What Do You Pay As a Referral Fee?

Curious as to what members pay as referral fees when short sale client is referred to you.  I have paid as much as 25% but am thinking of reducing either to a lower percentage or a flat fee.  

 

Deb Orth

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Permalink Reply by Bryant Tutas on August 6, 2011 at 1:10am
I pay 20% to 25%
Permalink Reply by Jeff Payne on August 6, 2011 at 6:07am
20 to 25% here too, sometimes with a regular referral partner I will go lower.
Permalink Reply by Bryant Tutas on August 7, 2011 at 12:34am
Putting this in the newsletter today
Permalink Reply by Toby Boyce on August 7, 2011 at 1:29am
I pay 25%. I don't treat my short sale clients any different (regardless of the work difference) than traditional clients. So I don't think it would be right to do that with the referral. Just my opinion.
Permalink Reply by Annette Whitehead on August 7, 2011 at 3:16am
I typically pay 25% but I won't pay a referral if market value is under $100k.
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 7, 2011 at 8:10am
A referral is a referral.  We would not have that business without someone giving it to us.  25% period - no minimum, no maximum.
Permalink Reply by Annette Whitehead on August 7, 2011 at 8:26am
Thom, I appreciate your opinion but if a sale is less than 100k I don't find it cost effective after I pay my processor. This is my decision & I explain it upfront to avoid confusion. I have my way of doing business,
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 7, 2011 at 8:32am

Annette -

Hopefully no offense taken by you as my opinion was not directed at anyone.  It's just the way I conduct my business.  No big deal ! 

 

Cheers,
Thom

Permalink Reply by Wendy Rulnick on August 7, 2011 at 10:04am
I ask if the referring agent will take 20% on short sales.  I only ask for 20% on short sale referrals OUT.  I've reduced that to 15% for a less expensive property, knowing the receiving party is running a business.
Permalink Reply by Jeff Payne on August 8, 2011 at 3:02am
I probably should have been more clear, I always offer a 25% but I have referral partners that share alot of referrals and we normall agree to 20 and sometimes 15% depending on the sale price.  If someone sends me a referral, I always pay 25%.  Many times if I send a referral for a short sale I will only ask for 20

Jeff Payne said:
20 to 25% here too, sometimes with a regular referral partner I will go lower.
Permalink Reply by Nancy Fung Martin on August 8, 2011 at 4:26am

OK, so you offer 20% for the referral, what if the referral decides to sell another property as a short sale or refers another client to you,  do you give another referral fee to that agent and will it be 20% again?

Permalink Reply by Jeff Payne on August 8, 2011 at 4:35am
Good question, my short answer is YES.  I sold a short sale for a referral customer and we ended up selling 5 more for him a year later and I paid the referral on all of them

Nancy Fung Martin said:

OK, so you offer 20% for the referral, what if the referral decides to sell another property as a short sale or refers another client to you,  do you give another referral fee to that agent and will it be 20% again?

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