Asset Management & Recovery: Is Referring a Full Time Business?

Gryphon USA, Ltd services clients through Gryphon Asset Management, Gryphon Realty Advisors and Gryphon Auction Group. Gryphon Asset Management manages operating entities and undertakes liquidation management in numerous business lines. Gryphon Realty Advisors is comprised of three divisions all working together; Residential, Commercial and Management. Projects range from single family investments and owner occupant reresentation to apartments and commercial complex disposition. Gryphon Auction Group assists clients with the sale of real property as well as commercial equipment.

Is Referring a Full Time Business?

Can you find someone an agent almost anywhere in the country? 

I was just reading a blog asking if someone should specialize in buyers or in sellers.  I am not sure I gave the best advice, but I gave what advice I could give. 

You Must Be a Specialist to Survive.  Stick only to what you know.

 

If you think about it, that is not as crazy as it sounds if you are also a full time referrer. 

Let's think about that for a minute and take me for an example.  I might not be the best example, especially for kids, but I am all I have to work with here.

I specialize in real estate auctions and working with distressed assets.  Sometimes the two go hand in hand and sometimes not.  Outside of these two verticals, I do not venture.  I refer. 

There is a ton of money to be made in just keeping your Contacts up to date.

This month I have referred sellers to 3 AR members who are out of my area. 

Cha-Ching !!

I have forwarded countless buyers to agents in my brokerage.

Cha-Ching !!

I referred one buyer to an agent outside my brokerage who specializes in a neighborhood 40 miles away from me.

Cha-Ching !!

Could I have personally done these deals?  Possibly.

Would it have taken a lot of added time?  Probably.

Are the agents receiving the referral a lot better than me due to their specialties?  Absolutely.

First and foremost, I think that people need to specialize.  If you do, the referrals will come your way too.  Next, I would encourage agents to keep up on their networking.  Know who to go to and how to get things done.

I'll give you another tip.  If you can become the all knowing one in real estate, the Yellow Book of sorts, people will call you just to be referred to people you know.

Can anyone say Angie's List??

Cha-Ching !!!

 

Do you have questions about distressed assets, receivership or bankruptcy sales, auctions?  Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.

Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com).  The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast. 

United Country Gryphon Realty & Auction Career Opportunities Available.  Call 614-885-0020 x 17

9 comments • Rich Kruse • August 20 2007 07:02PM

Comments

Goodness, you just described my brokerage model.  I refer everything out with the exception of new home buyers in my neighborhood.  I have a network of former agents whom I helped get their broker's license and now they sell under their own license and not mine. 

It works. 

I'm very good at bringing buyers in.  Many agents can't do what I do.  Or, do what you do.  But, I love it.  I get to speak with folks or analyze their e-mail, determine the best agent for them and make the referral.  It's a great business.

 

Posted by Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 4 years ago
Rich, I've stopped trying to reinvent the wheel by taking on new kinds of business.  Referring can make a few bucks while enabling you spend more time doing what you specialize in.
Posted by Brian Schulman - Your Lancaster County, PA Real Estate Expert (Coldwell Banker Select Professionals, Lancaster PA) over 4 years ago
In some ways, I'm leaning more and more toward specializing, like in listings. I prefer, and seem to be better at listing than selling. They say that's where the money is anyway, so maybe that's really all it is. But I also want to keep learning new things. I don't want to put all my eggs in one basket.
Posted by Lisa Hill (Daytona Beach Real Estate) (Florida Property Experts) over 4 years ago
I learned a long time ago about the magic pill called FOCUS.  It was an expensive pill to swallow...now I won't start my day without a mega-dose

As far as referrals, I think it would be a fairly simple business model to perfect.  I am making plans to leave the country for full time missionary work after my wife goes to heaven.  I'll sell what we have to give me the jump start to set up a fairly comfortable life and then earn a living on the internet referring leads to agents across the country.  With high speed internet, VOIP, and a PayPal MasterCard who needs to be in the market to do business?

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

Posted by John Occhi, ePRO, Temecula - Murrieta CA Real Estate, 951-443-6259 (Allison James Estate and Homes) over 4 years ago

Rich,

this post could not come at a better time for me.  I have been thinking about specializing and wether to do wathever I get even if it is father away than I'd regularly do.  I think you are right it is much better just doing one or two different market segments that just doing everything and everywhere.

Posted by Carmen Rivero Celebration & Kissimmee Real Estate (Casa Latino La Rosa Realty, LLC) over 4 years ago

Rich,

You are so right.  I have been learning this slowly and your post helped bring clarity.  I received my first referral check not long ago and was it sweet. 

 

Posted by Fran Gatti - Realtor®, CDPE®, RDCPro®, Crescent City CA Real Estate (RE/MAX Coastal Redwoods) over 4 years ago

I love the outgoing referral - as long as the agent on the other end works as hard as I do for my clients

Posted by Thesa Chambers, Principal Broker Licensed in Oregon, with (Prudential NW Properties Sunriver) over 4 years ago
Rich I agree whole heartedly.   I work as a buyers agent, yes I do not take listings.  I love that side of the transaction, I excel at that side of the transaction and my clients are happy that I don't try to fit everyone, just them.
Posted by Darrel Quebedeaux (Evergreen Realty & Associates Inc.) over 4 years ago
What Lenn said is exactly what I'm doing. Just because you CAN do something doesn't mean you SHOULD. We're in rural PA, and many times agents from 2 hours away (the city!) bring clients in to show houses here. I always ask if they just want to refer it to someone here, but many times they act insulted by that. Then in the middle of the deal they don't understand rural life--septics, wells, our taxes/government--and they want us to help them through the transaction. I refer all buyers to another agent in my company, after I screen the buyer and decide who would be best working with them. I'll list properties, but won't take buyers. And if anyone doesn't fit our mold, it gets referred out. 
Posted by Erica Ramus - Ramus Realty Group - Pottsville, PA over 4 years ago

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