I'd like to know what everyone feels is a practical referral fee for short sale listings?
I belong to Broker Agent Social and the fee is a standard 30% of the listing side, (less out of pocket costs).
I'm starting a new marketing campaign here in Central Calif (The Valley), and it will be generalized enough to apply to other areas, once it's rolling.
I could have a lot of referrals to give out if it works! (I've tried other dream machines for marketing and some work and some don't, so I don't want to start cheering yet).
I would also have marketing, negotiation and listing tips that have been developed over the years for short sales.
I first worked with short sales in 1991. I worked with the team that invented them thru computer modeling for a Sacramento bank that was losing buckets of money. I was their rep in the Fresno area. So I know of what I speak.
My last question is more technical. Is there any prohibition on giving referral fees to licensed agents in states where I am not licensed? It's important to not break any state or federal laws, in a rush to help someone.
Please comment on my questions or share other ideas.
Vic Pasnick, Realtor,
Fresno Association of Realtors,
Broker for A La Carte Properties
Vic, The Short Sale Specialist Network is based around referring listings to agents in other states for a Referral fee! As far as HAFA goes, I've only gotten that money once or twice, I have gotten less than that on several occasions. I think ALL lenders should do that regardless on owner occupied homes, as they wind up paying $3,000 in cash for keys deals after they foreclose.
Take it from somebody who knows, generating short sale business across the country is no easy and inexpensive task. I spend 3X as much as I did two years ago to produce the same amount of referrals. It is WAY to competitive now unfortunately. One of the reasons why we are gearing up to start working directly with lenders.
Mike- I have a potential referral in Patterson CA. It's about 100 miles away, and if I can find a short sale specialist, I'll refer it when the time comes. They have been turned down for a mod, but are trying again, and will probably need a short sale. How do we use this network to cross reference agents?
I need to refer a short sale specialist in the Boise Idaho area. If you're good, please let me know!