** Paying a finder’s fee for information or a product is not out of the normal, if fact, referrals are done all the time. **
We should start by asking, “What is a finder’s or some call a ‘Referral Fee?’ Is it even legal?” In plain language, a finder’s fee is money (or any other benefit) paid to someone just for bringing a buyer and seller together by any means agreed upon by both parties.
Consultants, brokers, or intermediaries have always used this practice, especially among real estate agents.
So in essence, it’s done all the time and is legal.
However, as many people feel it sits in a gray area and are really — not sure what to expect. Here is my thinking.
- In many cases, it would be cheaper to pay a finder’s fee for information or a product that you need and have not got, and you’d never come across or have known about any other way.
So, as it might be seen as unethical to charge a finder’s or referral fee for someone knowing, and you don’t, sometimes this works beneficially to all parties.
Take, for example, this featured PS photo from a train commute to Toronto. Could I have sold the location of that 1940s Ford coupe to a car enthusiast or overhaulen collector with just a phone call?
Keeping in mind: The car in question could only be seen by a train or a bird flying over this person’s house. This fixer-upper classic car could not be seen from the prying eyes of a collector driving by and yet, there it sits.
That information was worth a 200-dollar referral fee to someone, “assuming:” I got the GPS coordinance, which I didn’t.”
**** Ever thought about paying a friend for sending a home buyer your way? 🔗
So, not only do I write about my experiences and a picker for hire. I could best be described as an adventurous person by nature and with (once) the eye of an eagle.
Adding to that equation, my profession took me down many country roads, meeting a lot of people, farmers, and construction contractors and just people living in the ruro country side.
And always finding myself saying, ” What’s in that barn over there as I point in that direction. The person would sometimes say; haven’t been in that building for many years.
Thinking along those lines, I’ve seen boats, airplanes, military equipment, and yes, even helicopters stored in barns, collecting dust, and some even forgotten.
What’s under that car wrap I asked the farmer. Of course, I knew what it was. It was a Porsche 911 with that distinct half-round body look, well, something like a Volkswagen Beetle.
So in my adventurous travels, I’ve seen for sale many items of interest. In my thinken, I finders fee would be in order.
As of today, I still have no problem knocking on a stranger’s door and saying, “Is that car for sale, or that farm tractor?” What’s in that barn that’s overgrown with weeds? You’ll be surprised by what you could find.
But the finder’s fee is the subject of this story.
Would you pay a finder’s fee for information that you needed, you’d never known any other way. Properties, classic cars (barn finds), abandoned heavy equipment, and the occasional farm equipment.
For my troubles; I would charge a referral fee for the information. You do the legwork, you find the owners and, you make your own purchasing arrangements.
*** Estimated Cost of Overhauling a Classic Car Project. 🔗
As I wind down my story, hopefully I explained what a finder’s or referral fee is and why its cheaper to pay a person like me.
This is what I came across that could interest someone.
As of the day of writing this article, I’ve paid utmost attention to this abandoned sidesplit home vacant for at least 10 years.
Although it’s still looking presentable, you know that it is now classed as a fixer-upper. But it’s in a nice, quiet neighbourhood on a dead-end street, million-dollar homes being sold all around, and there it sits open to the elements. How sad is that in today’s times?
Would you pay me a nominal finder’s or referral fee for the address of this property, and you do your own diligence on “the what, who and why the property is vacant? ” Well, in that case, it is a little different from selling a property address for a classic car, or someone was looking for a specialized piece of equipment at an auction sale.
So, as I’m that guy who walks around with a sore neck from looking, seeing and scouring my surroundings. Should a referral fee for my troubles be acceptable? At least get a chiropractor visit paid for? I would think a big yes.
Finder’s Fee — Abandon For Sale
1 Case 580 backhoe sitting abandoned.
2 Abandon side-split home?
3 Abandon/rundown 20 rooms School House.
*** If you’ve heard the phrase “Barn Find,” those stories are true. ***
“Posted by Dave Wettlaufer. A once truck driver, a heavy equipment, truck and coach and everything in-between mechanic. Now turned, opinionated Blogger with something to sell.
🔗 Buying me a Coffee would be greatly appreciated, and many thanks for considering my request through PayPal. 🔗