People selling property, instead of approaching an agent directly and paying a large commission, can now instead register on IREC's website. IREC then contacts the agent, who pays the consultants a 'referral fee.' This referral fee, which comes directly out of the agent's commission, is then split 50:50 between IREC and the seller.
According to founder Robert Williams, the concept is based on an existing industry courtesy that one agent refers a client around to other, more suitable agencies.
"The agent will pay a referral fee, which works out around 20% of the commission that the agent would receive. The agents don't mind, because they are grateful for the business we bring them," he said.
For example, if your agent was making $10,000 from selling your property, if you used a referral service, the agent would make $8,000 and give the referrer $2,000, of which you would receive $1,000.
"Agents do provide sellers with numerous benefits, but in my experience in the real estate industry, people always think the commissions are too high. This service allows people to reap the benefits of agents without paying sky-high commissions," said Williams.
For more details on this service, please visit
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now