Real estate agents were rated above existing clients as top referral sources in a survey of The Adviser’s Top 50 elite business writers.
Mark DeMartino, national director of sales at Loan Market, said agents’ and brokers’ businesses can complement each other very well, but mutual understanding is still the key to forming good referral partnerships.
“Too often we don’t really understand the goals and aspirations of our referral partners,” he told The Adviser.
According to Mr DeMartino, it is particularly important for brokers and real estate agents to get an understanding of each other’s business.
“Some of the best advice I have heard is to get out on the road with a real estate agent to really see what it is they do,” he said.
“What are the conversations they are having with their customers? What do they actually do when they sign up a vendor and list a property? Go to an open house and see what an agent goes through every Saturday and Sunday”.
Mr DeMartino said it is just as important for brokers to show real estate agents what they do.
“Show them the value you add and they are more likely to understand the service you can provide for their customers.
“It’s a really important process to go through so that they understand what it is that you do for your customers,” he said.