Commercial Referral Fees for MA / RI
Greetings,
I got my license a few years ago to help a friend's commercial real estate grow and I'd make commissions along the way. The intention was to do this part time. Needless to say, life and my primary job responsibilities have swallowed up all my time. I have my license hung with a local residential broker but am thinking of leaving them and just pass off referrals so I'm not on their books doing nothing.
My friend has typically 2-5 days going at a time throughout each year in Providence, RI / Boston, MA areas. Most deals range in the $2m-6m range. He's mostly in free standing retail where current projects are around land/permitting for 100-200 unit apartment buildings.
What type of referral agreement could I work out with a brokerage/agent where I'm acting on behalf of 1-2 buyers on internally sourced properties but there's whole or split commission available?
What's prompting this message today and another op came up but I don't have my reciprocal license in RI and he'd rather a friend/the business share in the opportunity.
Thought?
Eric