How are Referral Fees determined? Does a referral from IIC cost brokers more than referrals from other brokers?

Referral Fees vary by transaction type and local market conditions, but we believe that a Referral Fee equal to 25% of the commission that will be paid to the Broker of Record, which is the technical term for the brokerage company that represents the buyer or the seller (the brokerage company of your representing broker) is common in residential real estate transactions. So for example, if you register the sale of your $100,000 home with IIC and then agree with your Representing Broker to pay a 5% total commission on the transaction (to be split between your Representing Broker and the buyer’s broker), then upon selling your home your Representing Broker’s company will receive a $2,500 commission, from which it will pay to IIC a $625 Referral Fee.

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