Overview: Referral fees are a crucial part of the ADVSR.ai platform, allowing real estate professionals to collaborate and reward each other for successful property transactions. This guide will explain what referral fees are, how they work, and how to set them up on ADVSR.ai.

What Are Referral Fees?

Referral fees are commissions paid to an advisor who successfully refers a buyer or tenant to a property. These fees incentivize collaboration between professionals, ensuring that advisors who help close deals are fairly compensated.

How Do Referral Fees Work on ADVSR.ai?

On ADVSR.ai, referral fees are used to encourage other advisors in the network to promote and share your property listings. When you upload a property, you can set a referral fee that will be paid to the advisor who helps find a buyer or tenant for the property.

Here’s how referral fees typically work on the platform:

1. You Set the Fee: When uploading a listing, specify the referral fee, either as a percentage of the sale price or a flat fee.
2. Ambassadors Promote the Property: Advisors (ambassadors) in your network or from the platform can promote the listing to their own clients.
3. A Successful Referral: When an advisor refers a buyer or tenant who completes a transaction, they earn the referral fee you’ve set.
4. No Hidden Fees: ADVSR.ai does not take a cut from any referral fee you set—what you offer is what the referring advisor earns.

How to Set a Referral Fee

To set a referral fee for your listings on ADVSR.ai, follow these steps:

1. Log in to Your ADVSR.ai Account.

   • Navigate to your dashboard and select the property you want to list.

2. Enter Property Details.

   • When filling in the listing information, you’ll find a section to specify the referral fee.

3. Choose a Fee Type.

   • You can set a referral fee as:
     • A percentage of the final sale price, or
     • A percentage of your net fee after costs

4. Publish the Listing.

   • Once you’ve set the fee and completed the listing details, publish the property to make it visible to other advisors.

Best Practices for Setting Referral Fees

1. Consider Market Standards:

   • Referral fees typically range from 1% to 5% of the sale price, depending on the property’s value and market.

2. Incentivize with Competitive Rates:

   • Offering a competitive referral fee increases the likelihood that other advisors will promote your listing and actively refer buyers.

3. Be Transparent:

   • Clearly communicate the referral fee in the listing to attract serious collaborators.

Why Use Referral Fees?

Referral fees are essential for expanding your reach. By offering a referral fee, you’re incentivizing other advisors in the network to market your property to their clients. This increases your property’s visibility, gives it access to new markets, and speeds up the sales process.

Video Explanation:

🎥 Watch this video for a full walkthrough of setting referral fees!👇