Question about real estate referral percentage?
I'm a realtor and someonei know wants to look for a house in another part of my state. I know another realtor over there, and I want to ask them to help my friend look for a house, but I was wondering......how much referral commission % is customary? If my friend buys a house from this realtor, what percentage should I ask them for?
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You always negotiate referral fees PRIOR to introducing clients. You never, ever do it prior to giving them your client's information or prior to writing an offer. Because by then, it could be too late and the realtor can screw you. Even if it's a friend, don't think money won't become an issue.
The traditional referral fee I dish out is 25%. For some, I'll go as high as 30%.
Your broker should have a form for this. You contact the agent first and ask what their customary referral fee is (usually 25% of the commission earned), then send over your form for his or her broker to sign. Pretty simple - and most agents are happy for the business.
certainly not! A loan officer won't be able to supply a referral fee to a realtor nor can they acquire one. this would be an instantaneous violation of RESPA and a organization can lose their license and be stiffly fined if a member of their business enterprise does this. it extremely is thoroughly unlawful. Realtors refer organization to lenders that they have confidence. Their earnings is commissional and that they've the desire to make advantageous the deal is achieved suitable. They refer organization to lenders they have had sturdy stories with interior the previous.