Real Estate Agents Are NOT Required to Give Out Three Names When Referring!
For years, realtors have told me they must furnish three names when referring an inspector, attorney, or mortgage provider to their clients. The reason they give is typically, “We’re required to!” or “I don’t want to be embarrassed if the client has a poor experience.”
Realtors are not allowed to “steer,” or “require” their clients to use any particular vendor. However, nothing prevents a real estate agent from recommending a specific provider to their client. The “requirement” to provide three names to their clients is a myth. I’m not aware of any regulation that requires or even advises this practice; and no real estate agent has ever been able to provide me with proof of this perceived requirement.
As for a real estate agent fearing their client may have a poor experience, my response is always the same: “If you’re afraid the referral might make you look bad, then you’re referring the wrong provider!”
When it comes to recommending a professional to my clients, no one is as discerning as I. I’ve worked judiciously to ensure those I recommend to my clients are true professionals at the top of their game. They must work like I do to ensure my clients are served well, their calls returned promptly, they receive accurate advice, and a concierge experience. And most importantly, by referring them to my clients, they make me look good.
If you are a real estate agent and those you refer don’t consistently make you look good, then quite frankly, you are referring the wrong providers!
On the other hand, if wish to team up with an exceptional mortgage provider who provides the best advice and experience to your clients, communicates with you incessantly, helps you generate more business, and consistently makes you look good, then I encourage you to contact me. Come discover the stark differences between what we do compared to the rest of the industry and let’s explore whether we are a good fit.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.