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What is Leadfellow and how does it work?
Leadfellow is a referral network software for sending and receiving real estate leads, these generation activities lead up to a quicker sales cycle. For example, a real estate agent refers a client to another real estate agent, who will then manage the client’s real estate transaction. If the transaction is made, they would be happy to reward their referrer for continuing to recommend.
The problem – there is quite difficult to get qualified in these real estate lead generation programs, there aren’t any upfront costs, however, you need to pay a significant closing fee to the program provider.
The solution – LeadFellow helps to understand to whom a recommendation was sent, what its status is, and what the status of those recommendations is – paid only a flat referral fee at closing.
So what’s so special about the real estate business?
In the field of real estate leads, the problem is often the existence of a property and the lack of a customer, or the existence of a customer, but the lack of a property. The so-called portfolio problem. Real estate agents could collaborate here and share their leads so that everyone benefits. I find a property for my client that is in your listing and you get a client and we split the commission as we agree or want. Many agents have successfully leveraged a referral network to sell homes.
Learn how to use real estate leads and turn chance encounters into cash flow
The right real estate lead makes all the difference. It does not matter if you are a new agent, you need to generate leads to kick off your career, to keep growing, and become a real estate professional. Today’s lead generation is a huge opportunity to grow your real estate business. No wonder we all have to take real estate lead generation pretty seriously, eh?
Luckily, that does not mean that acquiring real estate leads needs to be a heavy or difficult process.
LeadFellow – Lead Generation Software is built to bring warm buyer leads and warm seller leads into one real estate CRM. We are here to help you generate exclusive leads, fast!
Real estate agents want to:
As a lead sender -, you can pass leads to providers. If a deal is made between the provider and the lead, you will earn a commission and the provider gains a new client. A win-win-win situation, for real.
You can: send warm buyer leads and manage leads & earn a commission.
As a lead receiver, you can comfortably control and handle all your real estate leads from one place. You can easily keep track of your real estate seller leads, earnings, and commission payments.
You can: receive seller leads and manage your real estate leads & track your overall performance.
Oh! And invite other real estate professionals to do the real estate marketing for you by collaborating with your competitor.
No, really!
Yes, it sounds counter-intuitive. And you will thank us later.
Collaboration with real estate professionals actually is mutually beneficial. Instead of struggling alone, many agents do lead gen so they can grow the real estate business for both of you. So how does it work, exactly?
What makes LeadFellow so special for real estate agents?
Leadfellow’s mission is to help your real estate business to grow through higher lead conversions. By sharing seller leads and/or buyer leads with other real estate agents all the parties are winners. The client will be happy and you make a quick sale where you share the commission with another real estate agent. A win-win-win situation, for real.
A property selling or buying time frame may vary from days into months, sometimes years, and many properties can be found under expired listings as the right connection (or sale) was not made. Therefore lack of resources (money, staff, time) as the main factor getting in the way of successful real estate lead generation. LeadFellow does the job for you. As a tool, it was created to solve a real-life problem: how to close real estate leads, fast. This means that you don’t have to spend your days waiting for potential customers to contact you. As a fast and easy-to-use tool, LeadFellow makes it easy to obtain leads. How?
Lead sharing
Acquiring real estate leads is a strategic process requiring skill, effort, and connections. You know what they say – if you take your first step in the absolutely right direction, the rest is all about the pleasure of the journey. A lead sharing or a referral is an icebreaker, a conqueror of the first barrier, the remover of the first filter – you have quickly made your way to a point where it would otherwise take a long time to get to, why wait – when you – as a real estate agent can be proactive.
Referrals work so well in real estate lead generation because the demand and supply will be filled instantly. This also makes them the most common channel for real estate lead generation.
6 steps for generating leads fast with LeadFellow:
- 1Map your warm buyers list
- 2Identify each buyer needs
- 3Find properties for your buyer
- 4Contact the property representative
- 5Send the lead and mark the commission fee
- 6Earn your share of commission
How does it all work?
