Referral Management and Monitoring Spurs Launch of Realay

Key Takeaways:

– Realay is a web-based referral management solution for real estate agents.
– It helps agents find, track, and get paid faster for referrals.
– Realay charges a one-time fee of $89 for joining, instead of a percentage for each referral.
– Agents earn a 25 percent fee from the accepting agent for each referral.
– The software includes features such as agent vetting, client handoff management, and transaction monitoring.
– Realay allows users to choose their referral agent or use the matching capabilities.
– The software integrates with CRM systems to track referrals.
– Realay has relationships with corporate franchises and independent brokerages.
– Other companies, such as ReferralExchange and ReferMe IQ, also aim to streamline the referral business segment in the industry.

inman:

Realay is software to help brokerages, teams, and agents send, manage, and monitor referral business across the industry.

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A new web-based referral management solution has launched to help agents find, track and get paid faster, called Realay. The product is under the parent company Kaibo, LLC, and started operating in November 2023.

The company states that its system does not charge real estate agents a percentage for each referral, replacing it with a one-time fee of $89 for joining. Agents do earn a 25 percent fee from the accepting agent for each referral, a requirement for membership, according to the company.

That one-time charge covers an array of features that facilitate the search for a suitable agent, management of the client’s handoff and the ability to monitor the transaction’s process. Realay vets its agent members, according to the statement, and says it’s not an automatic approval, requiring a live one-on-one meeting with a Realay representative.

The brand-agnostic experience gives users the option to choose their referral agent from the network or give that power to Realay’s matching capabilities. Other features include no hidden fees, the ability to know exactly who is working the referred client and a “one-minute” hand-off.

Most national brands have technology-driven internal referral programs, a benefit of a national footprint. However, there has long been a lack of concrete standards for how independent teams and brokers send business to an unrelated brand. Companies like Realay, as well as ReferralExchange and ReferMe IQ are aiming to streamline that segment of the industry.

Inman published a handbook on referral business in 2020, and much of it remains relevant to agents who need to build that segment of their business. Sharing testimonials in a public setting, for example, is a good way to offer credibility to those who may be previewing you from afar.

It’s also critical to ensure referrals are tracked in your CRM of choice. Realay offers such functionality, but integration of a referral lead into your everyday system remains a key part of building a long-term relationship.

According to its website, Realay has relationships in place with a number of corporate franchises such as Keller Williams and eXp, as well as with independents such as The Levi Rodgers Group in Texas and Beer Home Team in San Diego.

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Property Chomp's Take:

Realay: A New Solution for Referral Management in the Real Estate Industry

The real estate industry is constantly evolving, and it's crucial for professionals to adapt to new technologies and strategies to stay ahead. One area that has seen significant advancements is referral management. Referrals are an essential part of a real estate agent's business, as they can lead to valuable connections and increased revenue. That's where Realay comes in.

Realay is a web-based referral management solution designed to help agents find, track, and get paid faster. Launched in November 2023 under the parent company Kaibo, LLC, Realay aims to streamline the referral process and provide agents with the tools they need to succeed.

Unlike traditional referral systems that charge a percentage for each referral, Realay operates on a one-time fee model. Agents pay a reasonable fee of $89 to join and gain access to a wide range of features. These features include the ability to search for suitable agents, manage client handoffs, and monitor the progress of transactions. In addition, Realay vets its agent members, ensuring that only qualified professionals are part of the network.

One of the key advantages of Realay is its brand-agnostic approach. Users have the option to choose their referral agent from the network or rely on Realay's matching capabilities. This flexibility allows agents to find the best fit for their clients, regardless of brand affiliation. Another benefit is the transparency provided by Realay, as users can easily identify the agent working on the referred client and ensure a smooth handoff.

Realay is not the only player in the referral management space. Companies like ReferralExchange and ReferMe IQ are also aiming to streamline this segment of the industry. However, Realay's unique features and user-friendly interface make it a promising option for agents looking to enhance their referral business.

To further support agents in building their referral networks, Inman published a handbook on referral business in 2020. The handbook offers valuable insights and tips, such as sharing testimonials in a public setting to establish credibility and tracking referrals in a CRM system to maintain long-term relationships.

Realay has already established relationships with corporate franchises like Keller Williams and eXp, as well as independent teams like The Levi Rodgers Group in Texas and the Beer Home Team in San Diego. This demonstrates the trust and confidence that real estate professionals have in the platform.

In conclusion, Realay is revolutionizing the way referrals are managed in the real estate industry. With its affordable pricing, comprehensive features, and commitment to vetting its agent members, Realay is a valuable tool for agents, teams, and brokerages. By embracing technology and adopting innovative solutions like Realay, real estate professionals can thrive in today's competitive market and secure their success in the future.

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