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How Do I Negotiate the Referral Fee?

How do I negotiate a referral fee?

Network: Unable to Place Referral

If the network is unable to place your referral, you'll be asked to choose the agent you want to place your clients with.

Whenever you are going to choose your own agent you must first decide who that agent is going to be. Once you know who you want to refer your business to, you'll need to reach out to that agent and let them know the scenario.

An example of the conversation may look like this:

RC Agent: Hi this is Megan and I'm a referral agent with Realty Connect. I have a referral I'd like to place and was hoping you'd be interested in helping my clients. Are you open to taking my client in exchange for a referral fee?

Outside Agent: Sure, what's the referral fee you're looking for?

RC Agent: This client is a close friend of mine and looking for a property in the $600k range. I'd be happy to connect you if you're comfortable paying a 40% referral fee. Does that work for you?

Outside Agent: I'm not sure I'd be comfortable with 40% but I can do 35%. Would that be agreeable?

RC Agent: That will work. I will send you an invite to create a FREE account as a Partner Agent. It takes about 5 minutes and once your account is created you'll have access to the referral agreement with the clients information. Please sign the referral agreement to make the client information visible and feel free to update the client status as you move forward. 

At that point you'll:

  • Login to your Agent Dashboard
  • Go to Manage Referrals and select the magnifying glass for the desired referral
  • Type in the details for the agent you're sending your referral to (name, email and phone)
  • Hit Submit and review your referral information 
  • Complete the referral submission

You will want to reach out to the agent of your choice and let them know that they're going to receive an email to create their Partner account. This will give them access to your referral agreement, Realty Connect's W-9 and payment information, client information and the ability to update the status of the referral.