Real estate referrals are the most cost-effective way to acquire new clients from your existing set of customers and in diminishing the cost of lead acquisition.
A referral occurs when an existing customer refers to a developer or promoter a prospective buyer and in return earns a certain incentive or reward.
In India, after the implementation of Real Estate (Regulation and Development) Act 2016, a developer is banned from running his own cash incentive-based real estate referral program.
However, one can make use of real estate referral programs like RelatyX which operate referral programs by abiding the provisions of the new regulatory Act.
Moreover, nearly 30% of all real estate deals in India are made via referrals and a similar percentage is applicable to realty transactions made in metro cities which is also through referrals.
A referral is defined as: