Can You Be a Referral Only Agent at REAL Broker?
Can you be a referral-only agent at REAL Broker?
Yes, you can put your license in referral only status at REAL Broker. While in referral status you are still eligible for all of the benefits including revenue share, adding agents to your network, and earning free stock awards.
The unique benefit to referral-only status is you will no longer be required to be a member of your local association, your board or your local MLS. Removing these two expenses could save you several thousand dollars a year as a real estate agent. REAL Broker calls this their Real Select plan.
Why would you want to be a referral agent at REAL Broker?
There are several reasons why an agent may want to be a referral-only agent at REAL Broker. The most common being retirement. If an agent wishes to step out of production but still collect referral checks for leads that come from their database, past clients, SOI, then referral only status would be a good option. With this option, the agent would not have to continue to pay for the MLS, board or association.
If an agent is focused on revenue share at REAL Broker, referral-only status may also be a good option. In order to receive revenue share at REAL Broker, you do have to be a “producing agent” which means you need to earn at least $3,000 in commissions every 6 months. These commissions can come in the form of a referral check though. So if your goal is to focus on revenue share over your own personal production, then referral only status may be a good option for you.
This is also a good option for any agents who are just looking to hang their license with REAL but not focus on production at the moment. When the time is right to start focusing on production again, it is easy to transition your license back to active status with REAL.
How much does it cost to be a referral agent at REAL Broker?
All the typical fees at REAL Broker still apply, they are just applied to the commission you earn from referral checks. As a referral agent, the following fees will come out of your referral commissions:
85/15% split with REAL Broker
$12,000 a year cap
$750 annual fee (taken out of your first three transactions, $250, $250, $250)
$285 transaction fee after you cap, drops to $129 after you hit Elite Agent
You will not have to pay MLS fees, board fees or association fees.
Can I earn free stock as a referral agent at REAL Broker?
Yes, as a referral agent at REAL, you still earn all the free stock bonuses typical agents earn. There are 5 ways you can earn free stock at REAL.
Pre-Cap purchase plan award
Post-Cap purchase plan award
Capping
Earn free stock when an agent you attract close their first transaction
Elite Agent Award of $24,000 in free stock
Can I earn revenue share as a referral agent at REAL Broker?
Yes, as a referral agent, you are still entitled to your revenue share and can continue to grow your network. At REAL Broker, there is a requirement that you earn at least $3,000 in commissions every 6 months to qualify to receive a revenue share. This commission can come in the form of referral checks. It is not uncommon for agents who are focused on revenue share to ultimately step out of production and put their licenses in referral status at REAL Broker. You will still continue to receive the same amount of revenue share as a typical agent
Tier 1 agents: 5% of every commission until they cap. Up to $4,000/yr
Tier 2 agents: 4% of every commission until they cap. Up to $3,200/yr
Tier 3 agents: 3% of every commission until they cap. Up to $2,400/yr
Tier 4 agents: 2% of every commission until they cap. Up to $1,600/yr
Tier 5 agents: 1% of every commission until they cap. Up to $800/yr
What technology will I have access to as a referral-only agent at REAL?
By joining REAL Select, which is real broker referral-only agent, you will still have full access to all of REAL Brokers’ technology and tools. This includes the following:
reZEN Dashboard
reZEN App
REAL Academy
Workplace
Real Broker Referral Agent Q&A
Can I remain on a team as a referral agent?
No, as a referral agent you must be a solo agent. The only exception to this is if you are licensed in multiple states, you can be on a team in one state and referral only in others.
Do I have to do my continuing education as a referral agent at REAL?
Yes, you still need to maintain your real estate license, this includes completing your continuing education.
Do referall agents count towards unlocking a sponsors additional tiers?
Yes, as long as the referral agent earns at least $3,000 in commissions every 6 months, they will continue to count as a “producing agent” for the purpose of unlocking a sponsors tiers.
How do I join REAL Broker as a referral agent?
You would join REAL Broker as you typically would and let them know during the boarding process that you would like to be a referral only agent. You will still have to pay the typical $249 sign up fee. You can join REAL Broker here.
Want to talk more about REAL Broker?
Let’s schedule a 1-on-1 video call so that we can talk about REAL Broker, your business and see if it would be a good fit for you! Click the link below.
