High Conversion Rate
61%. That's our closing percentage of all incoming broker referrals in the past 12 months. General talk in the industry says the average is about 25%.
It's common practice for real estate agents to refer clients to one another. How do you choose a company to receive your referral? How will you know the agent on the other side will treat your referral with care and provide you and your client with exceptional service?
At Houlihan Lawrence we take pride in each and every successful referral. It's a team effort - from the referring agent or company to our relocation division staff to our assigned agent to the client themselves. We're all working together for the same goal - a closed transaction and a satisfied client whether a buyer, seller or renter. Year to date our closed referrals range in price from the lowest - a $115,000 co-op that we listed and sold, to the highest - a buyer that purchased an $11,450,000 home. And everything in between.
Several years ago we developed a minimum standard that agents must meet in order to work with our referral clientele. The criteria includes a minimum number of years of experience, a certain number of closed transactions, relocation training and signing a pledge of service agreement. When a real estate agent sends a referral to Houlihan Lawrence they can be assured that we'll make the best agent selection based on the clients needs and that we'll pull from a pool of talented agents who've met or exceeded our requirements. Additionally, a relocation team member stays in touch with the referred party all the way through until closing, to be sure their needs are being met.
We think we've raised the bar in servicing our referrals, and it's confirmed with a 61% conversion rate. What's been your experience when referring to another brokerage?