SAN FRANCISCO—Flywheel Networks has launched its new agent-to-agent referral service, ReferralExchange, for all real estate professionals.

ReferralExchange, which was initially rolled out in March on a limited basis, has already received more than 11,000 agent-to-agent client referrals, valued at almost $1B in real estate.  It is ideally suited for agents to handle personal referrals such as past clients, friends and family members, plus managing raw web leads and old leads which need attention.

The new service enables REALTORS to take advantage of every lead they receive—including those outside their preferred market area, price point or property type. Using sophisticated technology, ReferralExchange matches the client with three agents who fit their specific needs, manages all paperwork and tracking, and pays the referring agent a 25% referral fee upon close of the transaction.

“Most agents face two major challenges when handling referrals,” said Scott Olsen, CEO of Flywheel Networks. “Finding even one good agent to send a referral to can be difficult and time-consuming, as is the follow-up and paperwork required to ensure they receive full and timely compensation for the transaction.” 

“Our AgentMachine Network (Flywheel Networks' consumer-agent matching service which generated $1.6 billion in real estate sales in 2013), along with ReferralExchange, is a successful solution to both of these problems,” said Lisa Fettner, VP of marketing at Flywheel Networks. “We've spent the last eight years creating a cutting-edge, easy-to-use web application and building a network comprised of more than 12,000 hand-picked, top performers from large and boutique brokerages throughout the country.  With the processing, customer service and agent-matching technology in place through AgentMachine, we can now offer network accessibility to other agents through ReferralExchange.”

Flywheel says ReferralExchange's offers unique end-to-end, service and support, including proprietary client and agent matching algorithms and a high-touch, licensed service team.

“I send any client that's outside of my scope of territory through ReferralExchange,” said Michael Whitney of Keller Williams Coastal Realty in Portsmouth, NH.  “They handle all of the legwork and all of the accountability. I just sit back and wait for the check.” 

“ReferralExchange redefines the way that agents look at territories and presents unlimited opportunities for additional income,” emphasized Olsen. “As part of the network, they can now help any client or lead, anywhere, anytime.”

Founded in 2005, Flywheel Networks is the creator of AgentMachine and ReferralExchange, an innovative combination of a real estate network and lead matching services that helped sell over $1.6 billion in real estate in 2013.