Question on being paid a fee for bringing a developer a site
Does anyone know if it's possible to be paid a fee for bringing a developer a site, even if you're not licensed in that state?
Based on the most helpful WSO content, it is possible to be paid a fee for bringing a developer a site, but this often depends on the specific circumstances and regulations of the state. Many states require individuals to be licensed as real estate brokers to legally collect fees for facilitating real estate transactions. If you're not licensed, you may face legal restrictions or challenges in receiving such a fee.
However, there are scenarios where developers might structure the payment differently, such as through consulting agreements or other arrangements, to avoid licensing issues. It's crucial to consult with a legal professional or real estate expert familiar with the laws in the specific state to ensure compliance.
Sources: Q&A: Affordable Housing Acquisitions, Real Estate Sponsor Fees, How do all the smaller GPs handle the funding to closing process?, Why Not Start Your Own Shop?, Life at Mega Developers
What do you mean, you "brought a developer a site"? If you pass by an empty lot and call up a developer and say, "Hey, 123 Main Street is just dirt, maybe you should buy it!" you probably aren't going to get paid, nor would you deserve to. If you know the owner and facilitate an off-market sale, you might have more claim to a fee.
You can get paid a fee for anything. I'd suggest getting your agreement in writing, though.
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