LeadFellow gives you access to a referral software, topped with useful features designed to help you find new clients to keep your business growing. As an agent you can manage, send and accept leads. And close more leads, just like that.
You can sign up for LeadFellow both as a lead receiver and as a lead sender, and earn money with both roles. Think of LinkedIn. When you recommend someone, you will be recommended in return. LeadFellow works on the same principle: build relationships with referrers and become the one who refers others. It is a win-win situation. A win-win-win situation, even.
You can: manage your sales leads
The right personal connection makes all the difference. The National Association of Realtors (NAR) found that the lead conversion rate is 0.4% to 1.2%, which means if you are getting 400 leads, you might be able to convert four people into clients. There may be a variety of reasons why the leads are not converting, but those reasons are often not because of you.
You can: track your performance
As a lead receiver, you can easily keep track of your leads, earnings and commission payments.
Sharing is caring
Personal recommendations have become the strongest influencer on the 21st-century business landscape. Most real estate agents fail in their first year, according to research. Three common mistakes that agents make are inadequate prospecting, failing to market properties in ways that lead to fast sales, and not following up with clients.
Did you know that usually, you need to make at least six contact attempts? It takes a lot of time and manpower to initially make sure you are dealing with the right person. Acquiring leads is a strategic process that needs a lot of skill and effort. Most agents do not have enough quality leads to keep them competing in the market and for driving growth. So how can you beat the system?
Getting others to recommend you
As an efficient and clever tool for growing sales, LeadFellow connects potential clients to property representatives and helps you benefit from each other, split commissions. The acquired leads will help you put an end to wasting your marketing budget on effortless lead searches. And of course, to close leads more efficiently, quality before quantity – is the key to your success.
With massive lead generation getting more intricate and needing more in-depth understanding, finding prospective clients takes longer and longer. The result? Generating enough sales does not happen quickly enough. LeadFellow takes networking to the next level: connecting potential clients and potential buyers, where all the parties are winners. LeadFellow is smooth, easy, and not too complex, just like a perfect sale should be.
Helps you increase sales
What if you don’t have a marketing department to rely on a steady flow of inbound leads but still have to reach your quota?
When another real estate agents have a potential buyer and you have a suitable property, you will obtain a warm lead instead of a cold one. This is where your closing rates skyrocket. When you manage to close a deal with the warm lead, you both make a quick sale and split the commission. How sweet is that? Setting earnings before costs, LeadFellow is the highest closing rate sales tool for referral marketing.
Referral as a sales channel
To maximize the business potential of your current leads, you have most likely already developed a lead management process for your business. We are sure you have noticed that different lead-generation activities help you generate leads of different quality. Now it is your time to ask: how many of your current leads are quality leads and are you really gaining enough sales leads to grow?
Referrals are the best way to find prospective clients who need a property in your listing. Referrals are usually acquaintances, friends, clients, partners, other agents, etc. who often mention quality and satisfaction in their recommendations. In other words, LeadFellow helps to prequalify leads for you, leaving you more time to do the things you are passionate about.
Transform chance encounters into profitable relationships
If you want to read how to use LeadFellow as a main tool to close more sales leads and – it might still sound weird to hear it – collaborate with other agents so-called your competitors, read about the success of a digital marketing agency that used two referrers to boost their sales and grow their revenue.
Still in doubt? No need to be! There is nothing to lose. As a lead sender, you can use LeadFellow for free, forever. As a lead receiver, you will pay a fee only after you close your fabulous sale. So if you are not earning money yet, there are no expenses to cover.
And this is what we call turning chance encounters into cash flow!
Real Estate Leads Paid at Closing – 10 providers
1) Realtor.com
They offer a product called “ReadyConnect Concierge” that includes pre-screened real estate leads with no upfront costs but mainly for real estate brokers.
This service product works as follows:
- realtor.com pre-screens sellers and buyers live over the phone (leads are contacted within seconds and qualified with regards to price point, buyer intent, location, and more).
- Suitable agents are identified, notified and matched with the specific client.
