Our firm has always done a great job servicing clients locally. But recently, we’ve realized something else: We can help other REALTORS do the same thing by referring deals to them.
Through some marketing wizardry, we’ve watched our online traffic grow by more than 100 fold, from an average of 20 unique visitors per day in early 2007, to an average of over 2,500 unique visitors per day as of February, 2008. We expect these numbers to keep rising.
In fact, here are two of our traffic graphs:
DROdio Real Estate, Inc. traffic, Jun ‘07 to Feb ‘08
TheBestHomeSearchEver.com traffic, Jan ‘07 to Feb ‘08
We have implemented a referral network for “top producer” agents because we’ve been getting more leads than we can handle - upwards of 100 per week. Our strategy is to place leads with top, local agents. We are now making arrangements with brokers from other metro areas throughout the U.S. to expand our referral network past the Washington, D.C. metro area, onto the nationwide stage.
We expect we can achieve over 10,000 daily unique visitors by this Spring in the DC/VA/MD areas, generating over 500 leads per week, to be distributed to our network of top agents.
We charge our network of agents a 25% referral fee per deal closed. At an average home purchase price of about $300,000, we generate approximately $2,250 per closed deal. Assuming 1% of our leads turn into closed deals, we expect to be able to generate $33,750 in weekly commission income for our network of agents (over $1.6MM annually), and $11,250 in weekly gross commissions for our firm by the Spring. If we can get 10% of our leads to turn into closed deals, just add a zero to the numbers above, etc.
As a note, a big “thank-you” to Chris, our marketing guru, for driving some incredible traffic to our sites, and to Jason, our lead programmer, for turning that traffic into actionable leads.
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