Updated over 10 years ago on . Most recent reply
Do you guys pay referral fees to property managers.
Hi. I'm a realtor/broker who specializes in investment properties. I recently received a good referral from a property manager for someone wanting to buy rental property. I found him a property and closed on the deal. I have been trying to decide whether i should pay him a referral fee for this...he says nothing is necessary. I was going to buy him a nice dinner certificate but am concerned that it's not enough. I want him to send me more referrals and I also am thinking about approaching other property managers (ones who do prop mgt only not sales) and trying to create referral relationships.
I was thinking about offering a referral fee as well...If i did that what do you guys think is appropriate? If another realtor sent me a referral or vise versa i would expect a 25% referral fee. Im my state prop mgrs are licensed realtors. So, what do you think is an appropriate amount for a prop mgr referral? 25%? 20%? 15%? I am leaning towards 20% but i just wanted to get your opinions. Thank-You!!