Balcony addresses a significant gap in the real estate market. When agents refer business to one another, they typically receive a 30% commission from the agent receiving the referral. Since agents work in discrete local areas, and more than 2.3M home sales were out of town moves in 2013 (out of 5.7M total), agents often find themselves with the opportunity to refer business to agents in a different city or state. If an agent doesn’t know someone in the client’s destination, their only option is to hunt for an agent, a time-consuming process with inconsistent results, since there is no reliable way to judge the quality of the agent.
Once agents are connected, they are left to manually manage their referrals with spreadsheets or emails. The process is prone to error and can result in agents not being paid.
Balcony enables qualified agents to find, vet, and review each other; and manage the details of their transactions from any device on a patented platform that guarantees payment.