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Sign into your accountProduct Review: ReferralExchange Is an Easy Way to Earn Passive Income
April 03 2017
Referring clients and warm leads to other agents is a simple way to generate passive income. Today, we'll look at a solution that makes achieving this even easier by automating much of the process--from referral submission to paying you a referral fee upon closing.
Introducing ReferralExchange
ReferralExchange is a referral platform that lets real estate agents monetize the leads they're not working, or those that don't fit their area, niche, or specialty. The platform covers 100 percent of U.S. zip codes and offers agents submitting referrals a base of 20,000 peers that have been screened and proven to offer quality service to receive those referrals.
The company was founded in 2005, then called AgentMachine, as a site for consumers looking for agents. That changed four years ago, when the company noticed agents logging on to find other agents to refer their clients to. Sensing opportunity and demand, AgentMachine updated their business model and added agent-to-agent referrals, rebranding as ReferralExchange two years ago.
Today, ReferralExchange differentiates itself from other referral solutions, including in-house brokerage programs, by matching referrals to multiple agents using a variety of criteria, rather than simply matching to a single agent who happens to be on call. The service also boasts a whopping 70 percent close rate for personal referrals. "Warmer referrals close higher than raw," says Lisa Fettner, VP of Marketing at ReferralExchange.
As to which agents benefit most from the platform, Fettner let us in on what the typical ReferralExchange user looks like:
- Agents with many clients moving in or out of their area
- Realtors that are well established, have many clients or a large book of leads, but not enough time to follow-up with all of their opportunities
- Listing agents who don't want to work buyer leads (or vice versa)
- Part-time Realtors or those close to retirement looking for passive income
So how exactly does the ReferralExchange platform work? Let's take a look.