Referral Fee Agreements
Question: How are outgoing referrals handled? For example, if I refer a transaction to another brokerage and they agree to pay me a 25% referral fee?
Referral paperwork requires broker signature. We require fully executed referral agreements whichever document you use.
On referral commission you receive, we only charge your transaction fee OR 10% (Whichever is LESS).
Ultra High Value Property referrals incur an additional fee of 1.5% of the total referral commission on commission amounts of $20,000 or more. This will usually only apply to referrals of properties more than $3 million.
Referral fee agreements do not need to be reported at updatebroker.com however they do require a broker/office manager signature. Please submit your referral fee agreements to us at firstname.lastname@example.org