Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Rainmaker
612,606
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

Until they buy or sell...

But make it clear so they do not try to stiff you, like the AR agent tried to do to me on a $20K referral fee.

A referral is an agreement...it is not law, board specified or state required. It is whatever you offer and they accept.

If you don't like the terms...don't take the referral!

Eve

May 31, 2018 04:19 AM
Rainmaker
4,497,871
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I think one year is more than adequate. But really, if someone refers me a client from out of town, I will honor my referral fee no matter when I get my commission.

May 31, 2018 03:33 AM
Rainmaker
1,359,120
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

12 months by default in CA and extend-able. I make mine "Until C.O.E."

May 31, 2018 04:43 AM
Rainmaker
1,767,396
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Forever for a referral but only for the first transaction. We discussed this once after someone here on AR said a referral 'expired' & she didn't have to pay the referring broker. Total nonsense.

May 31, 2018 04:50 AM
Ambassador
2,080,305
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

If there is a specified duration, a year should be fine.

But I agree with Nina Hollander - If someone is referred to me, and they don't purchase for years, I'd still honor that referral.

May 31, 2018 03:52 AM
Rainmaker
946,441
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I think the answer is specific to the agreement, but in my world a referral agreed to is honored, period!

May 31, 2018 07:05 AM
Rainmaker
4,573,813
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

When I get paid they get paid. They were the source!

May 31, 2018 06:02 AM
Rainmaker
4,267,095
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends on the different factors involved and what is negotiated/agreed.

May 31, 2018 04:20 AM
Ambassador
3,159,410
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Whatever is agreed to Praful.  Mine are until the transaction closes.  Why limit my right to be paid for the work I've done and time invested in a referral client?  

May 31, 2018 07:58 AM
Rainmaker
2,159,189
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

What does the referral agreement say regarding time line? 

May 31, 2018 07:58 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

There should not be a time limit.

May 31, 2018 06:39 AM
Rainmaker
1,231,605
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Ditto, Nina Hollander 

May 31, 2018 05:57 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kat Palmiotti nailed this one!

May 31, 2018 05:43 AM
Ambassador
4,556,284
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Forever for the referral for me, although we typically have a 1-year expiration date.

I just Closed on a referral from an out of town agent from 3 years ago. I had to ask them to initial the date change on the referral agreement so I could pay them. They had totally forgotten about the referral!

May 31, 2018 05:30 AM
Rainmaker
4,356,788
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would say once the person referred either buys or sells.

May 31, 2018 05:09 AM
Rainmaker
916,348
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The agreements in which I enter into endure forever or one transaction, which ever occurs first.  However, such provision is not possible in the contracts available.

It always a nice surprise to get that referral compensation 3 years after the prospect was forgotten. 

However, if the referral is from a predatory agent, no such extension is granted.

May 31, 2018 04:51 AM
Ambassador
2,609,118
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   First of all, it needs to be a referral CONTRACT that can be enforced across state lines. 

    Realtors have used the word "Agreement" as the title of their Listing Contracts, because psychologically the word "agreement" sounds better than "contract", and is less likely to trigger attorney review by said Seller.  

   To your question: 

      What is the time frame of the person being referred?  A buyer or seller would typically trigger a one-year time frame.  But an Investor, or commercial, might need a longer time frame. 

 

May 31, 2018 07:45 AM
Rainmaker
2,054,999
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I'll accept 1 year 

May 31, 2018 07:37 AM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Until they buy or sell.

May 31, 2018 07:33 AM
Rainmaker
1,184,325
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

1 year? 

May 31, 2018 07:14 AM
Rainmaker
711,944
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

For the duration of a specific transaction only.

May 31, 2018 07:06 AM
Rainmaker
2,692,074
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

When the parties say...

May 31, 2018 06:29 AM
Rainer
44,791
Dan Capra
LAER Realty Partners - Lowell, MA
Listing/Buyer Agent

no expiration

May 31, 2018 05:33 AM
Rainmaker
3,385,402
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I like to do it for at least a year. I have had some with no ending date recently sent to me. I like it to state specifically if it is for the purchase of, sale of or both.

May 31, 2018 05:33 AM
Rainmaker
7,042,853
Roy Kelley
Retired - Gaithersburg, MD

Until they buy or sell is preferred.

Check the wording of your referral agreement.

May 31, 2018 08:31 AM
Rainmaker
1,431,111
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's usually that transaction, unless specified differently.

May 31, 2018 10:14 AM
Rainmaker
849,892
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Whatever you negotiate or whatever makes sense or until transaction completed.

May 31, 2018 10:05 AM
Rainmaker
5,767,876
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

It is always you and your conscience.  A

May 31, 2018 09:34 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not know if this is a legal question and whether there are laws. 

May 31, 2018 04:00 AM
Rainmaker
4,341,090
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

All I can tell you is put a date that people have to buy by or end of referral agreement.

Jun 05, 2018 07:53 PM
Rainmaker
696,433
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

If I am the referring agent I would like it to be as long as possible.  Two years and it would include buying or selling this or any other home in that time period.  Five years would be better.  Receiving a referral six months only on the current transaction would be ideal.

Jun 01, 2018 11:53 AM
Rainmaker
1,026,657
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Our California referral form is titled Referral Fee Agreement. I consider it to be a contract and it certainly is enforcable through Arbitration through the Association of the involved Realtors. 

Jun 01, 2018 08:02 AM
Ambassador
3,077,630
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

that's a "it depends" question.  Listing?  buyer?  etc.

May 31, 2018 08:09 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Unrill the first deal is done as per the referral agreement

May 31, 2018 07:54 PM
Rainmaker
1,525,405
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

It depends on when the buyer or seller is planning to buy or sell.

May 31, 2018 07:12 PM
Ambassador
5,759,747
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends on the type of referral, are they buying multiple properties like an investor, or just buying or selling one home?

May 31, 2018 06:13 PM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Until it's finished.

May 31, 2018 03:07 PM