Hey,
I have been offering a $500 referral bonus (OK - fee) for any referrral that turns into a deal. Have a thousand or more business cards with solely that message and contact info. Lately, I have wondered about the legality. My realtor states one can only do $50 and that with only gift cards, etc. This is in Texas and does it apply only to realtors?
Peace,
Richard
you can enter into an agreement with anyone for whatever terms you agree on. I don’t know what the realtor is talking about.
In most states, a RE agent is not allowed to buy referrals. That is not the case for the common folk (non-licensed). Agents tend to jump on the birddog thing because they feel that the birddog is acting as an agent, which if they are birddogging correctly, is NOT the case.
What does happen all to often, from my experience, is that the investors using birddogs ask the birddog to gather/work for too much information and in short, require them to act as an unlicensed agent.
Raj
Hey,
That was my thinking all along but was really to lazy to search out the relevant codes from the codices. Thanks.
Peace,
Richard