A real estate agent introducing to another.. fees?

[Nir]

A real estate agent I know in toronto introduced me to another one in Orillia from the same real estate company.
Later, he asked me to sign an agreement mentioning that for any purcahse I make in orillia through the agent he intoroduced me to, he will get 25% of the agent`s fees. I like both guys so I signed. however, later I found out that the guy in Orillia is not very excited about sharing ALL future transactions with the guy from Toronto although he`d be glad to share the first property I purchase. Who is right? would appreciate any advice on this and how to resolve the issue so everyone is happpy. My relationship with both is equally important to me.. THANKS!

 

[ToddStokowski]

You are the CEO of this business. All you want, and deserve, is to expect and receive great service from both realtors.

I would suggest that you let the two agents work it out between each other and leave you out of it.

Easier said than done, but it`s also that simple. Put them in the sand box and have them figure it out.

Good luck.

 

[Lucas]

Hello there,

As an agent these things come up often and are often quite pathetic in my opinion...

In this particular instance I would say the agent expecting commissions on ALL future transactions is asking a little much. It sounds a little greedy to me...

Lucas

QUOTE (ToddStokowski @ Dec 8 2007, 09:40 PM) You are the CEO of this business. All you want, and deserve, is to expect and receive great service from both realtors.

I would suggest that you let the two agents work it out between each other and leave you out of it.

Easier said than done, but it`s also that simple. Put them in the sand box and have them figure it out.

Good luck.

 

[Nir]

Thank You Todd and Lucas for sharing your opinion. I already signed so it is also my responsibility to resolve this but I got some ideas from you how to at least try to handle the situation. was funny to read it`s "pathetic" cheers.

 

[timk519]

I wonder [*]what agent #1`s perceived ongoing value to the relationship is that he wants 25% of this and all future transactions,why your signature on a document is binding the other agent to anything, unless you just promised to pay agent #1 25% of the commission for every purchase you make through agent #2. (ie, you`ve just put yourself on the hook for 25% of the commission fees, while agent #2 keeps his regular commission.)I think you need to take the document to your lawyer for an opinion, and not do any deals with either of them until this is cleared up. If they get difficult, is there a "chain of command" at their company that you can go to to get some help resolving this?

 

[Nir]

Thanks timk for the feedback, raised a good point regarding the possibility it is not binding the other agent. cheers.

 

[markl]

Have you signed anything with the agents saying you will use them. There are a number of good agents if these guys don`t feel they have a good deal and you think that will affect your relationship with them and your ability to purchase properties in your target area. Then I would say move on find another realtor.

I am sure there are some investors in Orillia on the board who would recommend their realtor to you.

Regards,

 

[mikecunning]

QUOTE (investmart @ Dec 8 2007, 08:25 PM) A real estate agent I know in toronto introduced me to another one in Orillia from the same real estate company.
Later, he asked me to sign an agreement mentioning that for any purcahse I make in orillia through the agent he intoroduced me to, he will get 25% of the agent`s fees. I like both guys so I signed. however, later I found out that the guy in Orillia is not very excited about sharing ALL future transactions with the guy from Toronto although he`d be glad to share the first property I purchase. Who is right? would appreciate any advice on this and how to resolve the issue so everyone is happpy. My relationship with both is equally important to me.. THANKS!

25% referral fees are extremely common when you INTRODUCE / PASS a new client to another agent....I have never, however, in 8 years of being in/working with realtors, never heard of this type of expectation...from the referring agent`s point of view, makes a lot of sense and also makes him/her look really greedy and pitty.

 

[gwasser]

My first response is to dump both realtors. If they want to share their commissions that is their problem not yours. To get you involved is not a good service and since they seem to be seeiing you more as a commodity than a person, neither realtor is probably worth their salt.

 

[JefferyJohn]

QUOTE (gwasser @ Dec 10 2007, 10:00 AM) My first response is to dump both realtors. If they want to share their commissions that is their problem not yours. To get you involved is not a good service and since they seem to be seeiing you more as a commodity than a person, neither realtor is probably worth their salt.

Tempting . . . I agree! However - at least in the province of Alberta - the Real Estate Act requires your involvement. Real Estate Associates are not allowed to receive "secret profits", and are required to fully disclose the profit they may receive, including referral fees. This is where this signed disclosure document comes in. In essence, it`s to honor you, the client, so you are fully aware of the type of relationship.

Being open about the parameters of a relationship will prevent all sorts of problems down the road.

 

[DennisEpp]

QUOTE (JefferyJohn @ Dec 12 2007, 11:09 AM) Tempting . . . I agree! However - at least in the province of Alberta - the Real Estate Act requires your involvement. Real Estate Associates are not allowed to receive "secret profits", and are required to fully disclose the profit they may receive, including referral fees. This is where this signed disclosure document comes in. In essence, it`s to honor you, the client, so you are fully aware of the type of relationship.

Being open about the parameters of a relationship will prevent all sorts of problems down the road.

 

[DennisEpp]

Jeff Sutherland answered it best...my only thought is that the Realtor`s involved should have agreed on the structure between them selves as to all referrals and also as to the percentage of same.

regards

Dennis