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#421166 - 03/06/13 01:29 AM Splitting a deal?
Kia Offline
Member

Registered: 02/26/13
Posts: 12
Loc: Southern California (SouthEast...
Hi; if time constraints prevented you from serving a client, what percent of the deal would you take when giving it to a another realtor in your office?

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#421167 - 03/06/13 02:12 AM Re: Splitting a deal? [Re: Kia]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Depends on where we are in the whole continuum of events that are required to turn a deal into a "done deal".
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#421172 - 03/06/13 05:05 AM Re: Splitting a deal? [Re: Kia]
Kia Offline
Member

Registered: 02/26/13
Posts: 12
Loc: Southern California (SouthEast...
Ok, to specify then: Buyer has signed an agreement to be represented by you. You find out his schedule conflicts with yours and would like another agent to do some showings for him, offer submission & negotiation, and maybe also the closing paperwork.


Edited by Kia (03/06/13 05:06 AM)

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#421190 - 03/06/13 12:27 PM Re: Splitting a deal? [Re: Kia]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Then that's not even a "deal"; that's just a lead, and you might be able to get a referral fee of 30% (of the Side).

I'd be careful though. The recipient of the referral may not like the client and may not want to be bound by a Buyer Representation Agreement to work with him. I don't have to work with just anyone who is referred to me. And the Buyer may not want to work with the proposed Agent.

I once accepted a "buyer referral" from a Big Firm about 100 miles away, and I sold them a Lake Front Cottage. It was only at the Closing that the Buyer realized that he was not represented. The Buyer was quite angry. He had signed a Buyer Broker Agreement with the Big Firm; but those terms and obligations did not automatically transfer to me just because I had accepted a referral . . . . I sign my own Contracts, and only with the people I determine I want to work with. This one turned out okay; but the property involved would not have been sold because the Seller's Agent would not have compensated a Buyer's Agent.

Remember, all of these Agreements made by "Agents" are actually between their Broker and the Client . . . . NOT with the individual Agents. So even internal referrals may have to be done in accordance with your Broker's internal Policy and Procedures Manual (if s/he has one).

I'm sure that all of this will become clearer AFTER you take your pre-licensing Course; pass your Exam; sign on with a California Broker; and obtain your License.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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