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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.
