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If I can convince one, or a few, real estate agents in my area to get their P&C license, could I LEGALLY compensate them for referrals to their clients for homeowners (or even auto if I can talk them into the discount).
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If I can convince one, or a few, real estate agents in my area to get their P&C license, could I LEGALLY compensate them for referrals to their clients for homeowners (or even auto if I can talk them into the discount).
I think the form is about 3rd party relationships, not really a conflict of interest, but the client has to be made aware of the sharing of data / referral and sign off on it. It can be done, but its not going to get you a ton of referrals. You can usually find better ways to get them. If you think about it, the average realtor sells maybe 2 homes a year, a good realtor might sell 2 a month at most. The ones selling 2 a year would love to squeeze out a few more pennies in the transaction, but the volume doesn't warrant their time and expense to get licensed. The very, very few that sell over 1 a month are usually to busy to be bothered with getting licensed for a small referral fee (your FYC vs their sale commission). The 2 places this might make sense is the realtor broker, who, as a brokerage, refers all deals to you. Agents might object to these brokerage arrangements, but you'll get more volume. The other one is mortgage brokers, who if they don't have a relationship already, might do it and may be able to refer enough business to you to make it beneficial for both of you. Realtors / mortgage brokers are great referral sources but paying for the referral has never seemed to work out as well as a lot of agents hope. Car dealers on the other hand, work very well for this, a different mentality. Dan