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  • Danielle Petroske August 8, 2011 at 5:41am

    For as much work that goes into a short sale, I think a flat fee would be a great idea.  25-35% is too much to pay out when doing all of the work.

     

  • Jeff Payne 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?

  • Nancy Fung Martin 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?

  • Jeff Payne 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.
  • Wendy Rulnick 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.
  • Thom Colby CA Brkr 888-391-5245 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

  • Annette Whitehead 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,
  • Thom Colby CA Brkr 888-391-5245 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.
  • Annette Whitehead August 7, 2011 at 3:16am
    I typically pay 25% but I won't pay a referral if market value is under $100k.
  • Toby Boyce 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.
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