Breaking Property News – 23/07/24
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Referral system earns agents up to five figures in additional revenue
With an extensive Membership of independent estate agents throughout the UK, The Guild of Property Professionals is one of the UK’s largest property networks. Leveraging this extensive reach and influence, Guild Members are reaping the rewards of its Automated Referral System, which saw a reboot in 2023.
Iain McKenzie, CEO at The Guild of Property Professionals, comments that working together as a network and using a referral system is financially beneficial for independent agents. He says,
“Many more people now have the freedom to live further away from their place of business with remote working becoming more widespread. Lifestyle has also been a driving factor behind home-moving decisions and many people are choosing to move to different regions. Guild Members are able to help a vendor sell their home in one region, and then refer them to another Guild Member in the area they are looking to move to.”
“This is beneficial for the network and the agents involved, as well as the client, who has the peace of mind that the agent they will be dealing with on the other side is part of the same carefully selected network of property professionals that adheres to the same high standards and ethics.”
Peter Lawrence, Director at Lawrence Rand, explains how they joined The Guild to extend their reach and to be able to rely on the support and backing of a trusted network of estate agents nationwide. Lawrence says,
“Estate agencies often face limitations when clients have properties to sell outside their trading area. This is precisely why we utilise The Guild’s referral platform to pass on leads to fellow Members. Our agents have been trained to identify clients who have properties to sell outside their trading area during the initial consultation phase. Once a client with an out-of-area property is identified, our team access the referral platform and submit the client’s details.”
“The Guild’s platform facilitates a seamless connection with a local, qualified estate agent within the network who can handle the property sale efficiently. We recently successfully referred a property outside our trading area, generating an additional income of £5,000! The successful referral not only retained the client’s trust but also established us as a comprehensive service provider, capable of addressing property needs regardless of location.”
While the power of referrals has always been high on the agenda for McKenzie and The Guild network, The Guild, with the support of nurtur technology, introduced an upgraded automated referral system in 2023 to enhance this profitable system. The upgraded system offers Guild Members the opportunity to automate the referral process, increasing referrals and limiting manual updates, making referrals between agencies an automated revenue generator.
McKenzie explains, “our intuitive referral system is able to identify out of area applicants in our Member’s CRMs, with their consent, and suggest a referral for another Member, which means that potential money-making opportunities are less likely to be missed. With AI being such a prevalent topic in business at present, it is great to see a system which truly does the heavy lifting, saving our Members time, all while generating profit! The revenue generated from the referral system alone has paid for many of our Members’ annual fees and more.”
Another Member experiencing great success with the system is Ailsa Mather, Director at Andrew Coulson, Guild Member for Hexham. She had an applicant from outside her area who was interested in one of their properties and had a house to sell which had been on the market with a corporate without any interest.
Mather says, “We put them in touch with Dobsons in Ponteland, the Guild Member who covered that area. Helen went out valued the property, and found a buyer very quickly. The property is now SSTC the applicant has had their offer accepted on the property we were selling. Off the back of the referral we have generated almost a thousand pounds simply for passing on the details. We also have a very happy client who are SSTC and purchasing their dream home. They have commented on the customer service that they have received from both agents.”
Mather believes that referrals are a great way of generating extra income without minimal effort. She adds, “It is a great way to engage with our clients to improve and nurture their journey in the knowledge will be dealing with the best independent agents in both areas. As an office we treat every applicant who has a house to sell whether in our area or selling elsewhere in the county as a potential referral. The most we have ever received from a referral is £5,000 which was with a Member in Wimbledon.”
Robert Chamberlain, Director at Chamberlain Phillips, Guild Member for Manningtree in Essex, reports similar success. Chamberlain comments, “It is a very simplistic system to use, we received a lead via the system and subsequently a call from the agent making us aware, we contacted the client who had prior knowledge of The Guild and the unique selling points of the offering thanks to the referring Member, so we were already on the front foot! We went on to exchange and complete. The property sold at £242,500 and the referring agent received around £700. All from simply having a conversation and adding contact details into The Guild system. It was very easy.”
Beyond generating income for its Members, The Guild donates £50 for every successful referral to Agents Giving, supporting their grant fund, a cause the network has proudly supported for many years.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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