In the mortgage industry, it is not uncommon for a bona fide brokerage to refer a customer to a competitor in certain situations. Just as in other service industries, such as auto mechanics or attorneys, referrals between professionals can be beneficial for all parties involved.
– Referrals between real estate brokers can help facilitate home purchase transactions more efficiently.
– Bona fide brokers may work together through splits or cooperative fee arrangements to ensure a smooth transaction for both the home seller and the homebuyer.
– Collaborations between brokers contribute to a positive customer experience and can build trust and credibility within the industry.
– While referrals to competitors may seem counterintuitive, in the mortgage industry, it is often a strategic move to ensure the best outcome for the client.
You can read this full article at: https://www.housingwire.com/articles/opinion-broker-to-broker-referral-exemption-does-not-apply-to-agent-matching-platforms/(subscription required)
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