted us to list something on the north side of Maggie Valley.  Way out of our comfort zone.  It was a large tract of vacant land and we referred it to someone we'd worked with before in that area.  Neither of us remembered to get a referral agreement signed though.  But, never fear, last week we got a call from the agent who said "the check is in the mail" and a nice referral check arrived.  Unexpected and very welcomed!

Cyndi

Oct 18, 2012 10:34 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Mona. Terrfic post and wonderful thinking. Greed prompts poor thinking and experience teaches us that a small piece of the pie tastes a lot better than none.

Oct 18, 2012 11:00 PM
Broker Patty Da Silva Da Silva
Green Realty Properties® - 954-667-7253 - Cooper City, FL
Top Listing Broker

I completely agree Mona! We love sending and receiving referrals. You can't be everything to everyone, and sometimes it's just a better business decision to refer someone out.

Oct 19, 2012 02:50 AM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Thanks everyone and please remember...your quality referrals are welcome here ;-D

Oct 19, 2012 05:21 AM