Margaret Rome's Blog

head_left_image

Not A Penny

 

 

Been in Real Estate for almost three decades. Recently a long time friend/client commented about how well I must be doing with the referrals fees from vendors.

HUH?

Asking for an explanation, he went on to say with my vast list of inspectors, contractors, lenders, appraisers, title companies,  etc. I stopped him right there. 

NOT ONE PENNY!

When I share a name, it is to help my client, giving the best person for the job and referring only people I would use for myself. 

Depending on the client, if there are several high-quality contractors etc. I might recommend based on personality.

There have been occasions when a vendor has offered a referral fee.  No thank you.

Give the client the best price possible! 

These professionals know that I demand excellent service for buyers and sellers. Clients are often amazed how many I can call directly, and will come out, if needed, on the spot.

This kind of service did not happen overnight. It's taken years to build up these relationships.

Name an HVAC, termite, lender, title company, radon, locksmith, decorator or wallpaper remover; I will have one on speed dial. 

But for me...

Not A Penny

 

Questions about buying or selling a home

Call Margaret Rome

Margaret Rome

 

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

signature

 

 

Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 
Comment balloon 24 commentsMargaret Rome, Baltimore Maryland • April 10 2019 04:00PM

Comments

Morning Margaret.

I know several lenders, inspectors and the like.  Not once have I been recommended by any of them.  Like you, "not one penny."

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 6 months ago

It has always been, "Not a penny" from my lips too, Margaret.  Give 'em the best!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 6 months ago

Good morning Margaret. No fees or gratuities from any of my suggested vendors either. Pass it on to the customer. It works for me! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 6 months ago

I had a flooring vendor once offer me a gratuity. I asked him to take that amount off my client's bill.

Posted by Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417, Real Service. Real Results. Real Estate (United Real Estate) 6 months ago

Good to see you James Dray 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Myrl Jeffcoat Exactly..give the clients the best service.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Wayne Martin Pass it on to the customer. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417 And we are on the same page!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Ooooo ... those types of payment or referrals make me nervous as a lender, Margaret Rome, Baltimore Maryland ... just can't do that.  Not one penny!  

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 6 months ago

Wow Margaret, I can not believe how many people think that we make money on the side.  Unreal!

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 6 months ago

Not a penny!

With thanks,

Your Compliance Officer

Posted by Jana Holmstrup (Jana Holmstrup - CCO - Kings Mortgage Services, Inc.) 6 months ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi I would hope not.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Will Hamm I was surprised when my long term friend brought this up. He just assumed that is the way our industry works. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

 

Jana Holmstrup Thanks compliance officer.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Yes Margaret Rome, Baltimore Maryland, yes (to no Thank you)! And some vendors even give us a strang look. But it's for the client and for our ethics.

Posted by Jim Harper (Atlanta Communities Real Estate ) 6 months ago

I'm glad you set your frien straight. That's just "not nice." However, I expect there are some agents who are only too glad to take those referral fees.

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) 6 months ago

Jim Harper Yes to no thank you. Good comment!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Marte Cliff It was good to set my friend straight. But how many others think this way?   

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Margaret, A good post to tell public how most agents work with vendors.  When asked for a contractor/lender/vendor, we always make the point that we do not receive a kickback from any of these people, just good trusted service.  

Posted by Gloria Todor, & Doug Durren (484) 431-3686 in SE PA (Century 21 Absolute Realty ) 6 months ago

Gloria Todor Good to see you. Never thought to make that point but after the question...might be a good idea.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Another incorrect perception about our business!  I always emphasize that I don't get a kickback or $$ from any vendors whatsoever.

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 6 months ago

Great topic!  I read a report today that explained many people, especially young people, assume a recommendation is made on the basis of referral fees.  That's a terrible impression, because the referral is often made to the person best able to serve them!  

Posted by John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) 6 months ago

Mary Hutchison, SRES, ABR Good to see you. Why should we have to emphasize? It is like saying: "Trust me, I'm honest."

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

John Meussner Whether a vendor, lender, agent, friend or relative...the referral is often made to the person best able to serve them!  

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Participate