The following terms and conditions shall be included and made part of the Real Estate Referral Agreement.
1. Customer Referral Timeframes:
Once a Customer Referral is accepted by the Partner Agent, Partner Agent has 3 months starting from the time Partner Agent accepts the Customer Referral, to inform Local, REALTORS whether or not Partner Agent will continue to work with Customer Referral. Partner Agent will have the option at that time to Re-Accept or Reject the Customer Referral.
A. Rejection – If Partner Agent rejects Referral Customer, Local, REALTORS may use its sole discretion to reassign Referral Customer to another Partner Agent.
1) Rejection of Referral Customer shall have no impact on any Referral Fee owing or that is later earned as a result of any Acceptance of Referral Customer by Partner Agent which occurred prior to the rejection of the relationship.
2) After rejection of a Customer Referral, Partner Agent agrees to Cease & Desist any and all communication or marketing actions of any kind to Customer Referral.
3) Customer Referral information will remain the sole property of Local, REALTORS.
4) Partner Agent understands and agrees that the Referral Customer information that will be furnished to Partner Agent is confidential and valuable to Local, REALTOR’s business. Partner Agent will not, during or after the term of the engagement disclose any such information or attempt to closely imitate the business model. Failure to comply will result in a minimum (1) $10,000 fine or (2) the entire commission or compensation earned from all transactions related to Customer Referral; whichever is greater.
B. Acceptance – If Partner Agent accepts Referral Customer, Partner Agent will be authorized to continue to assist Referral Customer according to the provisions set forth in the Referral Agreement. Acceptance or Rejection of a Customer Referral shall continue every 3 consecutive months until Partner Agent and Customer Referral close escrow on a real estate purchase or sale transaction.
2. Referral Fee: The amount of the Referral Fee owed for each Referral Customer will be 30% of the gross commission.
3. Surveys & Deadlines: Local, REALTORS will provide each Referral Customer with a survey during and at the conclusion of their relationship with Partner Agent. Partner Agents with highly rated survey scores are likely to receive 200% more referral customers than those with low scores. Surveys that are not returned to Local, REALTORS by Referral Customers two weeks prior to the end of the year will not be included in that Partner Agent’s average for the next year but will count in subsequent years as part of the trailing 12 Months.
4. Repeat Transactions: Should Customer Referral purchase more than one property through Partner Agent, Local, REALTORS agrees to accept the following Referral Fees:
|Additional Transactions Within||Referral Fee to The Local Realty|