Elliot Funt Real Estate Advisor - Engel & Völkers Vancouver

Elliot Funt
Real Estate Advisor - Engel & Völkers Vancouver

Elliot Funt's Referral Program Details 

Basics:

Refer a friend or family member who buys a property using Elliot and receive $500 for each $1,000,000 portion of property sale value.

Refer a friend or family member who sells a property using Elliot and receive $750 for each $1,000,000 portion of property sale value.

In theory this is a very easy referral program, the following examples and fine print is just to ensure that all parties are clear on how and when a referral gets paid out.

    Example Referral Situations:

    • You refer a friend who buys a $700,000 condo, using Elliot as their designated agent, you will receive $500.
    • You refer a friend who sells their $700,000 condo, using Elliot as their designated agent, you will receive $750.
    • You refer a friend who buys a home for $2,100,000, using Elliot as their designated agent. You will receive $500 for the first 1,000,000 of property value, + $500 for the second $1,000,000 of property value, + $500 for the portion above $2,000,000 (even though this portion is not a full $1,000,000). Total referral = $1,500.
    • You refer a friend who sells their home for $2,100,000, using Elliot as their designated agent. You will receive $750 for the first 1,000,000 of property value, + $750 for the second $1,000,000 of property value, + $750 for the portion above 2,000,000 (even though this portion is not a full $1,000,000). Total referral = $2,250.
    • You refer a friend who lists their home for $2,100,000, using Elliot as their designated agent, but the home sells for $1,999,900. You will receive $750 for the first 1,000,000 of property value, + $750 for the second $1,000,000 of property value. Total referral = $1,500.
    • You refer a friend who is looking to buy a home worth $2,100,000, using Elliot as their designated agent, but your friend never ends up buying. No referral fee is paid, as Elliot isn't paid either.
    • You refer a friend who is looking to buy a home worth $2,100,000, using Elliot as their designated agent, but your friend ends up buying a home using another agent that isn't Elliot. No referral fee is paid, as Elliot isn't paid either.
    • You refer a friend who lists their home worth $2,100,000, using Elliot as their designated agent, but unfortunately, the home never sells. No referral fee is paid, as Elliot isn't paid either.
    • You tell Elliot about a friend of yours a month after Elliot has already been helping your friend find a property, no referral fee is paid.
    • You see this page on Elliot's website after a friend of yours has already sold their home using Elliot, no referral fee is paid.

    Notes:

    The reason Elliot Funt pays you more for listings referrals is that listing agents typically make marginally more money as a seller's agent, than as a buyer's agent. Listings also help seller's agents promote their name and market to future clients.

    Fine Print from Elliot Funt:

    • The sold/bought property must be purchased using Elliot Funt, Engel & Völkers Vancouver (130 - 1152 Mainland St., Vancouver, BC), as the designated agent of the referred party to qualify.
    • If, for any reason, a purchase or sale does not fully complete: no referral fee will be paid.
    • If, for any reason, Elliot Funt is not able to collect a full commission: no referral fee will be paid. 
    • You must notify Elliot Funt of the potential referral before your friend/family has contacted Elliot, referrals cannot be claimed after a purchase agreement is signed.
    • Not intended to solicit buyers or sellers already under contract with another broker.
    • The property value is determined by the sale price (not the listing price).
    • Program valid from March 12th, 2018 until March 11th, 2019.

    Fine Print with regards to rules from the Real Estate Council of BC:

    • As per Real Estate Council of BC Rules, all referrals must be disclosed to the referred party (i.e. your friend or family member) at the time of purchase/sale.
      • If you feel uncomfortable having to disclose the referral to a family member or friend, I am happy to either donate the referral portion to a charity of your choosing (I have a few causes I like to support if you need suggestions), or you could offer to split the referral fee with your friend/family member.

    Paying a referral fee to an unlicensed person: 
    A licensee may pay an unlicensed person a referral fee as long as

    • the unlicensed person does not solicit, for the purposes of making a referral, the names of persons who may want to acquire or dispose of real estate;
    • the practice of making referrals is not the main business of the unlicensed person making the referral; and
    • the unlicensed person making the referral does nothing else that would require them to be licensed (refer to the definition of ‘‘real estate services’’ in section 1 of RESA).

    Disclosure that a referral fee is to be paid:

    Section 3-3(1)(f) of the Rules requires a licensee to disclose to a client ‘‘all known material information respecting the real estate services’’ being provided. If a licensee has agreed to pay a referral fee, that is a material fact which must be disclosed to the client. This is true whether the referral fee is to be paid to a licensee or to an unlicensed person.

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