Home : Blogs : HAROLD DEONARINE : HAROLD'S OPINION

Gifts and Compensation

I am interested to know what other agents do when they get a referral or lead from a source other than the principal and agent. In Toronto the Real Estate Council of Ontario which is regulated by Consumer and Commercial Relations have guiding principles which states that we cannot give any gifts to any third party, my question, if we get a referral from a past client or other source, how do you compensate for the lead or referral.

people work harder for you when they are given a gift or a token .

Posted by HAROLD DEONARINE on 10/19/2006 02:25 PM

Comments (6)

gifts and compensation

6 Comments on Gifts and Compensation

OCT

2006

Gifts as referral depends to an individual but not more than a certain amount cuz you declare it as 1099 for IRS tax purposes

compensation is the same thing also

Mmmmm. The comment "people work harder for you when they are given a gift or a token." says to me that the writer has offered an inducement for non-licensed persons to provide brokerage services. That is clearly against license law in my area. Don't now about Toronto.

Of course, many agent PAY for leads from many sources. I don't really see the difference myself, but I'm sure the real estate commission has figured one out. Although some of the "lead resources" on the Internet are licensed.

Lenn

Very Interesting opinions, Thank you all

OCT

2006

Hard to say no to gifts, but I have done it. I also would love to share my commissions with a realtor and earn all of their business but the law says no here. I go by the books. No giving out gifts or receiving gifts.

Isn't it a shame that gift giving has been interpreted as 'buying business'. Before I entered the Real Estate world, I would receive gift cards from professionals to whom I had refered clients to, and I really appreciated it. I also receive thank you gifts from buyer clients. I am not going to reject a gift basket being handed to me by a grateful buyer client. That is plain rude. I feel that certain governing bodies are being too restricting.

Sacha, you are right, a lot of people hide behind that dark curtain.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?