I found a motivated seller that could probably sell her house for what she owes. There is definitely not any room for me to make any money. I found an agent with 10 years experience in her town that has worked with investors. I feel like she would be a great fit and could really help this seller. Am I allowed to receive a referral fee for giving this lead to an agent? I don't want to get in trouble, but I also don't want to give away leads that I paid good money for!
Oh, forgot to mention something. I'm not a real estate agent...
Absolutely, they will be more than happy to take those leads off your hands. Personally I would try and exchange for an exchange depending on what they could actually help you with. I have just started to realize everyone needs helps in some aspect to help propel each other to the next stage.
Real estate is all about creating solutions!
The real answer is it varies by state. You won't get in trouble but in some states the agent could be fined or lose their license. Not that many people pay any attention to the law regarding payment of referral fees.
And yes, I know that EVERYONE does it in Texas, so don't tell me again I have been told.
Awesome, thanks for the feedback guys!
Wesley: This house is in a small town approximately 2 hours away, I hope to create a relationship with the agent so that we work together in the future...if this works out of course.
I mailed the agent a referral agreement and she's excited to get the listing. Hopefully it works out for all of us! I've never done this before...
@Mathew Paul I just got my real estate license and the answer is no. I got them in Missouri and it will get you in trouble if they do
In the state of Missouri you are not allowed to accept a fee of any type for the sale of real estate unless you are a licensed real estate agent or broker. As a real estate agent, you are not allowed to pay anybody a fee who doesn't have a real estate license. However, the Missouri Real Estate Commission can only police licensed agents which means you can get away with getting paid a referral fee but the agent who pays it to you can and will lose their license if the MREC finds out about it.
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