“NO, I Can’t Pay You a Referral Fee”

Reblogger Bob Crane
Real Estate Agent with Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities #1 in Forest Land Mgmt

Our professional association strictly prohibits the buying or selling of referrals, and after all the monkey business that I see in the real estate industry, I think that prohibiting this practice is a great idea.

Original content by Joe Petrowsky NMLS # 6869

“NO, I Can’t Pay You a Referral Fee”

 

You may or may not know that referral fees cannot be paid in the mortgage industry. Personally I don’t agree with the policy, but that’s the regulation.

 

I got a call from a former loan officer, asking if I would consider paying  him a referral fee for every referral he sends my way. What was frustrating about the conversation, he knows it’s not kosher. I told him that I would  not be willing to lose my license for a referral or a handful of referrals. Then he said, but no one will know.

 

I told him, that may be true, but I will know. I almost told him that he should consider getting licensed again, but was afraid that he might think that I was offering him a job.

 

I’m certain he will find some smuck that is going to be willing to risk his license for some extra money.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good morning Bob. There are a lot of unscrupulous people in the real estate industry. It is wise of you to stay clear of them.

Jan 27, 2015 05:30 PM #1
Rainmaker
5,469,996
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good selection for a re-blog. I also follow Joe's blogs.

Jan 27, 2015 08:21 PM #2
Rainmaker
713,021
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Bob, I disagree with you. Referral fees are necessary for the real estate industry. They "fuel" the relocation business. Many real estate agents make the lion's share of their revenue from referrals.

Bill Roberts

Jan 27, 2015 11:27 PM #3
Rainmaker
974,759
Beth and Richard Witt
Long Island Cash Home Buyer - Huntington, NY
Long Island Cash Home Buyer 516-330-6940

Hi Bob ... I too follow Joe and I always enjoy his posts.. Happy Day 

Jan 27, 2015 11:34 PM #4
Rainmaker
3,983,519
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It is frustrating when Porfessionals related to our industry ask for a referral fee.  They should know that it is illeagal and makes me wonder about their competence.

Jan 28, 2015 12:41 AM #5
Rainmaker
1,290,217
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Bob Crane  ~ I've been away for a few days and I obviously missed this epic post by Joe.... In all businesses there are sharks/snakes, and "RE" is no exception

Jan 28, 2015 07:42 AM #6
Rainmaker
1,928,270
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Bob Crane

Doesn't it get out of hands at times? People just drive us nuts looking for referrals when it can't be done

Jan 28, 2015 10:32 PM #7
Rainmaker
2,277,555
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Bob. Thank you for the re-blog. This is something that both of us know very well. Do your business right, you will sleep better at night.

Jan 28, 2015 11:36 PM #8
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