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I understand why some realtors or realty companies try and get their hands in as many pockets as possible and to try and keep as much money 'in house' as possible, BUT I think it is often times misleading and unfair to buyers and sellers who are 'steered' into using the agent's title company or mortgage company based on the recommendation of an agent who is 'earning ancilliary income' (i.e. - commission, referral fee, or KICKBACK... let's just call it what it really is).
I also think that the quality of work and service, especially on the title end, is not upto par with other companies out there that work independantly. I certainly appreciate the referrals I receive from realtors and mortgage brokers, but I get those referrals based on the quality of my work and the outstanding service I provide, not because the customers were steered to me by an agent who has a financial interest in sending me business or sending their own in house title or mortgage company business.
I think it is great to offer 'one stop shopping' like say a Walmart, but I feel that in the real estate industry it is not always good business practice to do that because the customer is not always getting their best possible deal when 'one stop shopping' for real estate and financing.
I'm not a fan, at all, of one-stop-shopping in real estate. My forte is helping people buy and sell real estate, it's a full time (and then some) job. I'd rather let the full-time experts in lending, title, etc. do the lending/title work while I focus on the real estate.
My company offers these services, but as agents we receive nothing as a benefit to us. I do offer the services of the affiliated companies along with other independent companies. I want my clients to find the best deal and someone to work with that they are comfortable with. If it is one of our affiliated companies great, if not, that's great too - as long as the customer is happy.
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Agent to Agent Question - Anscillary Services & Income
Vicky Chrisner, "vchrisner"
Real Estate Agent
View my 7 listings
Contributions: 210
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With per transaction profits being reduced along with sales prices, and expenses increasing, I am interested to know what, if any, ancillary income opportunities you or your brokerage have attempted. Research shows that clients prefer "one stop shopping". Does your brokerage (directly through an affiliated business arrangement) offer insurance sales, mortgage loans, title services, remodeling services, property management, movers, utility connection/sales, sales of window treatments, security systems? If the answer is no, what do you think would be good ideas? Please note, I am in no way attempting to skirt any laws - RESPA or otherwise...just looking for brainstorming ideas. Before implementation, attorneys would be heavily involved, and we'd be fully compliant.
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