HOW TO GET PAID FOR REAL ESTATE REFERRALS - KEVIN WARD
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- Опубліковано 9 тра 2018
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Kevin Ward is a real estate coach, speaker, and trainer at YESMasters.com and #1 Bestselling author of "The Book of YES: The Ultimate Real Estate Agent Conversation Guide."
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Here are the seven steps for HOW TO GIVE REAL ESTATE REFERRALS AND GET PAID:
1. Find the best agent.
2. Set the referral amount you charge. 25-35%
3. Ask for regular updates.
1. First contact/attempt.
2. First meeting.
3. Weekly to monthly.
4. Get it in writing and cc their broker.
1. Per your broker, their broker is a party to the referral.
5. Prep your refer-ee. (“If not happy, let me know…”)
6. Follow up monthly.
7. Get paid.
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Excellent video, Kevin. So too, all the others of yours that I have watched. Thanks for taking the time to put these together. Good info.
This was well worth the time I spent to watch. You gave very good tips, and I feel motivated to make referrals!
Thank you Kevin.
This information is "referral gold"! I love the presentation and will definitely use the tips.
Great information. The key is executing and taking action. Too many people watch and do little to nothing with the information.
Super helpful!
This has been SO helpful! My first deal is going to be a solid referral I'm sending out. Thank you!
Kevin, YOU rock! Thanks immensely for the tips. Succinct and spot on!
I'm a seasoned Broker & not practicing anymore my license is Active so to make extra money the thought came to me to be a Referral Agent. Your video helped. Thank you.
I pay a referral fee of 5% I want to make sure that works for you
@@tyronesmith3812 😂
Thank you for doing this. Helpful information on working the referral side of being an active real estate licensee.
This was one of the first videos that inspired me. Amazing advice.
Thank you Kevin!
Excellent info. Thanks Kevin. Subscribed.
Well that was helpful... Thank you.
Great Info Kevin!!!!👍
This video is a GEM 💎
Thank you so much for the video
Amazing Kevin!
Sometimes the realtor with more “skills” are the ones interested just in the money. And the immature are are hard workers. Brokers are always behind them to check and guide them!
great info; thanks. What if the form does not include the receiving's agent signature but just the broker's? Can the receiving broker change the agent who's signature is not on the form without notifying the referring brokerage/ agent?
Thank you my Dear
I assume that on the buyer side you screen for pre-approval first?
Thoughts on making money introducing a seller to a real estate flipper without a real estate license. Introducing a “handshake”
Thanks for the info Kevin! Do you think it would be worth sending out an email to my network focusing solely on referrals? I am just starting out and will be moving to another state, so, until I am able to get my name out there, obviously, I want to make money as we all do. Basically, explaining everything you just said, for my friends and family to contact me when they are going to be moving out of state or what not. Thank you!
Thanks so much
What do you do if you refer out an investor to another agent? They are going to be doing multiple deals together. Do you ask for a fee on every deal they do? Or for a set period of time that they do deals?
Kevin Ward can you do referrals and sell real estate? Say the client say she don’t want to work with nobody, but you
Pure Gold
THANK YOU SO MUCH FOR THIS! YOU ARE INCREDIBLE!!!
Thank you
@@KevinWardNOW Is this the same process for studio, apt and room rentals referral by agnent?
What wording do you use to ensure you continue to get paid on all future transaction that this client has with this agent?
Would this only be for license old real estate agents? The average Joe is not allowed to provide referrals?
How do you set your own fee? I am signing with a particular firm, will hang my license there and operate as a RFO. Their contract states 15%.
You r great
Do you need to be with a broker in order to do referrals. Im a new agent and I am not with a broker but I would like to do this.
Extremely helpful. Thanks for the video, Kevin. I'm a new agent and recently the mistake of handing a referral off without getting a signed referral contract first... so we shall see if the agent has integrity and sends over the 25% we agreed on.
I am kind of dangling the carrot of having another lead in his area that I can send over as soon as he signs the last referral contract I sent his way.
Always put agreements in writing. Too much risk in trusting someone's word.
@@jennifernelson6187 100% agree with you and I have learned that lesson! I always do that now :)
Question someone did refer a client to me months ago. The referral never worked out. Client wasn’t ready. However, later down the line the client reached out and wanted to work with me again. We found something and closed. The agent is now saying he’s owed. There was no referral agreement being that it didn’t work out initially. What happens now?
@@FefeChoosey I would ask your broker. Personally, I would find a way to pay that agent something because they did technically make that connection. I feel like it’s the right thing to do
@@ChrisBello thanks Chris. Morally I’m that kind of person. So I will give a percentage with what I’m comfortable with.
Same question as Nadine. When it should be in writing after you get updates? Or sometimes I will recommend 2 agents to my clients, once buyer decided the right agent?
See my reply to Nadine. The dilemma of 2 agents is that it confuses the buyer...and de-incentivizes the agents a lot of the time. I recommend you have the conversation with both agents first and you pick the best one...after all...you are the expert.
Yes! It is! Thank you Kevin
Can you market yourself as a referral agent
Hii, I want to be a Referral but I'm not agent and agent licence, can I still do referral and split commission from agent? Many thanks in advance
Kevin, you really master the RE business. Can you recommend a great RE company to work for in Central Florida
Hello, i would recommend ExP realty. I have had a great experience with them. Let me know if you have questions.
How about ig you are abroad (UK) and would like to start this.
