“People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.” – Mark Zuckerberg, Co-Founder of Facebook

The importance of teaming up with an experienced and client-focused real estate lawyer and how it enhances broker/realtor financial performance is often overlooked. All too often we see realtors and mortgage brokers spending money on fancy promotional campaigns that don’t result in a return on spend. This takes precious time away from revenue-generating activities and building your client base. Working with an experienced lawyer will enhance your financial performance and increase your client list, resulting in more referrals, lead development and repeat business.

This guide delves into the significance of experience in real estate law and how it can positively impact your business and financial success.

  1. Partnering With An Experienced Real Estate Lawyer Will Increase Your Referral Business.
     

    Too many realtors and mortgage brokers miss the significance of how a client’s experience with their lawyer impacts a client’s overall satisfaction with their realtor or broker. You may have an excellent client-focused approach to doing business and work incredibly hard to provide your clients with the best possible service. However, if your client’s lawyer doesn’t employ the same client-focused philosophy and work as hard as you, it could negatively impact your business success and financial growth.

    In real estate transactions, the lawyer is generally the last point of contact a client has before their transaction closes. A client’s last point of contact in a real estate transaction is statistically proven to have a strong influence on positive or negative feelings that a client has about their overall experience with their broker or realtor. Simply put, if your client has an excellent experience with their lawyer, it will likely have a positive impact on your client’s overall experience with you. However, if your client has a poor experience with their lawyer, it will likely result in them having a negative overall experience with you.

    Why Is this so critical to building your book of business? In real estate, clients are nine times more likely to refer a realtor or broker to friends and family after having an overall positive experience as opposed to having a mediocre one. Family and friend referrals are enormously influential on choosing a realtor or broker, as 92% of respondents in a recent study reported that a positive recommendation from a friend, family member, or someone they trust is the biggest influence on whether to engage a particular realtor or broker. 82% of all real estate transactions come from repeat clients and referrals, yet the average realtor or broker only earns 42% of their business from repeat clients and referrals. Surprisingly, only 21% of realtors and brokers generate 50% or more of their business from referrals made by past clients. These statistics tell us that many realtors aren’t getting the repeat and referral business they should be getting.

    The amount of business you can generate from referrals is essential and should not be overlooked or neglected, and yet, many real estate professionals do. Partnering with an experienced and client-focused law firm like Ellison Law to close your client’s transactions will contribute to your client’s overall positive experience and they will be nine times more likely to refer you to a friend or family member.

  2. Partnering with an Experienced Real Estate Lawyer Will Result In More 5-Star Google Reviews and Expand Your Digital Footprint and Online Reputation.
     

    While personal recommendations play a vital role in getting business, most homeowners and home buyers will typically turn to online reviews, such as Google, before making a decision to hire a realtor or mortgage broker. It can’t be stressed enough how important Google reviews are to a realtor or mortgage broker’s business growth and financial success. Among other things, Google reviews will increase your Google search ranking, drive more traffic to your website and improve click-through rates. More importantly, great Google reviews build trust in your brand and increase your online visibility and digital footprint. They provide valuable insights into a realtor's reputation, customer satisfaction, and the level of service they provide, which can help clients find a realtor who is the right fit for their real estate needs. Positive reviews indicate that a realtor or broker has a history of providing excellent service to their clients, which can help build trust and confidence in their ability to meet clients’ real estate needs. Conversely, negative reviews can be a warning sign of poor customer service, communication, or unethical practices, and should be taken into consideration when evaluating a realtor's suitability.

    Typically, once you have worked hard for your client by negotiating and securing their real estate deal, the majority of your work is done at this point, and the file goes to the lawyer to close the transaction. However, clients don’t generally leave online Google reviews until the transaction closes, which could be weeks or even months after a deal is signed. Even if you did the most outstanding job for your client, the passage of time between signing and closing can be a significant factor in not getting Google reviews from happy and satisfied clients.

