Real estate is an unpredictable market and with every buying and selling experience, there are always the strings attached. This can make the decision-making difficult regardless of the matter; selling or purchasing. The improving economies are leading to a drastic increase in real estate trade because everyone is looking for new and better places to live. However, in all this fiasco, real estate agents are the biggest players as they are responsible for every real estate buy and sell. The increase in real estate trade has increased the number of real estate agents with ten folds and at the end of the day; competition has been tougher than ever!
As per the stats provided by NAR (National Association of Realtors), they had 1,100,000 members in 2014 as compared to 999,000 members in 2014. This reflects the size of the real estate market and how it is booming with full zeal.
When we look at the buyers, everything has been eased up for them as they search for everything on Google before visiting the offices. As per the NAR, 92% of real estate buyers are observed to search for their desired home on Google initiating the home hunt. This behavior can affect the real estate agents’ profitability because if they don’t have an engaging online presence, they will not be acknowledged and might be kicked out of the radar.
What is RESPA?
RESPA is defined as the Real Estate Settlement Procedures Act of the USA which refers to the legal actions associated with gift offerings to the clients. According to this act, the reason for the gift offering matters more than the type of gift and there is no chance for the gift for the kickbacks and referral purposes. Putting it in a nutshell, legal actions can be taken against the real estate agents if they offer travel incentive in exchange for referrals. In the end, travel incentives must not be provided in return for referrals. However, if you simply give a customer a travel incentive as a thank you for them buying or selling a home through your real estate agency, that is not a violation. Nor is advertising a travel reward associated with a property purchase or rental.
How Travel Incentives Benefit Real Estate Agents?
Selling or buying property is an extreme sport and in the start, nothing seems to work (yes, we know you have painted the whole home and changed the carpets but it doesn’t matter). This pressure is on real estate agents and travel incentives are here to help.
Offering travel incentives have been a game-changer for the real estate agents as it can improve sales up to 25%. Other incentives such as electronics, cash, appliances, etc.… were tried as well but didn’t compare as valuable as travel incentives. As a real estate agent, you can offer resort getaways, cruises and more to your potential buyers and catch their attention like never before by improving the perceived value of your services. Everyone deserves a break from the hustle & bustle; so, why not give them the break while making profits for your own business?
Kalilei Vacations offers travel incentives that can help you and your agency stand out from the pack. We offer 4- and/or 5-Day Cruise Vouchers (Royal Caribbean, Carnival or Norwegian), Las Vegas Vacation Vouchers, Disneyland/Universal Vacation Vouchers, Hawaii Vacation Vouchers and Multi Destination Vouchers. Are you ready? Contact Kalilei Vacations to get started.