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!!