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In this Q&A, The Adviser speaks to Aaron Reibelt, sales consultant at LJ Hooker in Toukley, NSW.
Q. How long have you been dealing with finance brokers?
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13 years.
Q. Do you have exclusive or multiple broker relationships?
I have an exclusive relationship with one broker. Some agents have multiple, but I believe in being loyal.
Q. How often do you two touch base?
Probably once a week. We’ll sit down for a coffee and he’ll tell me how he’s going, how he fi nds the markets. He tells me what changes have been made to the bank’s lending criteria, which obviously helps me when lenders are making things tighter. It just gives me more knowledge for clients. And I tell him what I’m selling in the market, that sort of thing.
If brokers are not sure how to refer, what to do, what to say, I’ll help guide them that way and vice versa.
Q. How do you choose which broker(s) to work with?
If you look for a broker that shares the same good values and ethics, and gives great customer service to clients, eventually you’ll find one that you click with.
Q. How many referrals would you make to a broker in a month?
I probably refer my broker four to eight leads a month. Not all are hot leads, but getting an opportunity is what it’s all about.
Q. What proportion of your new business comes from referrals?
I get 50 per cent of listing leads from referrals.
Q. Is this a two-way lead referral partnership?
It is a two-way thing. My broker refers sellers or buyers who are looking for an agent back to me.
Q. What benefi ts has your business seen as a result?
My clients get an amazing broker who makes their life easy, so they are very happy with me for helping them. When I get referred clients, particularly sellers, it’s a great two-way thing to have.
Q. What about the benefits to clients?
The clients get brilliant service from start to finish which makes the whole process easy for them.
Q. What are the drawbacks of these arrangements?
I’ve found that some are happy to take referrals, but make no effort to refer back.
I think it should be a reciprocal thing. If you find the other party’s not really returning the favour, you’re not going to be helping that person for very long.
Q. How should a broker approach someone about commencing a lead referral relationship?
Jump on Google. Look at what agents seem fairly active and have a good reputation out there and just meet for a coffee. That’s how it starts.
Q. Would you encourage more brokers or real estate agents to embark on a referral relationship?
Yes. Clients get a seamless experience from start to finish. It’s beneficial on the agent’s side where we get clients directed our way. We can help that person and hopefully get a sale out of it, and from the broker’s point of view, a loan out of it. So it’s just a win-win situation.
