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Referral Fee Program
The SpaceNeed Referral Fee Program creates an additional income opportunity for commercial real estate brokers.
While brokers commonly receive inquiries regarding small and/or difficult real estate requirements, they are seldom compensated for sharing their market expertise and pointing prospects in the right direction.
SpaceNeed was created to recognize the value of this referral business and to compensate brokers that take time to give prospects this direction.
With SpaceNeed, it is as simple as referring prospects to SpaceNeed.com.
Here, prospects will be prompted to select a Referring Broker before inputting the details of their real estate requirement.
Once submitted, detail of their requirement is consolidated and emailed to the appropriate brokerage community.
With thorough detail of the requirement, Receiving Brokers can quickly determine if they would like to contact the prospect directly.
In order to access prospect contact information, Receiving Brokers must first agree to pay a Referral Fee to the Referring Broker if the respective prospect leads to a completed transaction.
Receiving Brokers agree to compensate Referring Brokers according to the following schedules:
Office, Industrial, Retail and Land Referral Fee Schedule
The Referral Fee is determined by the greater of one of the following four methods:
| A. |
Ten Percent (10%) of the GROSS commission paid to Receiving Broker
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| B. |
One-half Percent (0.5%) of the total contractual NET lease payments or purchase price
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| C. |
Three-Tenth Percent (0.3%) of the total contractual GROSS lease payments
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| D. |
Minimum of $100.00 |
Investment Referral Fee Schedule
The Referral Fee is determined by the greater of one of the following three methods:
| A. |
Ten Percent (10%) of the GROSS commission paid to Receiving Broker
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| B. |
One-Quarter percent (0.25%) of the total contractual purchase price
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| C. |
Minimum of $100.00 |
SpaceNeed Frequently Asked Questions:
How does the referral system work?
Click here - How it works.
How does a broker refer a prospect?
Simply tell the prospect to visit SpaceNeed.com and have them select you as the referring broker. The website prompts the prospect with questions about their requirement and requires NO broker involvement.
What type of prospects should be referred?
The system is designed for unwanted real estate requirements that brokers do not have time for.
How do brokers know if a referral becomes a completed transaction?
All requirements and agreements are recorded online. Referring brokers can track all of the prospects they refer by Logging in. Then, by following up with the prospect they refer, brokers can quickly determine if the prospect has completed a transaction with a broker that has accepted a referral fee agreement.
How are Referral Fees paid?
The form of payment is completely up to the cooperating brokers. Some have suggested gift certificates, travel vouchers and other forms of payment.
Who can make money with SpaceNeed?
Licensed Brokers. The system is designed for commercial real estate brokers and is only accessible by licensed individuals.
Who is registered with SpaceNeed?
If you received this email, you are already registered and can be selected as a referring broker.
How do I receive a password?
Click here to have your password emailed to you - Request Password.
Can I change my property type preferences?
Yes - By Logging in, Brokers can select what type of SpaceNeed real estate requirements they receive. You can receive SpaceNeed requirements for all or none of the following property types: Office, Industrial, Retail, Land, Investment.
Does SpaceNeed collect a percentage?
No - SpaceNeed is NOT a licensed broker and, by law, has no involvement in paying, collecting or receiving Referral Fees.
How will SpaceNeed benefit?
SpaceNeed will be supported by future online advertising.
Do brokers input the prospect's requirement information?
No, all you have to do is refer the prospect to SpaceNeed.com and have them select you as the referring broker. At SpaceNeed, they are prompted to select a property type and are triggered to answer questions about their requirement. For more information see How SpaceNeed Works.
When are Referral Fees due?
Brokers that accept referrals are responsible for delivering Referral Fee payment to the Referring Broker within thirty days of receiving commission. If a transaction is completed and the Receiving Broker does not work on commission, the Referral Fee is due within thirty days of lease commencement or sale closing.
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