Over the last few weeks I’ve been having a discussion with an agent retiring from real estate in Virginia. Our conversations first started about lockboxes and other auxiliary equipment they wanted to sell. Having known the agent for a while, I asked what about your URL’s and websites?
Oh they hadn’t thought about those.
Well what about your past clients? What are you going to do with them? Are you walking away and letting them find another agent on their own or are you going to refer them to someone you trust?
Oh they hadn’t thought about that.
Then our conversation changed from whether I wanted to buy lockboxes to referral fees for future business from their websites and client base. It was the first time the agent had considered there might still be a way to earn income from their real estate business instead of just turning out the lights.
How many agents every year decide to retire but leave thousands of dollars of future earnings sitting on the table? Depending on your state licensing requirements could there by a way to continue to earn money in referrals for years after you “retire?”
In this case we are working out the details of a sliding scale referral agreement. Should any clients come to me via the websites (to be redone) and their database then they will be paid a percentage of the future business. It is a win/win for both of us.
Have you consider what you will do when you decide it’s time to retire from real estate?
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