The Referral Marketplace was created for real estate practitioners to monetize referrals which have historically been given away for free.
What is a referral?
A referral can be a
- Client needing a recommendation to a real estate practitioner in another city
- A Client needing a specialization in an area of real estate, eg, commercial, leasing, 1031, tax, law, accounting, lending, etc.
- Anyone you know - even yourself - needing a service. You can post yourself into the marketplace as your own referral!
Is getting paid on the REM legal?
YES! We have checked with multiple lawyers and compliance execs. Receiving a REM fee is NOT a RESPA violation. The REM fees paid to the referral seller are legal because they are a marketing fee and 100% not tied to the outcome of the referral recipient's licensed activity. Think of it this way, Zillow sells leads all the time and those marketing fees are 100% not tied to the outcome of the sale. The REM is the same way, just that we have put the real estate practitioner back in the center of the conversation. YOU sell YOUR referral on YOUR terms.
What if the lead is no good. Can I get my money back?
Absolutely!!! We are tired of paying for lame leads, too! That's why we give the buyer three (3) days to confirm that the referral is good, otherwise the payment is not released to the seller of the referral. Fancy that! A lead you can get a refund for. Incredible!!!
How do I post a referral for sale?
- To post a referral, visit https://marketplace.reconsortia.com
- Click on, +Create a Posting
- Follow the prompts and enter the referral details.
How do I get paid for my referral?
You have several options for monetizing your referral.
- Sell your referral right now. We recommend you do! What's the logic? The big idea is that if someone buys your referral, they will pay attention to your referral since they see perceived value in the asset. (Your referral is the asset). If the referral is free, it's likely the recipient won't pay much attention to your referral. Oh, and here's the kicker: you can sell your referral today AND still get a referral fee at closing!!! Keep reading......
- Get a referral fee percentage at closing. This can only be done if you have the correct licensing to accept a referral fee, such as a real estate license (where needed, most international referrals don't require licensing).
- Get a flat-fee referral fee at closing.
- Propose your own special terms. For example, commercial referrals are usually 2 months rents.
When do I exchange my referral information?
Here's where the rubber hits the road. Pay special attention to what comes next.
ONLY send the referral information once the referral has been purchased and ONLY through the referral tracking platform located here: https://platform.reconsortia.com (RET).
The RET system is our secret sauce and tracks the referrals from start to close using a combination of magic, data, and integrity (not necessarily in that order). If the referral isn't paid out per the event tracking on RET, REC pulls in the muscle to go after your referral fees.
Bottom line: REC guards your referrals like Fort Knox locks up gold.
We hope you love the Referral Marketplace. It's our gift to you in the real estate industry! Enjoy! :)