Referral coupon code - good idea? bad idea?

[Roberto Pineda]

Hi everyone,

Wanted to get some feedback on an idea I was thinking about.

When I send out the letter to homeowners telling them that I buy houses I was also thinking about adding a line at the bottom saying that if they refer someone to me I will pay them $100 at closing and the person they refer to me will get $200 towards moving costs and then giving them a coupon code to give to that homeowner.

I'm wondering if anyone has tried this and whether it's a bad idea for some reason or if there is a better way of implementing it.

Thanks for your time