Whether they are working for a client to sell or buy a home, real estate agents earn their fee through commission which is based on the amount received from the sale. The Premier League as a whole spent £211m on agent fees in 541 transactions during that period in question, money that could be saved and spent elsewhere if dual and triple representation is brought under control and the responsibility to pay agents falls on players only.
The buyer agent and inspectors on that list might have a mutual interest that doesn’t benefit you – it’s possible that the inspector won’t disclose the real damages to the home because the buyer agent wants the commission when you buy the home and the inspector wants repeat business from the buyer agent.
Although technically the referral fee is paid by the active agent’s brokerage to the referral agent’s brokerage, the whole process still has a whiff of kickback to it, they feel—esspecially when you consider how much effort the referral agent, who might be a solo practitioner or who might be part of a real estate referral company, might be making.
Unlike insurers who may charge insureds late payment fees, reinstatement fees, and premium installment fees,3 which are not considered a part of an insurers rating structure, and are not required to be filed with the Insurance Department or included as part of manual rates, licensed agents may not charge insureds such fees because their imposition is beyond the scope of such agents duty as the representative of an insurer.
Regardless of whether a referral fee is being earned, if an estate agent intends to offer potential buyers; surveying, financial, investment, insurance, conveyancing or other services, the estate agent must advise you of this either in writing or within their Terms of Business.