10 Amazing Real Estate Lead Sources with Zero Upfront Costs
We are always on the hunt for lead sources without upfront costs for our client’s agents. We are firm believers in pursuing organic, loyalty based clients. But sometimes, agents need to supplement that natural flow. As a real estate broker or team leader, you understand the importance of providing your agents with the tools they need to succeed. One of the most essential tools in any real estate business is a steady flow of leads. Lead generation is the foundation of building a successful real estate business. When we pay for leads and it can be a costly endeavor. However, there are low-cost ways to have a steady flow of leads without breaking the bank.
Many working brokers or team leaders will elect to be the point person for these companies and distribute leads amongst their team. It’s one of the reasons you are seeing the rise of the mega team or “teamarage.” We have also found your introverted agent who are more passive in nature excel with online leads. Follow up is key with the average closing being 9 months with these lead funnels.
Lead sources without upfront costs options are available through several companies. Instead, you only compensate them for the leads via a referral fee at closing time. These companies generate the leads. They nurture them until they are ready to purchase or list. And then, refer them to agents who have been approved to be a part of their networks. As Real Estate Broker Coaches we are always looking for a way to keep your upfront expenses down. Balanced with have a steady flow of leads coming into your business. The following companies are lead sources without upfront costs which our clients have used successfully.
Real Estate Lead Sources – OpCity
OpCity is a lead generation company owned by Realtor.com. They offer a wide range of opportunities for agents to generate leads. The original leads come from Realtor.com and other lead generation sites. A representative of OpCity contacts the lead to identify if they are ready to buy or sell. If they are not ready yet, the leads are nurtured until they are ready to engage an agent. Once they are ready to be introduced to an agent, a group of agents are notified of a lead opportunity. The first agent to claim the lead is connected via an introductory phone call with OpCity.
The referral fee paid on closed transactions to OpCity is 30 percent on homes that sell for $150,000 or less. Or 35 percent on homes that sell for more than $150,000. Approval from OpCity is done at the brokerage level. So you must be a participant for an agent to receive leads from OpCity. Once the brokerage is enrolled, new and experienced agents qualify to receive leads.
Real Estate Lead Sources – FastExpert
FastExpert is a website where any agent can have a profile page. However, they must be in the top 5 percent in your local market to qualify to receive referral leads. FastExpert ranks agents within their directory. Based on local areas, recent sales, years in the business and customer satisfaction. The referral fee for any referrals from FastExpert is 25 percent.
Real Estate Lead Sources – UpNest
UpNest is a great resource for listing lead referrals. Agent need a minimum of three years of experience and at least six transactions in the past 12 months. Its process involves competing for the listing with other agents.
The process begins with UpNest informing you about the listing or buyer opportunity. You compete via a proposal that is submitted to the seller or buyer. This outlines your services and what you will provide. The proposal includes any reductions in commission you are willing to make. On top of any concessions you include, UpNest will receive a referral fee of up to 35 percent. The referral fee percentage varies by market and transaction value.
Real Estate Lead Sources – Veterans United Realty
Veterans United Realty is an affiliate of Veterans Home Mortgage. They specializes in providing veteran buyer referrals. The leads that come in have already been approved for a VA loan and are relocating to your area. Agents with experience helping VA buyers and good reviews connect with motivated buyers.
They expect agents to reinforce the relationship with the client’s loan officer. Maintain regular contact with the clients. They also require the use the assigned Realty Coordinator. This keeps all lines of communication open throughout the process. This ensures that the transaction is a positive experience for both the client and the agent.
Real Estate Lead Sources – Rocket Homes
Rocket Homes is owned by Rocket Mortgage. The leads they provide are mortgage-approved. The have a verified purchase timeframe. As well as exclusively provided for only one agent. Rocket Homes provides dedicated support from referral to close for the client and the agent.
Qualifications to receive leads include a minimum of 24 months of experience working as a full-time agent. A minimum of at least eight transactions in the past 12 months. Also the completion of their Verified Partner Agent training program.
Real Estate Lead Sources – Estately
Estately is owned by Anywhere and partners with a few agents in every market. It requires a minimum of three years of experience, with five years preferred. They may ask you to provide recommendations from previous clients as well. The referral fee they require is not currently published, but it has been 30 percent in the past.
Real Estate Lead Sources – HomeLight
HomeLight is a website that allows agents to customize their profile. Agents can highlight their business and expertise in their local market. It utilizes a data-driven algorithm that matches buyers and sellers with top-performing agents. Those who have a proven track record of experience and client satisfaction. The algorithm takes into account the number of transactions you’ve completed. In addition to your average list-to-sale price percentages. As well as what people say about you via reviews.
The referral fees on this lead source are 25 percent on anything under $4 million. 30 percent for anything over $4 million. This is a great opportunity for agents who have a solid track record and positive reviews.
Real Estate Lead Sources – Ojo
Ojo is a company that looks to connect buyers and sellers with highly qualified agents. They prefer the agents in their network to have a minimum of three years of experience. They also look for a minimum of 25 transactions in the past 12 months.
Ojo looks for agents to maintain frequent communication with the clients. They have a concierge support team to make sure the transaction is a positive experience for the client and the agent. The referral fee is 30 percent. This is a great opportunity for agents with a high level of experience and a solid track record.
Real Estate Lead Sources – Agent Pronto
Agent Pronto is a great resource. They identify the agent it believes is the best fit for the client. They factor the profile, production levels, service areas, specialties, communication and customer ratings.
There are no minimum requirements to join. To maximize the referral opportunities, the agent profile should be complete as possible. The more they know about your business, the more likely you are to receive referrals. The fee is between 25-30 percent depending upon the price and area for the referral.
Real Estate Lead Sources – Redfin Referral Network
Redfin is a brokerage that has agents as salaried employees. There are geographical areas where Redfin does service. In those cases, referrals are available.
The agent requirements include having a solid history of closed client transactions. As well as proven client satisfaction through client surveys. The referral fee paid varies by geography, but at last check, it ranges between 33 percent and 40 percent.
For any business to grow, the quantity and quality of leads must increase. These lead sources without upfront costs are a great way to increase your lead flow. Take advantage of the opportunities they provide, and your business can’t help but grow. As a real estate broker coach, we stay up to date with the latest lead generation resources. Providing you the tools your agents need to succeed.
A Parting Thought
We hope that the information provided is helpful in guiding you on your journey to building a thriving real estate business.
As luxury real estate broker consultants, real estate recruiting coaches, real estate business consultant, and CEO consultants for real estate, we are confident that our resources, insights and strategies can help you achieve your goals.
Remember, success in the luxury real estate industry starts with knowledge and strategy, and we are here to provide you with both.
Here are some links to our more popular resources:
Real Estate Insights
Real Estate Downloads
Luxe Real Estate Report and Forecasts
Tools for your Team or Brokerage
For additional and real time insights, updates and news from our Founding and Managing Partner, Chris Pollinger, you can follow him on LinkedIn – Twitter – Facebook – Instagram