I do have a company and they seem very good with communication I have two agents alongside and working with me but have set up a business meeting with the chief director and her business partner that deals with refferals for buyers and sellers. They would like to team up as well to have an office possibly or I direct contact with us to help citizens to support in the UK when moving here,
I am not sure what else to look out for and when this in motion what do I get for compliants like insurances? and also contracts and to what to put on them>
What is above sound good? Thanks Rob
Hello Thanks for the awesome video Kevin, do you happen to have any Template e-mail to sent to the Agent/Broker
Can I get refferal fee from USA realtor if I am a licensed realtor in Canada?
Im a new real estate agent looking to switch over to referral agent. But I thought a referral agent could only refer prospects to the broker through whom they are licensed? If I look for agents to refer clients to in other firms, am I not breaking this rule? Or am I misunderstanding what you are saying? I am license in NJ. Thanks.
ana bella You are not. You just need to find a good realtor. I am with Keller Williams and send referral to any other realty member.
You are technically correct, but if you join a referral brokerage in NJ like generalreferral.com, you submit your referral client to the broker along with the name of the agent you want it to go to. At General Referral, the company onboards the "partner agent" to ensure that they meet certain high standards to ensure the client receives a high level of professional service. In the end, the broker has ultimate approval, but referral agents are encouraged to develop relationships with outside/3rd party agents.
Can I do this if I'm not an agent? I want to partner with agents and I'll provide the referral but I'm not licensed, so how do I structure this to get paid?
Nope...not in any state that I'm aware of.
You have to be licensed to get paid. If you want you can make that your specific niche where you're only a referral based agent. That is a thing and some make good money from it.
Question: What happens if I send over a referr-ee to an agent and we both (Agent & Agent) sign a referral agreement (for one transaction) and it all goes well and I get paid my share.... BUT THEN the Referr-ee decides to sell off another property or maybe buy another one...then he contacts the other agent, instead of me (because s/he doesn't know any better) AND the other agent is now working behind my back without saying a word about the refer-ee's intentions to sell or buy another property. How can I protect myself and make sure that any further transactions from the same refer-ee is also considered my client, the one that I referred over.??? Is this fair or not fair? Shouldn't I get a commission from every new transaction that the refer-ee makes? (this was actually a personal and horrible experience I had because the refer-ee actually had many properties that needed serviced and I felt cheated by the other agent)
I get what you are saying because you represented that client for a particular property and think you deserve a cut from everything the owner sells. I just do not see how this is rational because the owner of the properties do not owe you anything and the deal you brought the agent was satisfied and closed. After that point whatever the agent and seller does is their business because you have zero rights to the owner's property. The agent does not work for you so there is no need to contact for property you have zero rights to. If you want to get a fee for every property the owner sells with the agent, those terms would need to be expressed and honored via contract prior to the agent ever meeting the owner. But what do I know?
When you refer someone to another agent, you're typically referring the client for one transaction. After the agent does the transaction, it is now their client. If you expect to get paid on future transactions, you would need to stipulate that in the original referral agreement. Congrats on getting paid for the transaction. Get over it, and keep building your business.
Quick question. Do you have to be a real estate agent to make these referrals?
It is actually illegal to accept commissions for any real estate activity (including referrals) without an active real estate license.
You must have an active real estate license
are there any business cards out there that you can pass out as a referral agent? if so what should it say or what does it look like?
Set fee of 30% of what? The commission?
Yes, 30% of the commission of whichever side the referral is on. EX: if you refer a buyer, and the buyer's side commission is 3% then the referral would be 30% of the 3%. Also, your brokerage will want their cut too!
shouldn't it be in writing before you get updates?...
Absolutely. The point is that you get the agent in agreement to keep you updated BEFORE you give them the referral. If you notice in the video, I'm saying that you should have this conversation about getting updates with the agent BEFORE you send the referral. Obviously, you get it in writing at the time the referral is made.
Will RESPA section 8 affect me while doing this?
No
can i do this unliscensed ??
No
what about Respa ? ??
This doesn’t violate RESPA unless an unlicensed individual is involved and or the agent(s) do it without involving their brokers.
30% of what? Please explain
I had that same question. I assume he mean 30 percent of the Referred agents commission. I don't Imagine that you would be referred 30% of the Sale. But It would be nice to get a definitive answer on that. Since there are buyers agents, seller agents, and Broker commission all mixed in there.
30% of the agents commission
Good info, but please could you speak slowly? I speak Spanish and English but I need slow in other way I am returning the video N times, thank you!
Hi Rita! You can change the video playback speed in your settings to slow it down.
Do you need a license for referral’s
Yes you need a license to get paid
You forgot last step which is go to jail because real estate referrals are illegal lol
Not in California. What you may be thinking of is RESPA. That's not the same thing as referring to another agent.
In Texas, you may have the law on your doorstep for collecting a referral fee. Better do you research.
I'm in Texas as well. It's call an agent referral fee and is done every day why do you think he would get in trouble with the law?
this can be done without a licenses?
No. Everyone must be licensed
No must be a licensed REA
Everyone starts as an amateur.
can someone who is not a referral agent, refer someone and get referral fees?
As long as you have an active real estate license you can charge a referral fee (commission). If not, it would be considered illegal.
This is illegal RESPA, please clarify?
Paying referral fees is NOT illegal when paid from a licensed broker/agent to another licensed broker/agent in any state.
Agree
👎🏾 U was once an amateur, rookie & Newbie so STOP coming against real estate agents who are rookies bcuz they can do a great job too!! There’s a first time or beginning for everyone including U.
Hey Kevin, do you think our 2 businesses have any congruency? I have just started a referral program and would like to learn more about the biz, but also see if we can help each other. Thank you kindly.