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Finder’s Fee
A finder’s fee is a remuneration given to someone for finding a customer to a service provider or seller of merchandise.
It is basically a commission to a person or entity for assisting a service provider in getting more paying customers.
Leads do not qualify for finder’s fees. Only sales are attributed with commissions.
It can also be called an introduction fee.
Most players in the real estate value chain offer a referral fee for matchmaking prospects to their services and products.
Some include:
- Law firms
- Real estate agents
- Insurance agents
- Real estate investors
- Lenders
- etc
The finder basically just links up prospects to service providers, and does nothing else.
Sometimes they add value by providing timely information.
Finders fess are made illegal in most states. However, various simple practices can be used to sidestep these regulations.
For example, they can be offered as shopping vouchers, prizes, free services, other forms of compensation, etc.
Because there is a lot of money to be made in real estate transactions, sometimes these remunerations can be very attractive, especially to individuals.
To prevent abuse of such systems, companies often require finders to register with them to be eligible for remuneration before successfully referring any sales prospects.
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