What is a referral fee agreement?

A referral fee agreement is between an affiliate that refers sales or services to a company in exchange for compensation. The fee paid to the affiliate is commonly a percentage (%) of the total sale or a flat fee per transaction.

When should you use a referral fee agreement?

The receiving agent effectively splits the cost of the referral with their employing broker. Typically, the referral fee will be divided by the same amount as the commission split they normally receive for a transaction.

What Is a Real Estate Referral?

Referral Agreements A referral agreement is a contract between two parties that details how one party (the referrer) refers customers or clients to another party (the referee or principal). Alternatively, both parties might provide referrals to each other in a reciprocal way.

Is it OK to ask for a referral fee?

It is legal, and somewhat normal, for people to charge a finders fee if they refer a job to you. However, unless you signed a contract stating you would pay a percentage of the job they found for you, you are not legally bound to pay them anything.

How much is a typical real estate referral fee?

Parts of a referral agreement Date. The date should appear at the beginning and end of the contract. ... Names and roles of the parties involved. Identify the parties to the agreement. ... Duration of the agreement. State how long the agreement will last. ... Consideration. ... Acceptance.

What is the purpose of a referral agreement?

A referral agreement is a legal contract that establishes a joint venture between a service or product provider and a referral party that earns commissions on sales.

What is the difference between a kickback and a referral fee?

The individual or entity benefitting from the referral is typically the party who pays the fee. Conversely, a kickback is money paid illegally to an individual for the arrangement of a transaction and can be considered a bribe or inducement.

What is an appropriate referral fee?

What percentage are typical sales referral fees at agencies? Most common, in my experience: a referral fee for 10% of revenue. Second most common: a referral fee for 5% of revenue. After that, it tends to be a mix for instance, 20% of the first month's retainer, and nothing after that.

Get Broker Referral Fee Agreement

AGREEMENT TO PAY REFERRAL FEE This Agreement is made between Referring Broker and Referred Broker concerning the referral of Principal whose address is as follows Fee. In consideration of the referral of the above-named Principal the Referred Broker hereby agrees to pay to the Referring Broker check the one which applies of the total commission received by the Referred Broker or to be paid to the Referring Broker at the close of escrow or other completion of the transaction provided that the Referred Broker receives compensation for the sale purchase or lease of real estate by the Principal within insert amount of time from the date of this Agreement. AGREEMENT TO PAY REFERRAL FEE This Agreement is made between Referring Broker and Referred Broker concerning the referral of Principal whose address is as follows Fee. In consideration of the referral of the above-named Principal the Referred Broker hereby agrees to pay to the Referring Broker check the one which applies of the total commission received by the Referred Broker or to be paid to the Referring Broker at the close of escrow or other completion of the transaction provided that the Referred Broker receives compensation for the sale purchase or lease of real estate by the Principal within insert amount of time from the date of this Agreement. Additional Terms and Conditions. By Agent Date /Time Referred Broker 2009 Kentucky Real Estate Commission Revised and created April 2009. In consideration of the referral of the above-named Principal the Referred Broker hereby agrees to pay to the Referring Broker check the one which applies of the total commission received by the Referred Broker or to be paid to the Referring Broker at the close of escrow or other completion of the transaction provided that the Referred Broker receives compensation for the sale purchase or lease of real estate by the Principal within insert amount of time from the date of this Agreement. Additional Terms and Conditions. By Agent Date /Time Referred Broker 2009 Kentucky Real Estate Commission Revised and created April 2009.

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