    As mentioned above, your client’s experience with their lawyer impacts how they feel about their overall real estate experience, including the experience they had with their realtor or broker. A client is far more likely to leave a 5-star Google review for their realtor or broker when (a) the overall experience of their transaction is positive; and (b) when the final experience they have in a real estate transaction is positive. As we discussed above, a client’s experience with their lawyer is typically the final experience and point of contact they have when it comes to their real estate transaction. This is why it is so important to partner with an experienced lawyer who provides your client with the same 5-star service as you.

    Realtors and brokers who partner with an experienced, service-minded and client-focused law firm to close their real estate deals get more 5-star Google reviews than those who don’t. A positive online reputation, greater online visibility and an expanded digital footprint will result in more business and greater financial growth for realtors and brokers.

  3. Communication and Teamwork Between A Real Estate Lawyer and A Realtor/Broker Enhances Client Satisfaction

    Communication and teamwork between a real estate lawyer and a broker/realtor are key to the success of any broker or realtor. We know from experience that when realtors/brokers and lawyers maintain communication and work together as a team, the best outcome is achieved for the client. When problems arise in real estate transactions, as they sometimes do, it is so important that your client’s lawyer works with you to find a solution together that serves your client’s best interests. An experienced real estate lawyer understands how important the relationship you have with your client is, especially as it relates to you getting referrals and repeat business from that client. Whether it’s a shortfall of funds at closing, title defects, tax issues or closing complications, it’s important that these issues are communicated to you in real-time. Good and experienced real estate lawyers will always work and communicate with you, ensuring that you are an integral member of the transaction team. Lawyers who do this, indirectly help you build, maintain and foster a good relationship with your clients. This will inevitably lead to greater overall client satisfaction and result in more referrals and repeat business.
     
  4. Partnering With An Experienced Real Estate Lawyer Can Help Demonstrate Proficiency As A Real Estate Professional
     

    Partnering with an experienced lawyer and developing a relationship with that lawyer can get you quick answers to client questions on topics that you may not be familiar with. If a client asks you a legal, tax or other question that you may not have the answer to, it’s always helpful to have an experienced real estate lawyer who will always take your call and get the answer you need.

    Lawyers aren’t always eager to spend time answering random legal questions if they aren’t getting paid for it. However, if you develop a relationship with a good lawyer by partnering with them and sending them business, they will always make time for you and prioritize getting you a quick response to any question. Just like you place a tremendous amount of importance on maintaining and building your referral sources, so does a good real estate lawyer. At Ellison Law, we always have time to spend helping our realtor and broker partners by answering their questions.

    It is essential to have an experienced real estate lawyer on “speed dial” who can quickly answer any questions or provide advice, as questions and issues arise. As a broker or realtor, having the answers for your clients demonstrates your proficiency as a real estate professional and engenders client trust and confidence. This will enhance your client’s overall experience, leading to more referrals and greater financial success.

  5. The Best Solution to Any Problem is Experience
     

    Wouldn’t it be nice if every real estate deal was problem-free and closed easily without incident? Keep dreaming! While most real estate transactions and mortgage refinancings are straightforward, some deals can be very challenging or mired with unexpected legal issues that are difficult to navigate. As a realtor or broker, the lawyer you want representing your client is an experienced lawyer with the knowledge to successfully handle the most difficult challenges and complex legal problems.

    When problems happen mid-flight on an airplane, you want the experience in the cockpit that can safely land the plane. The same holds true for lawyers and real estate transactions. A lawyer’s ability to deal with challenges and stick-handle around legal problems comes with the experience of doing hundreds of real estate deals year after year. Partnering with an experienced real estate lawyer could mean the difference between a transaction closing and a transaction crashing.

    Ensuring your client has the experienced representation necessary to close the most difficult deals will also engender client trust and confidence in their realtor or broker. This will undoubtedly result in more referrals and repeat business from that client.

  6. Partnering With An Experienced Real Estate Lawyer Is Your Foundation to Financial Success As A Realtor or Mortgage Broker:
     

    Successful Real estate agents and mortgage brokers consider an excellent real estate lawyer the foundation of every successful deal. Just like a house needs a solid foundation, transactions need a strong legal professional to ensure stability and support.

