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Real Estate Fight Club is a podcast for realtors, hosted by Jenn Murtland from Team Synergi Real Estate and Monica Weakley from My Coach Monica. Tune in to hear two different viewpoints about topics agents face every single day! Jenn’s direct, ‘no holds barred’ approach is in opposition to Monica’s softer, 'more relationship-based' approach, and when the two get together… it is a battle for the ages! No matter who you align with, you will walk away with solutions for today's real estate challenges from experienced real estate professionals.
Episodes
Monday Aug 08, 2022
Monday Aug 08, 2022
On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke it over what is a fair referral fee for real estate agents? When should it vary, what is fair for the different scenarios? The standard for referral fees is 25% but tie-breaker Kate says it all depends on market to market and relation to relation. Tune in to get all the details.
Episode Highlights:
- Just because somebody wants to work with you doesn't mean that you have to work with them. You need to set your standards, says Jenn.
- It's important to have referral partners that you can refer business to and there are opportunities to also make money.
- Referrals depend on the situation. You can ask for a higher referral if it's a listing and it depends on how involved you are going to be.
- Monica says that referral and client relationships also depend on what kind of market you are in.
- If you remember the days where the buyers were coming back, and they had ten houses to choose from in one weekend, that was when agents were charging higher.
- Monica doesn't discuss a referral to another market because she will never benefit in the future. But if agents do it in the right way, they can cultivate multiple leads from referrals.
- Monica has separate out of town clients and she communicates with them separately. There is an education piece that goes with it as well.
- It would be really important to set a goal back in your home market and that has to be an intentional stream of income, says Monica.
- Tie-breaker, Kate Dawson from Keller Williams Cincinnati answers questions about fair referral fees.
- Kate has passed out a lot of referrals and she has not retrieved a lot of referrals. She shares experiences and thoughtful insights.
3 Key Points:
- In the present market scenario, you charge higher because the receiving agent is going to make a lot more money, says Monica.
- Jenn shares about referral partners in different markets.
- Kate has a referral partner in Kentucky and when she gives her continuous business, they have a 50-50 agreement no matter the price point, no matter whatever.
Resources Mentioned:
- Jenn Murtland LinkedIn | Facebook | (513) 400-1691 | Website | Instagram
- https://jennifermurtland.com/Vault/
- Monica Weakley website | LinkedIn | Facebook
- Real Estate Fight Club Podcast Facebook page | Instagram | YouTube
Kate Dawson:
- 513-560-0660
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