Because of certain norms in the marketplace, we can use a formula to answer that question if the transaction is a residential purchase or sale. And, usually, the referral fee will be 20% of the commission that is received by the company at which your broker works. And out of the referall fee, at least 70% goes to the charity of your choice. For commercial leases, we can’t tell, as a rule, what percentage of the commission the referral fee will be because commercial leases vary so widely in their length,.
No! IIC charges brokers a rational referral fee that is based on market conditions and on the size of the transaction (which also means the size of the commission). For example, if the referral is for an inexpensive home the referral fee will probably be lower than for an expensive home.
They seem quite happy to do so. Getting most of a commission is better than not getting any of it.
We don’t know the answer! But, we do know that in the residential part of the industry, “lead-gen” as it’s often called, “corporate -relo”, which involves referrals of executives who are moving from one state to another, is quite significant. For those referrals, brokers routinely pay as much as 40+%. In our experience speaking with brokers around the country we have only once been told by a broker that he didn’t want referrals, at all, because he only handles foreclosures. Otherwise, without exception, when we ask, would you like a referral, brokers first giggle, then they say, of course!
Yes! As long as you invite us to contact that broker on your behalf before you sign-up with that broker.
Is my choice of brokers limited to the ones that are participating in IIC and want to be charitable?
No! Brokers around the country want to get their next referral and pay a full referral fee to the broker that makes the referral. IIC finds suitable brokers for your transaction, whether or not they have ever heard of IIC or are charitable.
Is IIC concerned more about supporting charities or about referring brokers who are “best for the job”?
When it comes to buying or selling your home or leasing office, retail, or industrial space the top priority is to “get the best deal” for you. So, IIC’s top priority is to identify brokers that are appropriate for the business-specifics of the consumer’s upcoming transaction. IIC takes care of the philanthropy by giving the lion’s share of the referral fee it receives to the consumer’s charity.
IIC is not a charity, but it is 100% nonprofit. We do not solicit funds from the public. IIC is a “social enterprise”. It operates as a business, but it has a social mission. That’s why we give to charities at least 70% of our gross revenue from referral fees.
No! IIC promotes a new way to be a consumer, so that regardless of which broker the consumer chooses, part of the ordinary brokerage commission will be able to support a charity of the consumer’s choice. However, if there is a broker who has been active with IIC and is suitable for your transaction, we will include that broker in the list of referrals.