1. Refer a friend or family member who buys a property using The Loft Realty and receive $500 at closing.
2. Refer a friend or family member who purchases a Mere Posting package from The Loft Realty and receive $50 once the contract is signed and the fee is paid.
3. Refer a friend or family member who purchases a Seller Assisted listing package from The Loft Realty and receive $100 once the contract is signed and the fee is paid.
4. Refer a friend or family member who purchases a Full Service listing package with The Loft Realty and receive $350-800 depending on the sale price. This amount is based on .01% of the sales price to a maximum of $800.
The Fine Print
· The sold/bought property must be purchased using The Loft Realty as the brokerage of the referred party to qualify.
· If, for any reason, a purchase or sale under a Full Service package does not fully complete, no referral fee will be paid.
· If, for any reason, The Loft Realty is not able to collect a full fee or commission, no referral fee will be paid.
· You must notify The Loft Realty of the potential referral before your friend/family has contacted the brokerage, referrals cannot be claimed after a purchase agreement is signed.
· This program is not intended for parties to solicit buyers or sellers already under contract with another broker.
· Referral fees are taxable, a T4A will be issued after each calendar year.
Here are some rules from the Real Estate Council of BC:
· As per Real Estate Council of BC Rules, all referrals must be disclosed to the referred party (i.e. your friend or family member) at the time of purchase/sale.
If you feel uncomfortable having to disclose the referral to a family member or friend, I am happy to either donate the referral portion to a charity of your choosing, or you could offer to split the referral fee with your friend/family member.
Paying a referral fee to an unlicensed person:
A licensee may pay an unlicensed person a referral fee as long as
· the unlicensed person does not solicit, for the purposes of making a referral, the names of persons who may want to acquire or dispose of real estate;
· the practice of making referrals is not the main business of the unlicensed person making the referral; and
· the unlicensed person making the referral does nothing else that would require them to be licensed (refer to the definition of ‘‘real estate services’’ in section 1 of RESA).
Disclosure that a referral fee is to be paid:
Section 3-3(1)(f) of the Rules requires a licensee to disclose to a client ‘‘all known material information respecting the real estate services’’ being provided. If a licensee has agreed to pay a referral fee, that is a material fact which must be disclosed to the client. This is true whether the referral fee is to be paid to a licensee or to an unlicensed person.