ReferralExchange Review 2024
With the help of our in-house editorial team, our platform’s members and external subject matter experts, this comprehensive review of ReferralExchange real estate platform became possible and available for free to those considering this solution!
In this review we evaluated ReferralExchange’s features, plans, pricing and other important aspects to help our readers make a more educated purchase decision.
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What Is ReferralExchange?
ReferralExchange is a real estate platform designed to help agents find clients, generate more sales, and grow their business.
The cloud-based solution is a referral network where agents can source and share leads.
ReferralExchange works in a simple way. First, you’ll be required to register for the service.
From there, you will have to become a member of the ReferralExchange network (by paying certain fees), so you can start receiving leads and submitting those that you do not wish to pursue.
The platform uses cutting-edge technology to rank agents and match them to suitable leads based on property type, location, property price, and the agent’s productivity.
As a referring agent, you are entitled to a referral fee, which is 15% of the commission earned by the selling agent from the successful closing of a referred deal.
Besides agents, homebuyers and sellers can also use ReferralExchange. The platform allows buyers and sellers to find top agents within their zip code.
What Is ReferralExchange Used For?
ReferralExchange is a robust tool that is used by homebuyers, sellers, and agents. The following are various ways one can make use of the platform:
- Lead referral — As an agent on ReferralExchange, you will be offered to submit extra leads and those you don’t wish to pursue. The leads you submit are shared with other agents on the platform for follow-up and closing, and you will earn a referral fee when the deal is closed.
- Agent profiles — ReferralExchange lets agents build in-depth profiles showcasing their personal and contact information, specialties, and achievements. You can update your profile as you close more and more deals. The platform also acts as a marketing tool by showing your profile to potential clients.
- Algorithm-powered referral matching — ReferralExchange uses powerful technology to connect buyers and sellers with the top three most suitable agents for a particular deal. The system uses various metrics, including location and property type, to match you with suitable homebuyers and sellers.
- Access to vetted leads and referrals — All buyers and sellers that use ReferralExchange to find agents are vetted by using several on-screen questions and a call with a company rep. This is done to ensure all leads you receive have provided accurate information and are actionable.
- Lead scrubbing — ReferralExchange has built-in proprietary software that automatically scrubs each lead you upload for incorrect information.
- Lead/Referral notification — ReferralExchange instantly notifies you of each referral you receive via call, text, or email. A dedicated agent support team is always available to help you with your new clients.
- Loan services — For buyers and sellers, ReferralExchange offers loan application services. The platform collects your loan information when you register to find an agent. If you require a real estate lender or a mortgage broker, there are on-screen steps to take you through the process of applying and getting a loan.
ReferralExchange Users Breakdown by Specialty
- Real estate agents
- Real estate teams
- Real estate brokerages
- Homebuyers and sellers
Is ReferralExchange Legit?
Yes. ReferralExchange is a legitimate real estate platform that has been in service since 2005 and has grown to become one of the most used agent networks in the U.S. and Canada.
The parent company, Referral Exchange Inc., has physical headquarters in San Francisco.
ReferralExchange’s huge popularity can be seen online. Across the internet, the platform has received thousands of customer reviews on social media, real estate blogs, and business review sites like Shopper Approved.
ReferralExchange platform is also safe. The company employs industry-standard security measures to safeguard the data you provide from loss, misuse, and unauthorized access.
Additionally, the company does not share your personal or sensitive information with anyone, even third-party partners.
ReferralExchange has also built a solid brand online. The company has active profiles across popular social media platforms and has amassed numerous followers.
Although some negative customer reviews criticize the platform’s high fees and length of processing closed deals, we can ascertain that ReferralExchange is not a scam.
ReferralExchange Customer Reviews
ReferralExchange Pricing
Homebuyers, sellers, and agents can sign up and create a ReferralExchange account for free.
However, agents have to pay specific fees to join the ReferralExchange network and become referring agents.
The pricing model is subscription-based, which is rather similar to the one real estate lead generation companies have rather than other real estate referral networks that charge you after closing.
As an agent, you will be required to pay the Referring Agent Participation Fee — this one-time fee is $495 and allows you to submit leads to the platform.
After that, there’s a recurrent subscription cost of $95 per month and $3 per lead for each lead you submit.
Note that the one-time Agent Participation Fee is refundable within the first six months, provided that all the leads (referrals) you submitted within that time frame were exclusive (not members of the ReferralExchange service).
For homebuyers and sellers, ReferralExchange is entirely free to use.
ReferralExchange Coupon & Promo Codes
ReferralExchange Features
Lead Referral Network
This real estate broker tool is essentially a real estate lead referral program — a network where agents can share leads with each other.
As an agent, you will be required to forward your leads from any lead source or upload a list in CSV format.
ReferralExchange then matches the leads you uploaded with suitable agents within the platform.
As agents forward or upload leads, a network of leads and referrals is created, ensuring that every agent has suitable clients. As a result, you can generate more sales and grow your business.
Referral Matching
ReferralExchange uses powerful algorithms to match referrals with agents that best suit their needs.
The platform uses several data points, including property type, price, location, and agent success rate, to generate a list of the top 3 real estate agents that perfectly suit the needs of the buyer or seller.