- The real estate agent can then connect with the client directly over the phone.
Realtor.com doesn’t disclose on their website what the exact fees are after you close a deal with one of their leads.The referral agreement is also done at the broker level, so this is not a suitable service for solo agents who want to built his or her personal referral network.
2) Zillow Flex
Zillow Flex is another real estate leads paid at closing service, which is active in only a few selected markets, such as Pueblo, CO, Fort Collins, CO, Norwich, CT, New Haven CT, Phoenix, AZ, and Atlanta, GA.
Once you close, you will need to pay a 35% referral fee.Before Zillow will send you a new lead, they qualify the potential client and check if they are ready to work with an agent. This is done in the same way as using Zillow lead generation just as Zillow Premier Agent.
3) HomeLight
HomeLight is the next provider that gives a bit more details about the process to become an agent that can receive referrals.In order to find the agent that is best for their buyers, they analyze many different transactions (27 million to be exact) and several thousand reviews.The algorithm takes many different performance metrics and other data points into consideration such as:
- Your transaction volume by year
- The average number of days on the market (related to properties)
- Based on historical transactions, the price point, property type, and geographic expertise
- The overall success rate with HomeLight referrals
- The relation between the average sales price and average listing price
- Reviews from past clients
- Your response time to HomeLight referrals
So, the better these metrics are, the more referrals you can get with HomeLight.When you close with a HomeLight referral, you will have to pay a standard broker-to-broker referral fee, which is 25% of half of the total gross commission (why don’t they say 12.5% of the total gross commission?).
This referral fee triggers within two years of the date of the referral and includes multiple transactions.
4) AgentHarvest
AgentHarvest has a slightly stronger focus on listing referrals, more than 60% belong to this category and are single family listings in 95% of the cases.
AgentHarvest works only with three agents per geographic area, and the referrals are all sent to these agents at the same time once generated.Besides listing referrals, the company can also provide you with residential lease referrals at a reduced referral fee of 15%.
6) Clever
Clever is one of the providers that different fee structure than others, of course nothing upfront but when you close a home for less than $350,000 you pay a $3,000 flat listing fee.
To get into their referral program, you don’t need to be a broker but will also have requirements to fulfill similar to those of other providers, such as:
- Great reviews from past sellers
- Having above-average local market knowledge
- Being a full-time agent that has more than five years of experience
- Having a high technological affinity
- Being an above average negotiator
As of now, Clever has more than 7,000 agents in the referral program nationwide.
7) UpNest
More than 30,000 real estate agents use UpNest to receive pre-screened transaction-ready clients at no upfront costs.
The requirements are:
- An active real estate experience of a minimum of 3 years
- A real estate license in good standing
- Great communication skills and a fast response time
- 6 transactions in the past 12 months
- Local market knowledge and expertise
- Knowledge about online marketing techniques and strategies
- Positive online reviews
- Being tech savvy (e.g. a good online presence)
For their service, UpNest charges a referral fee of 30% at the close of a successful transaction.The fee is based on the total commission the agent receives before a broker split is applied.
When you close a transaction, the referral fee is due 18 months after receiving the particular referred client.
8) Agent Pronto
The next provider is called Agent Pronto.
After acceptance, you will receive full access to the client’s contact information.Agent Pronto also asks you to update your progress with the respective client on a regular basis.
9) Agent FixUp
Agent FixUp only refer one agent in their network to each client, so it seems less competitive for agents than is the case with other paid at closing lead providers.Leads or referrals are pre-screened and matched to the right agent s with other providers.
But this doesn’t mean that they don’t take any further performance-based information into consideration, from a client’s (e.g. seller’s) perspective, you can filter them based on having a lot of experience, having great communication, getting you the best price, and the ability to close fast.
10) LeadFellow
LeadFellow is the only one-fits-all real estate lead referral software who will not take the % from the closing.
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If you’re thinking about becoming a real estate agent, you’ll need to find your potential leads—the people who will hire you to sell their homes. How?
