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#458117 - 06/17/17 02:13 PM Referral Fees
CRW Offline
Member

Registered: 03/14/10
Posts: 11
Loc: PA
I'm a brand new Realtor, so I'm still learning the ropes. I know that we can do state to state referrals, and that both parties must be licensed. My question is...can I offer a $50 referral fee to any family and friends that result in a successful referral for me? Or must everyone be licensed? I just thought it would be a good extra incentive.

Thanks!

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#458118 - 06/17/17 02:19 PM Re: Referral Fees [Re: CRW]
barb43 Offline
Veteran Member

Registered: 08/01/08
Posts: 1150
Loc: SW Okla
In this state, you can give them a gift with a value up to $50, but passing out $50 in cash is frowned upon.

You can do Realtor-to-Realtor referrals also, both within your company and/or from company-to-company and that's also state-to-state. Those referrals are typically 25% of the commission. Check with your broker and see how it's handled at the company where your license hangs. wink


Edited by barb43 (06/17/17 02:21 PM)
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#458119 - 06/17/17 02:37 PM Re: Referral Fees [Re: CRW]
CRW Offline
Member

Registered: 03/14/10
Posts: 11
Loc: PA
Thank you Barb...that's kind of what I was thinking...offer $50 then I would research the Realtors in that area to find the right one for them, as well as one that participates in the Realtor to Realtor commission.

So, if I understand correctly, instead of a $50 fee...I might be able to say a $50 gift card of your choosing?

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#458176 - 06/22/17 09:44 AM Re: Referral Fees [Re: CRW]
CRW Offline
Member

Registered: 03/14/10
Posts: 11
Loc: PA
Just wanted to follow up on this for future reference for anyone else. I checked with my broker and he highlighted the portion and showed me that it's a violation of RESPA. So glad I didn't send that out!


Edited by CRW (06/22/17 09:45 AM)

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