It is not unusual for Brokers and their agents to refer clients to other licensed agents. It is usually because it is in the best interest of clients. Agents refer clients who are relocating outside a state in which the agent is licensed or when the client is interested in property outside the agent's area of expertise, like commercial properties. A relocation company may offer a Realtor a Colorado real estate Broker referral to assist an employee transferring from one part of the country to another.
Individuals moving outside a region of the country they are familiar with usually don't have a lot of contacts they can trust. Since one of the first things they want to do is find some place to live, it can be useful to ask an agent the individual knows, and has worked with before, to refer them to an agent who is reliable and honest. The referring agent certainly has a right to expect a commission upon the completion of a successful sale. That fee is usually twenty-five percent.
Residential agents do n't usually sell commercial property, and vice versa. The Realtors have different areas of expertise. Sometimes residential agents sell small commercial properties, but will refer clients to a commercial Realtor when large properties are of interest. This is because they don't have the same contacts as their commercial colleagues. The referring agent will expect to be paid twenty-five percent.
Relocation companies can be extremely useful when large companies hire or transfer employees from one region to another. They assist with the actual move and help the employees make new living arrangements. Instead of a twenty-five percent fee which is customary for residential referrals, relocation companies often require as much as forty percent. Some agents prefer not to work with relocation companies because so much is taken out of their commission.
In metropolitan areas, most agents have sales territories. Since they only sell in one general area of the city, they may have to refer clients who are interested in properties outside that area. If the referring agent doesn't personally know of someone to refer a client to, it is possible to do the research necessary to find a reliable agent who is familiar with the area in which their client is interested. Online referral companies that pre-screen their agents are the best resource.
It can be tempting for agents to reward a non-agent in the form of what some will refer to as a bonus for referring clients to them. This is absolutely not allowed. You cannot share a commission with an unlicensed individual.
Doing that not only puts the agent's license in jeopardy, it might mean a fine, or worse, for the principal Broker and the realty company. A small gift is an acceptable reward for this kind of referral. A gift certificate, of nominal value, is fine.
Whatever the reason for the referral, as the agent you must do everything in accordance with the laws of your state, the real estate commission, and the principal Broker. That includes the contract between your company and the one you are referring your client to. The fee structures are approved by principal Brokers, not their agents.
Individuals moving outside a region of the country they are familiar with usually don't have a lot of contacts they can trust. Since one of the first things they want to do is find some place to live, it can be useful to ask an agent the individual knows, and has worked with before, to refer them to an agent who is reliable and honest. The referring agent certainly has a right to expect a commission upon the completion of a successful sale. That fee is usually twenty-five percent.
Residential agents do n't usually sell commercial property, and vice versa. The Realtors have different areas of expertise. Sometimes residential agents sell small commercial properties, but will refer clients to a commercial Realtor when large properties are of interest. This is because they don't have the same contacts as their commercial colleagues. The referring agent will expect to be paid twenty-five percent.
Relocation companies can be extremely useful when large companies hire or transfer employees from one region to another. They assist with the actual move and help the employees make new living arrangements. Instead of a twenty-five percent fee which is customary for residential referrals, relocation companies often require as much as forty percent. Some agents prefer not to work with relocation companies because so much is taken out of their commission.
In metropolitan areas, most agents have sales territories. Since they only sell in one general area of the city, they may have to refer clients who are interested in properties outside that area. If the referring agent doesn't personally know of someone to refer a client to, it is possible to do the research necessary to find a reliable agent who is familiar with the area in which their client is interested. Online referral companies that pre-screen their agents are the best resource.
It can be tempting for agents to reward a non-agent in the form of what some will refer to as a bonus for referring clients to them. This is absolutely not allowed. You cannot share a commission with an unlicensed individual.
Doing that not only puts the agent's license in jeopardy, it might mean a fine, or worse, for the principal Broker and the realty company. A small gift is an acceptable reward for this kind of referral. A gift certificate, of nominal value, is fine.
Whatever the reason for the referral, as the agent you must do everything in accordance with the laws of your state, the real estate commission, and the principal Broker. That includes the contract between your company and the one you are referring your client to. The fee structures are approved by principal Brokers, not their agents.
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