Sure there are givebacks that happen in some cases. I am sure you can ask and see what can be worked out. As Deb has noted -
â€œBuyer rebates are legal in New Jersey, but must be disclosed and agreed upon in advance. Therefore, if the agency with which you work agrees to enter a rebate program with you for your purchases, that is legally compliant.â€
Sure there are givebacks that happen in some cases. I am sure you can ask and see what can be worked out. Terms like â€œreferralâ€ and â€œFinderâ€™s Feeâ€ would not pertain to you as an unlicensed buyer.
I am guessing by your thoughts that the one of your clients has come to you and asked you to give them a 10% of your pay or off your service that you perform for them -or- You feel that the agency's work is of minimal value, you do a lot of work yourself, so you should also take a portion of the profits.
Why not just get your Realtors license? Pay the fees involved, the advertising, the legwork, the paperwork and just do it yourself? That way you can absorb more of the commission.
By your statement below "both require lots of schooling and actually working as a realtor" seems that you do not want to take the time to earn the commission that you want to take back.
It costs substantially more than $300 to become an active Realtor.
Let me know what happens when your boss wants 10% of your pay handed back just because he feels he wants it.
Hope that helps.
If you are a real estate agent you can indeed collect a referral fee if requested prior to listing the property and signed in writing with the agreeing company.
If you are not a real estate agent than perhaps you should factor that into the commission being paid out to listing agent. If you do many transaction like this the agent might agree.
Im pretty sure, you need to be licensed to get paid. It's worth for you to take the sales license class and pass the state test and get you referral license.
The class is very educational and same time you will make some $.
I believe it is now legal to collect a finder's fee in New Jersey. There are certain forms that you would need to fill out ahead of time. The fee would be paid to you at closing and would be on the respa statement. I would assume if you were getting a 10% fee on the selling agency commission that the 10% would be coming off the top. I think the fee is on a buyer commission only, but a listing fee is always between a buyer and a seller. The agency you work with may have a policy of not paying a fee, but if you have been happy with the results, you might want to stay with them anyway.
Getting a license will require some schooling, the state mandates 75 hrs. However, you do not need to be a Realtor or pay lots of fess to maintain it or worry about continuing education. . What you can do is get a referral license, which typically has minimal yearly fees(e.g $150/yr) and will exempt you from continuing education and you will not have to be a Realtor. Total costs to pay for school and licensing fees should not be more than $700 in this case. There are some referral groups which will pay as high as 90% splits, which again make this a good option as well as easy to deal with. Plus it means you can make money for referring other investors, sellers, buyers, etc. to brokers.
Many others on Trulia have mentioned buyer rebates, however your question was about a finder's fee. They are very different. More importantly, if a broker decides on offering rebates, rebates have to be offered to all buyer clients equally, otherwise it is discriminatory(similar to the practice of offering home warranties to sellers). As a result, few brokerages in NJ will engage in this practice. As a Broker and a licensed NJ Real Estate Instructor, these are topics I am well versed in and if you wish to have more of a dialogue, just let me know and I may be able to point you in the right direction.
Hope that helps.
The third type of real estate license is a broker's license. You need to have experience and additional education to pursue a broker's license. A broker's license is required to manage real estate salespersons and office, or own a real estate brokerage. A very small percentage of real estate salespersons become brokers.
Buyer rebates are legal in New Jersey, but must be disclosed and agreed upon in advance. Therefore, if the agency with which you work agrees to enter a rebate program with you for your purchases, that is legally compliant. That rebate is only applicable to the buyer agency commission, not the entire real estate fee.
You may not receive finders fees for bringing other clients to the agency. In order to receive any compensation for referrals, you will need to obtain a license. Many individuals hold real estate licenses solely for the purpose of generating referrals, and there is even a license category for "referral agents."
As it pertains to the agency finding renters for you. you are paying the listing broker who might be co-broking the deal if the other agency brings the renter to the table. Herein, you would not get a rebate....but you can try to negotiate the fee that you are charged to be less. You wouldn't receive a check, but a bill for a lesser amount. Be careful in your negotiations that you do not compromise your results by negotiating the fee too low. The end result of rentals is usually about accommodation and not much of a revenue generator for most agents. Perhaps on the listing side of the rental commission there might be some room.....but, proceed with open eyes and mind to the discussion.
Deborah Madey - Broker
Peninsula Realty Group