I'm in a position where people approach me who require the chance to remortgage their homes...I now have a contact that will provide this service for them...I meet them tomorrow but I dont really know how much commission to ask for giving them the lead? Should I ask for a fixed amount or a % of the amount they are lending....anyone with any knowledge on this?
2007-01-12 11:08:32 · 14 answers · asked by returnofkarlos 2 in Business & Finance ➔ Other - Business & Finance
generally, your state's department of real estate will regulate "referral fees". they're typically available only to licensed real estate agents, so if you're not licensed, you may be in violation. these kinds of fees are negotiated outside the transaction, or "under the table". these arrangements can vary from flat fees to a percentage of the commission earned by the mortgage broker. generally a 15-20% commission on the broker's commission is fair. if he makes $3,000, then you make anywhere from $450-$600 for bringing him the business.
2007-01-12 11:18:42 · answer #1 · answered by John K 2 · 0⤊ 0⤋
If you think that you will sell mostly houses in the upper price range then go for % but if they're most likely to be in the lower then go for fixed rate
2007-01-12 19:15:25 · answer #2 · answered by sundancer332003 4 · 0⤊ 0⤋
Almost all introducers charge a fixed fee rather than a percentage I think. You perhaps ought to check you don't need to be FSA registered...
2007-01-12 19:17:59 · answer #3 · answered by Joe 5 · 1⤊ 0⤋
I will make this into an easy set of questions for you to answer.
Q. What to cows produce?
A. Milk
Q. How do you get milk from a cow?
A. You MILK them.
Your final answer is You MILK them! Easy really.
2007-01-12 19:15:53 · answer #4 · answered by Wondering 2 · 0⤊ 0⤋
No, and I know my answer is pointless but just had to comment on how COMPLETELY useless the first answer was. What a way to rack up the points!
Best of luck tomorrow.
2007-01-12 19:13:07 · answer #5 · answered by Caroline 3 · 0⤊ 1⤋
how much i can't say as i don't know the value and quality of the service your providing.
but i would think a percentage with a minimum fixed ammount would be a good idea.
2007-01-12 19:12:44 · answer #6 · answered by Anonymous · 0⤊ 1⤋
based on the fact that the bank of england have just raised interest rates by 0.5% I would say no more than 1% would be acceptable
2007-01-12 19:13:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Charge em 20% ...then get a gaff in bulgaria sharpish....happy days
2007-01-12 19:14:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I wouldn't have a clue, but please make sure that you don't overcharge them as I know some people tend to do. Let your conscious not your greed be your guide.
2007-01-12 19:17:42 · answer #9 · answered by lynabean2003 2 · 0⤊ 0⤋
Go for a % that is not high but easy to bear by your client...
2007-01-12 19:21:39 · answer #10 · answered by dodadz 4 · 0⤊ 0⤋