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Brokers will fail to realise their referral potential if they only interact with real estate agents during transactions, according to John McGrath.
Mr McGrath, who is chief executive of Oxygen Home Loans’ parent, McGrath Estate Agents, said brokers will lose business if they only bother visiting agents on specific deals.
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“Brokers need to recognise that just being in close proximity to a real estate agency is not enough – you actually have to work hard to build a relationship with the agency,” he told The Adviser.
“However, if you work in the same office as the agent or see them more regularly, you’re more likely to get a much better deal flow.”
Mr McGrath said brokers should aim to “become part of the agent’s team” by providing them with serious value-adding and reciprocal business opportunities.
“If you’re a broker and you send an agent a few listing opportunities, you’ll probably get a good flow of business from them forever, but if you’re a broker just sitting there waiting for the agents to send you more referrals, it probably won’t be a long-lived relationship,” he said.
Mr McGrath will be one of the keynote speakers at the 2015 Better Business Summit, which will visit Melbourne on February 19, Adelaide on February 26, Sydney on March 5, Brisbane on March 12 and Perth on March 19.
He said that while brokers need to work closely with agents, they need to make sure that they do not become a distraction.
“You’ve got to be aware of their space – agents get very focused on the deal, the listing and the auction,” he said.
Mr McGrath said confidentiality between brokers and agents is also vital in gaining referrals.
“Even though our brokers sit in close proximity to our agents, once a referral has been passed on from an agent to a broker, confidentiality is critical,” he said.
Click here to register for the 2015 Better Business Summit.
