We are working with a real estate company and doing marketing for new leads. As part of the process, we will be sharing new listings with the email list and social media. We wish to create a referral program which incentivizes those who do not qualify for the new house (may not be looking, or out of budget or out of neighborhood) and want to enroll them in the idea of sharing the listing, but need an incentive to do so. Do you think a draw for a prize would work or would we need to go a % of commission?
As the owner of a real estate school, I can tell you it is illegal in every state I am familiar with to offer success based referral fees to any individual who does not have a real estate license. You cannot only pay for successful leads that earn you or your entity a commission. However, you can pay on a per lead basis regardless of whether or not they convert, but the unit economics probably won't work for what you are trying to do.
Answered 3 years ago
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