How Can I Get Finder's Fees and/or Commission Share from Realtors???
Hello,
I am new to this forum and VERY interested in this process. I am a former mortgage broker (no longer in the industry) but have my eye set on real estate. I've seen some posts on this topic but can't seem to find anything specifically related to my urgent Qs.
My pressing question is: I have a former client/ friend who wishes to sell her current property and purchase a new one. We found the new property to purchase and she has not yet met with the listing agent. She does not have a realtor of her own and has thus far relied on my experience in helping guide her through the process.
Is there a way I can receive commission or finder's fee or something if I set her up with a Realtor? I am not licensed in any way. Should I work out an agreement with the listing agent? Or should I find a Realtor who will list her current property AND represent her buying the new property, and who will also pay me a percentage of their commission for BOTH transactions? Is there a general rule of thumb for percentage of fee (i.e., 25% of each transaction)? Finally, is this legal in Maryland, and is this something to be documented PRIOR to initiating the process? Is it listed out on the HUD or is it a private payment of fee by the Realtor, outside of the actual closing documents? We must move quickly so I need to make sure I have my ducks in a row prior to talking with any realtors. My friend is asking that I find the realtor.
NOTE: I am willing to assist the Realtor in the process (if this is legal), or to be his/her understudy, as I would love to get licensed myself sometime in the near future. So is an "assistant fee" is more appropriate?
THANK YOU FOR YOUR HELP! I am newly addicted to this site and looking forward to learning more about Dean's system, and to finding my NEW niche in RE.
Hello,
I am new to this forum and VERY interested in this process. I am a former mortgage broker (no longer in the industry) but have my eye set on real estate. I've seen some posts on this topic but can't seem to find anything specifically related to my urgent Qs.
My pressing question is: I have a former client/ friend who wishes to sell her current property and purchase a new one. We found the new property to purchase and she has not yet met with the listing agent. She does not have a realtor of her own and has thus far relied on my experience in helping guide her through the process.
Is there a way I can receive commission or finder's fee or something if I set her up with a Realtor? I am not licensed in any way. Should I work out an agreement with the listing agent? Or should I find a Realtor who will list her current property AND represent her buying the new property, and who will also pay me a percentage of their commission for BOTH transactions? Is there a general rule of thumb for percentage of fee (i.e., 25% of each transaction)? Finally, is this legal in Maryland, and is this something to be documented PRIOR to initiating the process? Is it listed out on the HUD or is it a private payment of fee by the Realtor, outside of the actual closing documents? We must move quickly so I need to make sure I have my ducks in a row prior to talking with any realtors. My friend is asking that I find the realtor.
NOTE: I am willing to assist the Realtor in the process (if this is legal), or to be his/her understudy, as I would love to get licensed myself sometime in the near future. So is an "assistant fee" is more appropriate?
THANK YOU FOR YOUR HELP! I am newly addicted to this site and looking forward to learning more about Dean's system, and to finding my NEW niche in RE.