Real Lesson to all our fellow Realtors!! True Referral or not....!!!
I want to share with my fellow Realtors a true story that happened to me. I had a realtor called me and said he can refer someone to me. He asked me for referral fee and I said that's fine with me.
I made a BIG mistake. I signed the referral agreement without asking him the name of the prospect. (He said it was urgent and I just flew back from Hong Kong after 2 weeks of vacation and still had my jet lag.) He said he will fill in the name of prospect for me and sign it and then return the completed from back to me. This Realtor did not call me or email me back anything. He went silent. I kept waiting for his reply. (Actually, at that time, the referral agreement was not valid since he never sent me back a signed copy with his signature and the name of the prospect.)
Two weeks later, he called me and said, "Did my customer call you?" I said, " You never told me the name of the prospect." Then, he mentioned my friend's name and I was like what??? You are going to refer me my friend that I have been working with for the last 6 months??? This was not the end of the story...
I asked my BIC and he told me first the referral agreement without the prospect's name is invalid. I found out later that this realtor had also referred another realtor to my friend. So, I was wondering how a realtor can refer the same prospect 2 or 3.....times?? (I guess he knew the referral agreement was invalid and went ahead to refer another realtor to my friend. I just don't know his circumstances.)
Here is what I learned. Please be beware that when other realtors that you don't know call you and tell you that they can refer clients to you. The first thing you need to ask them is what the name of the referred customer is! If they are hesitant to share that with you or refuse to put the name of prospect in the referral agreement, be on alert.
When I refer my friend to other realtors in other states, I personally interview them and talk to them first. At least I am convinced that the realtors are suitable for my friends and can do a good job for them. I would definitely share the prospect's name with the relators.
Next time, if you picke up a phone call when a realtor said they can refer you a customer, please remeber to ask "What is the name ??" and don't sign a referral agreement without a name on it!!
I learn this lesson a big time and I hope you will not make the same mistakes I made!!