Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Referral fees a win-win for agents, buyers

Notify me of new replies via email
Real Estate Professional | 20 May 2015, 11:44 AM Agree 0
Real estate agents are suggesting their move to accept bank referral fees could benefit clients, despite the growing pushback from mortgage brokers.
  • Pat Olver | 20 May 2015, 01:48 PM Agree 0
    I cannot see how this in any way would benefit a Buyer. I prefer to refer to a Mortgage Broker I know will work hard for my client & they will then get the referral they deserve. That is a Win-Win for the Buyer.
  • judy | 21 May 2015, 01:06 PM Agree 0
    I have never gotten a referral fee from a bank in almost 30 years, save a couple of points gifts from TD with tax receipt at the end of the year putting grossly inflated values on them. ie: a toaster for about 1 million dollars in mortgages. I have always abided by the laws of our association in the disclosure and gotten the customer's approval first. I would not send a buyer to a broker I did not trust, I value the client's trust too much.
  • Jcarrillo | 24 May 2015, 11:05 PM Agree 0
    Unless the referral fee is $10000 or more I'm not interested. I make more money sending them to the right mortgage broker. Experience and that will actually find the best deal for my client. I'm not going to waste my clients time for a toaster or "points".
Post a reply