What is the difference between a lease fee and a referral fee?
**A FULL PRICE lease is at the rent amount and rental terms show in the MLS. A “Referral Fee” (the amount shown in MLS) will be paid on all leases for which either the rent amount or rent terms are altered from the original rent amount and rent terms shown in the MLS.
Is a referral fee a marketing expense?
Referral fees are a marketing expense, a payment for a lead (but it’s only paid if the sale is made). Sales commissions are a sales expense, a payment to a salesperson to close a sale.
Does Opcity cost money?
Opcity charges between 30-35% of the commission you make from one of their referrals as their referral fee. Yes, that is a high price to pay, but quality referrals may be worth it. Read below to find out more about Opcity, and determine if you could benefit from their service.
Can you pay someone for a referral?
Are referral fees legal? Yes, referral fees are legal, but only within certain industries. Most other industries also don’t pose any requirements in order for a company to implement referral fees.
Is a referral fee taxable income?
Referral fees are considered taxable income, and are subject to local, state, and federal taxes.
Are finder fees legal?
A finder’s fee isn’t legally binding, so it is often simply a gift from one party to another. This is commonly seen in real estate deals. If someone is selling their home and their friend connects them with a potential buyer, the seller might give their friend a small portion of the sale when the deal is finalized.
What is an administration fee?
An administrative charge is a fee charged by an insurer or other agency responsible for administering an insurance policy to cover expenses related to record-keeping and/or additional administrative costs. It is also referred to as an “administrative fee.”