By Margaret Murphy There are good, and responsible, reasons why Brokers and agents refer their clients to other licensed agents. It is usu...
There are good, and responsible, reasons why Brokers and agents refer their clients to other licensed agents. It is usually in the best interests of the client. Agents may refer clients who are moving out of state or into a section of the city the agent is unfamiliar with. Residential agents may refer clients, who are looking for commercial properties, to a commercial agent. A Colorado real estate Broker referral can also involve a relocation company.
When families relocate a significant distance from everything and everyone they know it can be difficult to decide which professionals are trustworthy. Since finding living accommodations is usually on the top of their to-do list, families often enlist the help of a Realtor they have used in the past to refer them to a good agent in the new town. Most Realtors are happy to do this and know they will be compensated when the family finds the right home and closes on it.
Residential and commercial realty sales are totally different businesses. Residential Realtors sometimes list and sell small commercial properties, but almost always refer clients looking for large commercial investments to commercial Realtors. Residential agents don't usually have the necessary contacts to do the best job for their clients.
Relocation companies make life a lot easier for large businesses. They assist employees who are transferring from one region to another with moving and finding new living accommodations. Instead of the customary twenty-five percent fee between Realtors, a relocation company will often demand as much as forty percent. It's up to the individual agents to decide if this kind of hit to their commission is worth it.
Occasionally a client will ask an agent about property that is in an area of a city, or the country, where they have no contacts. In this case, Realtors can still offer to refer the client, but have to be very careful about the unknown agent. Online referral agencies can be useful. The best ones screen their agents before taking them on. This can help the referring agent avoid the problems of liability and credibility.
When non-licensed individuals give agents tips about people moving into the area, they sometimes expect to be rewarded financially. No agent can split or share a commission with a person who doesn't have a valid real estate license.
The real estate commission can come in and take that agent's license, and fine or shut down the real estate company he works for. It is permissible to give a thank you gift that does not have significant value. Gift certificates are a good example.
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.
When families relocate a significant distance from everything and everyone they know it can be difficult to decide which professionals are trustworthy. Since finding living accommodations is usually on the top of their to-do list, families often enlist the help of a Realtor they have used in the past to refer them to a good agent in the new town. Most Realtors are happy to do this and know they will be compensated when the family finds the right home and closes on it.
Residential and commercial realty sales are totally different businesses. Residential Realtors sometimes list and sell small commercial properties, but almost always refer clients looking for large commercial investments to commercial Realtors. Residential agents don't usually have the necessary contacts to do the best job for their clients.
Relocation companies make life a lot easier for large businesses. They assist employees who are transferring from one region to another with moving and finding new living accommodations. Instead of the customary twenty-five percent fee between Realtors, a relocation company will often demand as much as forty percent. It's up to the individual agents to decide if this kind of hit to their commission is worth it.
Occasionally a client will ask an agent about property that is in an area of a city, or the country, where they have no contacts. In this case, Realtors can still offer to refer the client, but have to be very careful about the unknown agent. Online referral agencies can be useful. The best ones screen their agents before taking them on. This can help the referring agent avoid the problems of liability and credibility.
When non-licensed individuals give agents tips about people moving into the area, they sometimes expect to be rewarded financially. No agent can split or share a commission with a person who doesn't have a valid real estate license.
The real estate commission can come in and take that agent's license, and fine or shut down the real estate company he works for. It is permissible to give a thank you gift that does not have significant value. Gift certificates are a good example.
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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