All Forum Posts by: Vicente Hernandez

Sort of an odd question here, I am trying to build my top referral network, and currently have a nice sized list. I want to send all the brokers/agents on the list a form of "copy" or content that they can give their clients. I was thinking of sending them a PDF flyer of something along the lines of "How to screen a tenant", "First time homeowners must do for the first 60 days", "what to expect from your first multi-family property", but i feel that might be a bit to simple. I wanted to ask what would you appreciate form your referral partner?

Since there are experienced agents here on BP I would to hear what you guys have been given in the past, or what you as an agent would find useful. I work in property management so many of the people on my referral list are brokers, mortgage loan officers, and leasing agents.

0 Votes

Quote from @Abel Curiel:

Quote from @Vicente Hernandez:

Hey BP Community,

Wanted to make a thread of the best ways to market a property. Currently us at Landmark Property Management use over 75 different listing sites as our main marketing strategy. However recently I wanted to try some social media ads or ads in general and see if they are worth it. Does anyone have any experience using ads to promote listings outside sites such as Zillow, Hotpads, Apartments.com, ect?

Would be very interested in also learning about unique or niche ways to market.

Hello Vicente!

Being that you have a track record of selling properties and may have an old lead-list, you can try creating a lookalike audience for facebook ads.

Within the ad manager, you can add a csv file with names and contact information for past buyer leads. Facebook can then take the information on this audience and create a target list of similar people... then you can run ads to that list.

Much less expensive than google PPC ads.

Thanks again Abel, I will definitely look into Facebook ads in general. Creating audiences seems to be the most important feature from what I'm getting from the videos I'm watching. Will experiment with a few ads and see what works best.

1 Vote

Chicago, Illinois

Quote from @Gustavo Munoz Castro:

If you have properties, a great way to promote them is with Facebook Lead Form Ads, advertise the specific property (or better yet, a list of properties) and it will attract buyers.

Thanks Gustavo, will look into this a bit more before making the ads. Can't hurt to experiment with new marketing tunnels.

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Chicago, Illinois

Quote from @Bruce Lynn:

Quote from @Vicente Hernandez:

Hey Guys,

1/2 first month's rent to 1 month rent.

I want to know what area you service....the whole city doesn't count. What is your niche market where you have the most properties and the most business, people know you, and your trades and PM are close.

If the owner ever wants to sell, I want your guarantee that you will refer the sale back to me. You need to keep track 100% and not give the owner any grief about a PM contract in place that prohibits a different agent from selling the property while you have the PM agreement.

I also want to see that you offer compensation to tenant representation in case I have tenants for your properties. Plenty of PM try to keep them off market now and double end the commission. That might be good for your company, but not great for the owner or for agents who you want referral business from.

I want to know that you will take golden care of my clients property. NO Rently boxes for self showings. 1/4erly interior inspections. Release guarantee if the tenant you place doesn't work out, let's say in the first 90 days and maybe 1/2 price for the first 180 days.

Hey Bruce, thank for this detailed comment. I 100% agree with you, we do have a guarantee that return any owners who want to continue to build their portfolio. Our biggest goal is build relationships in the Chicago real estate community, getting referral is just a nice bonus. Thank for the giving us new perspective on what we can offer. Coming from an experienced real estate agent we will take this into consideration when we need to edit out referral program.

0 Votes

Quote from @Wale Lawal:

@Vicente Hernandez

Real estate agents tend to prefer property management firms that have clear payment plans, fair commission rates, an easy referral system, prompt payments, assistance and tools, and a good standing. They appreciate top-notch services, industry knowledge, tech advancements, open dialogue, teamwork, and strong ethics. Agents favor companies that handle property upkeep well, screen tenants effectively, collect payments on time, and communicate promptly. They seek out skilled professionals who can offer expert advice and solve management issues.

Real estate agents are drawn to property management companies that use smart technology and new tools. Good communication and teamwork between companies and agents are crucial. Following ethical and professional guidelines helps build a strong working bond with agents. On the flip side, agents may steer clear of companies with bad communication, payment issues, subpar services, unappealing commission rates, or bad reputations. Improving in these areas can make your agent referral program more enticing and solidify connections with real estate agents in Chicago and beyond.

Good luck!

Hey Wale, thank you for the in depth comment. I completely agree. We are trying to build a strong referral program where agents feel comfortable enough to recommend even other agents. We do want to bring in more business but the most important thing we want to achieve is building relationships within the real estate community.

1 Vote

Quote from @John Warren:

@Vicente Hernandez you should connect with @Mark Ainley. He runs a best practice group for property managers in Chicago, and he is one of the best-connected guys in the area. He likely already has the answer to the question!

Thank John, will definitely check that out!

0 Votes

Quote from @Abel Curiel:

Quote from @Vicente Hernandez:

Hey Guys,

I work for a property management company here in Chicago and we are expanding our agent referral program. I wanted to get some insight of what many of you brokers/agents have seen in your markets. Would love some insight on what agents generally look for in referral programs, what drives to work with a property management company, and what drives them away?

Hello Vicente!

I have seen referral offerings from PM companies ranging from $500 to half of first month's rent to full first month's rent going to the agent for referring a client.

PM isn't as common within my niche of small multifamily (2-4 unit) properties in New York but this is what I've seen.

A quick google search shows that $250 is a common referral fee.

Curious to see what other agents across BP are seeing...

Hope this helps!

Abel

Hey Abel, thanks for the comment. Currently our referral program is pretty similar to the one you mentioned. We are trying to give side incentives for larger properties and for referring multiple investors. Starting at $250 does sound like a solid starting point, might try different seasonal promotions and see what works best.

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Hello Emily, most brokerages will have some sort of "training period" if you're rather new, but if you come with experience most companies will allow you to jump right in. I would agree with Kevin, if you're new to the team the commission structure may be lower than later on.

0 Votes

Chicago, Illinois

Hey Gino, I was in your shoes about 3 years ago. What I did was start with residential and after about 8-10 months I transitioned to commercial. The good thing about real estate is its very broad but yet also very connected to one another. I would seek out brokerages that offer both departments, but if you dont you can always jump from one company to another.

I would agree that if you're still rather new, try to do this part time before jumping all in. You don't really start seeing money come in until at least a few months. Hope this helps.

0 Votes

Chicago, Illinois

Hey Guys,

2 Votes

All Forum Posts by: Vicente Hernandez

Vicente Hernandez has started 8 posts and replied 43 times.

Post: What kind of value ddd Content/Copy should I send agent referral partners

Post: Best Ways to List your Property

Post: Best Ways to List your Property

Post: General questions on referral programs

Post: General questions on referral programs

Post: General questions on referral programs

Post: General questions on referral programs

Post: Looking for a Brokerage

Post: New Agent Recommendations and Advice

Post: General questions on referral programs