Earn by Referral

Notice: referrals can only be paid to licensed real estate brokers.  Agents are paid by their brokers and must get their authorization if required to refer a property.

Click here to download the Earn by Referral form.

Frequently Asked Questions

1. How do I refer a listed property?
2. When do I get paid my referral?
3. How do I transfer the listing in MLS?
4. Do I have any obligations other than referring the listing?
5. What if my listing is about to expire?
6. What if my license is not current?
7. Will I get paid on other fees charged?
8. What is the commission base?
9. Can I get paid if it is my own property?
10. How do I know when the deal closes?

How do I refer a listed property?

If you currently have an active listing you want to refer you will need to fill out the Referral Form and make sure your Broker signs approving the transfer.  Once we receive the referral by fax to 239-945-8501 we will contact you to proceed with the transfer.  

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When do I get paid my referral?

Referrals are paid at closing to your Broker.  The referral fee will be shown on the HUD1 written to your Broker.  You can request a copy at the time of closing.

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How Do I transfer the listing in MLS?

The current listing will need to be terminated in MLS at the same time the seller re-lists with me.  I will then enter it as a new listing in MLS.

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Do I have any other obligations other than referring the listing?

I do ask that we are given permission to use marketing material such as pictures, tours, etc. that was used previously with the listing.

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What if my listing is about to expire?

The good news is this is an opportunity not to lose commissions and make a sale.  If your listing is about to expire either myself or one of my team members will contact the seller with the information you provide and your authorization to do so.  It's a combined effort to service the customer and get the short sale completed for everyone concerned. 

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What if my license is not current?

If your license is not current and you want to refer clients for compensation I can activate your license in  our referral company.  Visit www.EarnByReferral.com for details or give me a call. 

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Will I get paid on other fees charged?

Normally we are able to negotiate a 3% commission on short sales and pay a referral fee of 25% from that amount.  If for some reason we hit a difficult lender and they will not do that amount we pay the 25% off of what we receive.  If any other fees are charged they are not part of the referral calculation.  We make every effort to get at least 3%.  If we are able to negotiate a higher percentage we will then calculate the commission on the higher amount not to exceed 3.5%.

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What is the commission base?

The commission base is what is established on the listing agreement between the seller and the listing broker.  The commission is what the lender approves on the final HUD1.

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Can I get paid if it is my own property?

Since short sales are contingent upon lender approval of the discounted mortgage we typically find they will not allow any funds to go to the seller and require an arms length transaction.  Many times it is stipulated on the lender's approval letter for the short sale that the seller is not to receive any funds from the closing.  Agents receiving any kind of compensation must get lender approval in writing.

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How do I know when the deal closes?

You can check with us periodically and we can add you to our notice list online. 

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Please send questions or comments to gidget@remax-downtown.com