U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-05-2007, 07:44 AM
 
239 posts, read 1,027,009 times
Reputation: 140

Advertisements

I need advice from those in the know. In summary, we hired an agent to sell our house, a close friend had used her in the past and recommended her. We really like her. However, prior to that someone we know in real estate (that doesn't live in our town) knew we were going to be selling and offered to help us in getting a referral for an agent and thought we should interview more than one agent.

We accepted that advice and assistance. Turns out that a referral means that this person now gets 25% of the comission from the sale of our house from our listing agent. We never agreed to that and feel very used by this person. That is money that our listing agent will have worked hard for.

So my question is, is there anyway to negate that referral contract between the 2 agents. It has been signed, or is this a lesson learned that we should be cautious when it comes to unsolicited help? Thank you
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-05-2007, 07:58 AM
 
Location: Las Vegas, NV
403 posts, read 1,106,304 times
Reputation: 209
Sunnie, was this not answered for you here:

//www.city-data.com/forum/real-...erral-fee.html

If not, it would be better if you could post a new comment on that thread. That will bring the thread back to the top, and the answers won't scattered all over the place.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2007, 10:53 AM
 
Location: Just south of Denver since 1989
11,483 posts, read 31,069,023 times
Reputation: 8104
You may not interfere with a contractual agreement between other parties.

It's nice that you think your agent worked hard for the money. But the agent knew upfront what the payment would be and agreed to pay it.

If you are successful in your bid to void the referral agreement. Your agent would get zero future referrals from anyone who knows the referring agent.

I would drop it. Write your great agent a testamonial instead.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2007, 11:29 AM
 
Location: Houston-ish, TX
1,099 posts, read 3,458,288 times
Reputation: 398
Agents don't mind paying referral fees, at least I don't. If you would like to help your great agent, just tell anyone you know of who is thinking of moving about her. Keep her cards in your purse/wallet and hand them out. The business you send her in the future will far outweigh this 25% referral she paid this time.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2007, 12:16 PM
 
9,676 posts, read 28,050,906 times
Reputation: 10029
Quote:
Originally Posted by MikiJayne View Post
Agents don't mind paying referral fees, at least I don't. If you would like to help your great agent, just tell anyone you know of who is thinking of moving about her. Keep her cards in your purse/wallet and hand them out. The business you send her in the future will far outweigh this 25% referral she paid this time.
Agreed! Any future business you refer to your agent will more than make up for the 25% lost in this single transaction. The best thing you could ever do for a good RE agent is to send them more business. Your agent will appreciate that more than anything.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-07-2007, 05:24 AM
 
Location: New Mexico
631 posts, read 2,269,308 times
Reputation: 329
Here's the kind of referrals I'm shy of.

Shopper is with broker A looking at homes. Then they tell broker A they are on their way to find me to see some land. So broker A offers to call me to make sure I'm there.

They say sure! Broker A calls, Hey Keeperk, I have some folks that I'm sending your way, can you show them property today? Sure! So, I sign the coop agreement once they are on their way by fax. Folks buy land and say " wow, this lot was better than we thought it would be! We knew the moment we seen this on your website we were coming to buy it from you! Couldn't wait to get here!"

We also just signed one on some people we booked an appt with and showed! Didn't know their last names, and broker A gave very vauge information for us to make the decision with. He's off my trust him list.

I used to get lots of referrals by brokers as the people were stopping from town to town heading up the hwy. Of course they(broker offices) knew they'd be hitting my place on the way, so they'd call me to say it was a referral. Now before I ever agree to pay a fee, which I was offering half commission, I double check my database and notes to make sure they've not at least called my office before. Also I ask them when they show up how they found me. It's rarely ever a true referral. They were on the way anyway. I'm much more cautious now and stingy with the amount I pay. Was being generous, and got takin advantage of. Screw that!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top