Real Estate Referrals after the advent of RERA Act (2016)

Posted on Posted in Marketing, Real Estate, Sales, Service

Do Referrals Matter?

According to Software and Services Company Contactually, 42% of all new buyers come from referrals. In an article by National Association of Realtors, 41% of sellers who used a real estate agent found their agents through a referral by friends or family.

Referrals are made through personal connections. As a result, they stand a more valid ground in terms of trust or reliability. So they have more potential for quality lead conversions. The family member or friend who has been referred tends to trust you (as a developer) more, as a result of word of mouth from a reliable source. Researches across the real estate industry repeatedly have proven the importance of referrals in business growth.

Real Estate Referrals after RERA

“A Real Estate Agent is.. includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be, and includes property dealers, brokers, middlemen by whatever name called” –

This excerpt from the RERA Act 2016 deems any person who makes referrals as a real estate agent thus requiring registration with the RERA body. Hence, any individual referral without registration will be considered illegal.

Loyalie is an advanced marketing solutions platform which enables your home buyers to make referrals for your company. Being RERA-Compliant, the Loyalie App can process transparently trackable referrals for home buyers.

Referral rewards

Of course, there is more to it.

Loyalie believes in acknowledging your home buyer’s efforts. When your home buyers refer their friends, family or acquaintances to your property, Loyalie presents them with Referral Rewards. This motivates your home buyers to make referrals and helps you expand your business.

Loyalie not only facilitates referrals but also creates all-inclusive and customized loyalty programs for your home buyers. For more information on efficient and cost-effective Legal Referral programs and loyalty programs, click here!

Looking to find ways to generate more referrals? Follow us and await our next blog post!

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