    A real estate lawyer is like the engineer on your deals, ensuring every detail is in order, and everything is built to last. They understand the intricate nuances of real estate law, just like an experienced contractor knows the ins and outs of building a home.

    By partnering with an experienced real estate lawyer, you're tapping into a wealth of knowledge and expertise. They can help you navigate the legal maze, ensuring everything is ready for closing day. And just like a good contractor, they'll be with you every step of the way, ensuring that your deals are built to last.

  7. Solving Complex Real Estate Legal Problems

    Real estate is rife with potential legal pitfalls. From title disputes to zoning regulations, unexpected challenges can arise at any moment. This is where the true value of experience shines. Experienced real estate lawyers have encountered a multitude of complex issues throughout their careers. They possess the insights and problem-solving abilities to tackle these challenges head-on. In the construction of a home, unexpected challenges can arise. It's the same in real estate transactions. Complex legal problems can be like unanticipated design flaws. An experienced real estate lawyer is like a master builder, equipped with solutions to address these challenges and keep the project on track.
     
  8. Trusted Real Estate Legal Services
     

    Trust plays a vital role in the world of real estate, both for you and your client. When clients embark on one of the most significant transactions of their lives, they place much confidence in their agents and brokers. This trust also extends to the legal side of the deal.

    Experienced real estate lawyers have built a reputation for being trustworthy and reliable. They've earned the confidence of both their clients and colleagues, making them invaluable partners in the real estate journey. Just as a builder's good reputation assures clients that their dream homes are safe, an experienced real estate lawyer's track record is equally essential. It's like a well-constructed home – a symbol of reliability and quality. Clients and colleagues alike trust them, knowing they'll deliver as promised.

  9. Reliability in Real Estate Legal Support
     

    Timing is crucial in the real estate industry, and delays can lead to significant costs. A skilled real estate lawyer acts as your project manager, ensuring everything runs smoothly and remains on track. Their reliability is the strong scaffolding that holds your transactions together, preventing any unexpected collapses.

    Real estate deals often come with tight schedules and high stakes. Even slight delays or mistakes in the legal process can put deals at risk and create unnecessary stress. That's where reliability becomes critical. Experienced real estate lawyers understand the importance of efficiency and precision. They ensure that transactions are completed effectively and on time, providing a reassuring sense of security to real estate professionals.

  10. Virtual Real Estate Lawyer
     

    In the digital age, a virtual real estate lawyer operates like a skilled tradesperson with a mobile workshop. They can assist you from anywhere, just as a contractor can work remotely. It's like having a toolbox of legal expertise always at your disposal. With advanced technology, legal support is no longer bound by physical offices. Virtual real estate lawyers offer the flexibility of accessing legal expertise wherever you are and whenever it's most convenient.

    Clients like convenience and they also like to tell their friends and family how easy and smooth their real estate transaction went. When you offer your client the convenience of a virtual signing where they never need to leave the comfort of their home, they will surely make a point of mentioning this to their friends and family who are looking for a realtor or mortgage broker. At Ellison Law, all of our signings are done over a safe and secure virtual platform that fully complies with the Law Society’s remote signing protocols. Clients can therefore enjoy the convenience of accessing trusted legal advice any time and from anywhere.

Building Strong Foundations For Realtor and Mortgage Broker Financial Success

Collaborating with an experienced real estate lawyer isn't just a choice; it's a strategic decision that can elevate your real estate career. Their expertise, problem-solving prowess, and unwavering commitment to excellence can differentiate between a good deal and an exceptional one. The trust and reliability they bring to the table serve as the foundation for enduring partnerships and the organic growth of your business.

Much like a sturdy foundation determines the success of a building, your success in the real estate industry hinges upon trust, reliability, and expertise. At Ellison Law, we transcend the role of mere legal advisors; we become your partners in constructing success. Our commitment to your growth and your clients' success is the cornerstone of our collaboration. Reach out to us at  (647) 955-8640  or drop us an email at david@ellisonlaw.ca . Let's embark on this journey together, unlocking the full potential of your real estate career.