Commission for deal

[Larry Pruitt]

Hey Guys,

I am a new realtor and I was recently approached by a seller for a family office for several million. I was able to find an agent that produced a buyer that is ready to give an offer to purchase. Since I am not the agent for the buyer nor the seller( has an agent), can I receive commission for this transaction if offer accepted?

[Abel Curiel]

Quote from @Larry Pruitt:

Hey Guys,

I am a new realtor and I was recently approached by a seller for a family office for several million. I was able to find an agent that produced a buyer that is ready to give an offer to purchase. Since I am not the agent for the buyer nor the seller( has an agent), can I receive commission for this transaction if offer accepted?

Hello Larry,

It is good that you're looking to confirm these details before the deal goes under contract! Whatever you do, make sure you have a formal referral agreement or commission agreement signed by any cooperating agents, buyers or sellers.

If the property is off-market, the buyer's agent may be willing to pay a referral (typically 25% in NY) since they would not had access to this deal without you.

Another option is having the seller's agent pay a referral fee. If the seller's agent was going to compensate a buyer's agent 2-3% of the sale price, then you'd be getting a portion of the commission i.e. .5% or .75% of the sale price.

The seller's agent can pay you this portion and offer the buyer's agent the remainder i.e. 1.5% or 2.25%.