I am just wondering, how many REO agents have done this? Recently one of the companies that I enjoy working with assigned a listing to me which was just a little further away from my office than I normally like to work. This new listing is in an area that should sell quickly. If I take this assignment my concerned was mostly about the travel time for showings. Having higher gas prices made it also look unappealing to service this listing. However this company does their own maintenance and even manages the lawn-care! I really value working with them and don't wish to loose any potential for future work. Normally I would turn this listing down, but I decided to solve the problem another way. 
I decided to referred out all the sign calls and ad calls to another agent, for a fee, who works in this town. I happen to know, for years, a particular agent and when I called her, she was very happy to get the referral. I am also equally happy to save gas and time by working with her. Generally I would have turn this one down but now the problem seems to be solved, plus I get a $XX% referral fee back. I love referrals and I love to refer!!
Are you searching for homes to buy in Viroqua or Vernon County Wisconsin call Mary Strang at therteam.com 
RE/MAX Hill Country Realty 608-637-3599
I makes alot of sense and I have done it before. The referal is on the property not the sign calls. As long as they understand that your sign has to be on the listing and property, and they are not the actual listing agent, thats the way to go.
Ive also accepted such deals. As the reciever of the deal, I am allowed to do my own local advertising. Your name (as the listing agent) will be included, but my name and info is more prominant than your. I also do alot of online advertising as well. It will appear to be my listing to my investors.
Problems arrise when the parties do not know if the referral is on the property of the caller. So Jane calls wants to see the REO. I show it, she is not interested, I spend the next 3 weeks showing her homes and finally sell her one. Is the referal fee on the property or the caller? When I accept, I only accept referals on the property itself (REO's are different as you know).
I personally would give you a fee on Jane in my example. Probely lower than the fee we agreed to for the property based on time spent, gas, aggrivation, etc. I would make sure the opportunity was rewarded to a fellow Realtor®. The times this has happened the Listing agent was shocked that I did such a thing, but fair is fair. I worked my ass off to retain a caller from a deal we had. I'm not a greedy man, and I love referrals. Fair is Fair, but other agents call me dumb for this. I say perhaps thats why other agents in my market actually trust me and call on me.