The best practice is what is negotiated, documented in writing, and honored by all parties.  I do not see this as one-size-fits-all. Many factors must be considered. 

Well that depends......what type of property? There are so many levels.  I would do the same as we do in residential. Documented in referral addendum and spell out the terms.

The worst structure is the ones by relo companies. If you are looking for a percentage per se, you're not going to get it here.

Have a written clearly stated policy.

A key element is sending the Landlord back to the Agent who referred them ( if/when the Landlord would want to sell)

Got a postcard offering $500 referral fee for tenants from a large apmt company in town.

Seems like a nice tip for something that I would normally do for free just to help the renters out.

What do you feel is the best policy? That is the one you should go with.

Can't say I have any experience with property management companies, but interested to hear what others has to say!

Person to person is always my preferred method.  I only work with an manager and company that will keep me in the loop and let me know when the tenant or homeowner is ready to make a move.

Go low which keeps the motivation going until completed......Too many hands in the cookie jar makes for stale cookies not eaten

What Kathleen Daniels, Probate & Trust Specialist said.

Larris,

Kathleen Daniels, Probate & Trust Specialist comment is perfect, and we agree.  A

Personally, I'm in Charlotte, NC and have never seen a good referral fee structure - it's so not worth our time to help tenants...which is really sad for the tenants!