Referrals can be a powerful way to grow, but only if done by the book. Getting it wrong could introduce risk, damage relationships or even lead to lost accreditations.
That’s why it’s important to understand your responsibilities when working with referrers and as a referrer.
There are clear regulations that cover who can refer customers, how they can do it, and what needs to be disclosed. Both referrers and brokers have obligations, from maintaining a register, to securing consent, to explaining any financial benefits involved.
Referrers fall into different categories, each with their own requirements. Whether it’s a website, a real estate agent, or a business partner handing out flyers, the rules aren’t one-size-fits-all.
Just as important is who you choose to work with. A strong referral partner can bring quality leads. The wrong one can create risk. That’s why background checks, business alignment, and due diligence matter.
To help you stay compliant and confident, we’ve broken it all down in one place.
Read the full article here.