Hello, everybody. Thank you for coming to today’s video blog. Hope you’re having a fantastic day. California Realty Training here. Robert Rico, hoping to bring some great stuffto you, especially if you’re just getting your real estate career off the ground. Today’s theme, Referrals. One thing about referrals. Referrals is somebody saying hey, you shouldhire Rico because he’s a great realtor. Or hey, you should hire this new realtor becausethey’re a great realtor. Referrals are great, but the deal is how dowe get referrals? And there’s a couple of ways of getting referrals. First way of getting referrals is of course,from your past clients. That’s probably the best way to get them. If your clients are happy with your service,please don’t be afraid.Say, Mr. And Mrs. Client, do me a favor, huh? If you enjoyed and were happy with my service… With my real estate service, do me a favor please, tell the whole world that you knowabout me. Let them also know that I’m here for themand I’ll give them the same if not better quality work for them as I did to you. The second way of getting referrals of courseis, through other realtors. Now this gets a little complicating but itreally isn’t.And it’s actually totally worth your time. Ready? Here it goes. It’s very simple, from other realtors. What are you talking about Rico? No, you can get referrals from other realtors. Here it goes. Ready? Let’s assume you’re working here in Los Angeles. So you’re working in Los Angeles, and somebodycomes up to you and says hey, listen I’m moving to New York. Can you help me find a house in New York? Well obviously not. Because your license is specifically for thisstate, the state of California. So you can’t show houses in New York. So most people say I’m sorry, I just can’thelp you. Have a nice time. Go find somebody in New York to help you out. But why would you do that? Because what you can do is this, and stillmake a good solid commission. This is what you can do. No I can’t help you find a house in New York,’cause I’m only licensed in California. But I can find a great realtor for you inNew York.I can help you find a great realtor in NewYork. This is what you do. Let’s assume you’re with a company … Forthe sake of the example, you’re with the company Keller-Williams. You find the same brokerage, Keller-Williamsin New York, you find it online. Find a great realtor, you call them up andyou say hello, this is MR. Realtor over here in Los Angeles with Keller-Williams. I hear you are the best at the Keller-Williamsin New York. I got a gift for you today. I have a client who wants to move to New York,and you know I can’t sell properties in New York, I can only sell properties where? Yeah, here in Los Angeles, California.Would you mind Mr. New York realtor takingover my client and helping them out with their search for a property? Well, this is this realtor in New York gonna say. The realtor in New York is gonna say well,absolutely Mr. Rico. Thank you for thinking of me over here inNew York. Please pass the baton and give me the clientso I can help them out … Find a house here in New York.And you here in Los Angeles say whoa, easy,easy. Let’s do this the nice, legal way. Before I hand them off to you, before I handmy client off to you to New York, let’s make an agreement. And this is called a referral agreement. And on this referral agreement, I’m gonnahave my clients name on it. And you’re gonna sign it and I’m gonna signit. You’re gonna sign it in New York, and I’mgonna sign it here in Los Angeles. And it’s got our clients name on it. And then I’m gonna hand him off to you. I’m gonna say, this is my clients name andinformation, and contact. Go for it. Please contact them, take care of business,find them a house in New York. And you again in Los Angeles, that’s all youhave to do. After that, your mission is accomplished,you’re done. In the meantime, the New York realtor’s outthere showing properties to the client you just handed off. Now the minute he closes that deal in NewYork, he typically has agreed on that referral agreement.He has agreed to provide you with a 25% referralagreement. That’s great. Typically, it’s 25%, can be more. So if he agrees on this referral agreementyes, thank you for giving me this client. I sign that I’m gonna give you 25% referralagreement, once I close the deal in New York, you get a nice big piece of the pie and youdid absolutely nothing but hand him over a client. Now let’s assume he buys a house in New Yorkworth a million bucks. And the commission is three percent. That’s $30,000. One million dollar house, three percent commission,that’s $30,000. You here in Los Angeles, after passing theclient out to New York would receive 25% of the $30,000. Do the math. What’s 25% of $30,000? That’s right. $7,500. All you did was hand over a client to a NewYork realtor and you got $7,500.What a great referral process. So, the lesson here is, if you ever have somebody who says, can you help me out? I’d like to buy or sell a house in Texas. I’d like to buy a house or sell a … writea property in Pennsylvania. I’d like to buy a house in Hawaii. Well you can’t, ’cause you got a license fromCalifornia. Doesn’t mean you can’t help them. You pass it off to another realtor from thatstate.Agree to a referral agreement of typically25%, sometimes 30. And then you go away and let that new agenttake care of it. And then you can expect a nice commissionin about 30 to 45 days. What a great, great system. Ladies and gentlemen, I hope you learned somethingtoday. Don’t let anybody get away, everybody is worthyour energy. And of course, you’re worth the commission. If you have any questions or concerns, don’tforget to leave a comment or question down below. Thank you for coming to this weeks video blog,we hope to see you next week. Have a fantastic day..