Lead Scrubbing
When you upload leads to the ReferralExchange, the platform will automatically scrub them using an in-built lead-scrubbing tool.
The process is done in real time, highlighting inaccurate information and providing you with the correct data if available.
Once scrubbing is done and your list is validated, you can contact the leads that match your criteria or have the company contact them on your behalf.
Lead Vetting
Buyers and sellers that use ReferralExchange to find agents are vetted on the platform, thanks to a partnership with TopAgentsRanked.
The website collects relevant information from buyers and sellers, including:
- names and contact information
- property address (for sellers) and location of purchase (for buyers)
- estimated value of the selling property
- estimated price of the property you’re looking to buy
- loan information (qualification status, down payment amount, loan application, etc.)
ReferralExchange PRIME Service
The PRIME service is an in-house membership offered to select agents on the platform.
We couldn’t find the criteria that the company uses to select PRIME members. However, PRIME members enjoy the following benefits:
- priority in referral distribution
- prioritized customer service
- access to members-only content
PRIME subscription lasts 6 months, after which you can choose to renew or leave the service.
ReferralExchange Mobile App
ReferralExchange is a cloud-based solution that can be accessed on any web browser. Still, the platform has a corresponding mobile app that’s available for Android devices.
Download the app and access your account to check your referrals, send messages, update your account details, and track your success, among other functions.
ReferralExchange Pros and Cons
Pros
- ReferralExchange provides a convenient way of passing on leads that you cannot convert and still earn from them when the deal closes.
- Since there are hundreds of thousands of agents sharing leads, you will always have a supply of clients to work with.
- The mobile app makes it possible and convenient to get referrals, communicate with them, and close deals from anywhere.
- ReferralExchange has agents from all states, in almost any location, ensuring buyers and sellers nationwide can use the platform.
- ReferralExchange integrates with some of the most popular realtor CRM solutions to allow you to forward your leads to the platform.
Cons
- ReferralExchange is costly. In addition to the one-time setup fee, there are recurrent monthly charges which drive up costs.
- Agents compete with other agents for each lead they receive.
- Some users have complained that the company takes too long to process closed deals, delaying their commissions and referral fees.
ReferralExchange Integrations
ReferralExchange Alternatives
- Zillow Premier Agent
- Zillow Flex
- HomeLight
- Clever Referral Network
- OJO
- SOLD.com
- Opendoor
- Movoto
- Redfin
- HomeOpenly
- Ideal Agent
- MyAgentFinder
- UpNest
- Agent Pronto
- FastExpert
ReferralExchange Achievements
Awards & Recognition
Best Referral Program for Real Estate Agents (Awarded by Real Estate Bees)
Press & Media
Top Real Estate Software (HousingWire, 2020)
ReferralExchange FAQs
Does ReferralExchange have a free trial?
No, ReferralExchange does not offer a free trial or money-back guarantee.
Instead, agents can sign up for free to learn more about how the system works before committing to the paid subscription.
How many clients does the ReferralExchange have?
According to the company website, ReferralExchange serves more than 140,000 top agents from across all states.
The platform has also helped over 250,000 homeowners buy or sell their homes.
Who founded ReferralExchange?
ReferralExchange Inc. was founded in 2005 by Ali Hamed, a successful software developer with robust experience in building software systems for commercial and government agencies.
Ali currently serves as a board member for the company.
What is ReferralExchange’s customer service number?
ReferralExchange users can reach out to the company via a call at (415) 653-5590 or by sending your inquiries to [email protected].
Prospective users looking to learn more about the platform can contact the sales team at the following support address: [email protected].
What is the ReferralExchange cancellation and refund policy?
ReferralExchange users can terminate their service subscriptions for any reason and at any time by providing a written notice.
There are no refunds provided for terminated subscriptions. However, referring agents may receive a full refund of the one-time Referral Agent Participation fee within the first 6 months if they provide good leads within that period.
What awards and recognition has ReferralExchange received?
In 2020, the platform was recognized as the top real estate software by HousingWire.
ReferralExchange Tutorials & Training
Is ReferralExchange Worth It?
There’s no straight answer. Overall, the ReferralExchange network is among popular lead generators for real estate agents.
It ensures that member agents have a continuous supply of leads and referrals. As a result, you can increase sales and grow your business.
Additionally, the platform provides an easy way to offload leads that you do not wish to pursue while letting you still earn some money from them through referral fees.
Unlike similar platforms like HomeLight, ReferralExchange has a nationwide reach, with members across all zip codes.
That said, the platform has some letdowns. Plenty of users online have complained that the company took too long to process closed deals.
There have also been complaints about poor customer support, high fees, and inaccurate lead information.
Altogether, ReferralExchange is a good option for agents looking for a constant supply of quality and actionable leads, helping them reach their real estate agent goals and become a successful realtor.
ReferralExchange Contacts
- Website: Official website
- Phone: (415) 653-5590
- Email: [email protected]
- Address: 425 Bush Street., Ste. 200, San Francisco, California 94108
- Socials: Facebook, Instagram, Twitter, LinkedIn
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About the Author:
Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.