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On what grounds would you pull the referral?
1. that the agent is smart and does not want to waste their time?
2. that you might just actually get paid?
A referral agreement is a contract for another agent to find the buyer a property...it is not an invitation to tell the agent how to run their business...
Troy Erickson AZ Realt...
Hella M. Rothwell, Bro...
Carmel by the Sea, CA
I expect my referral form back immediately. If that's not their plan, I don't do business with them.
Candice A. Donofrio
Fort Mohave, AZ
No I do not hold them and if I agree to the referral I will sign and send it on. I do immediately contact the buyer to try to get the buyer rep signed. If they refuse I would cancel the referral agreement. I do not work with referrals without one.
That makes a lot of sense to me to make sure my brokerage had a firm client relationship before signing the referral. How often have there been referrals wihout a clear understanding with the buyer. They haven't met and there is no agreement in place for the buyer not to go to another agent.
Troy Erickson AZ Realt...
A referral is from us to another generally out of our area and the contract should be signed before the contacts name is given.
As the Buyer's Contract it is a separate activity to have better control and should not hold the referral agreement up.
The referral form would be signed and returned - however - I would let them know in advance of the referral that they should advise the person they are referring that a Buyer Broker Agreement will be part of working with us.
Sally K. & David L. Hanson I agree, they are two separate agreements. It's the client's decision as to whether they want to sign the BBA. Having said that, in my State BBA's are mandatory.
I would pull it in a second.
Good morning Sally. Enjoyed reading some of the answers, thanks for asking the question. on the mortgage side, there is no payments for any referrals.
Good Friday morning Sally and David. I wish I had a good answer for you. Perhaps when I get my real estate license.
Sally K. & David L. Hanson the referral agreement is between two brokers/agents.
If the referred agent has some standards and work with buyers only if buyer's sign agreement, it's their choice.
If they don't decide to work together when buyers are uncomfortable because of this, you can always refer them to someone - however, you can explain them the benefits of working with one agent and commit.
I agree with you that they are two separate issues.
Sally & David, this is very good question.
Chasing down a signature is a pet peeve. There's another thread where unpaid referrals seem to be a common arbitration issue. Is it any wonder we worry? It will impact future referrals, so we sign IMMEDIATELY if we think we have a shot. If we're wrong . . . return to sender.
I have never run into this, ever.
I'm not sure why, if the buyer doesn't sign it, then we give the referral to someone else.
I'd contact my buyer and see if they have any issue with signing the agreement. If they do I would pull the referral.
I have seen so many referring agent send a referral to 2 to 3 agents. I would feel better with a BBA...
I most certainly would, if I could do so elegantly.
Without exception that referral channel will be nailed shut.
I understand the thinking....but this broker has revealed their nutty side.
I think I would...I agree, two separate contracts