Do I have to pay Realtor, MLS, or E&O fees?
Absolutely Not! You will never have to pay Realtor fees, MLS fees, or E&O fees while your license is parked at LicensePark Real Estate. Easily save hundreds, if not thousands, per year on those pesky fees. You won’t be a member of any board of Realtors or MLS service. As a virtual office, we do not have mandatory meetings or other obligations. Simply park your license and refer any real estate business to keep a steady income stream.
Our incredibly low membership fee is just $69 for 3 months, $89 for 6months, or $149 for 1 year. Parking your real estate license is an affordable alternative to paying expensive Realtor, MLS and E&O fees.
How do I get paid?
Once LicensePark receives a commission check from your referral closing agent, we will mail or wire your funds as soon as the incoming funds clear our bank account, typically within 2-5 business days. As an independent contractor you will receive a 1099 to report your earnings at the end of the year. We do not deduct taxes.
Can I list properties or represent buyers?
LicensePark Real Estate is designed as a very low cost referral only brokerage. Agents may only refer their leads and earn commission. Listing property or representation of buyers is not allowed and strictly prohibited. If you would like to list and represent buyers, we can refer you to join a great 100% Commission Real Estate Brokerage serving California.
Can I act as the agent on my own personal real estate transaction?
No, that is strictly prohibited as a referral only agent, but you may refer yourself and still earn a commission. In many cases, you can negotiate as high as 60% referral fee or even more on your own purchase or sale. Of course the “FSBO” option is available to you as well if you are listing your home but you would NOT be allowed to receive commission in that instance.
Must I stay active with the Department of Real Estate and continuing education requirements?
Yes, you must always keep your license in active status with DRE. Per DRE regulations, you must complete continuing education every four years. Click here for our recommended real estate continuing education provider.
May I choose the agent that works on my referral?
Yes, as a completely independent brokerage, LicensePark allows you tp choose any licensed agent anywhere, local or out of state, to work your referral, you aren’t limited by geography. And if you don’t know any good agents, we have the experience and tools to help you find the best agent to serve your client’s needs. You can refer residential, commercial, land, and/or new construction deals.
What is the commission split that is paid from my referral?
We have among the most competitive splits of all Referral Agent brokers in California. Our fee on closed referrals is simple: When your referral income is $5,000 & under you pay 12%. When your referral income is $5,001 & over you pay one flat fee of $675.
What is a limited Function Referral Organization (LFRO)?
Limited Function Referral Organizations, (LFRO) are real estate brokerages, owned and operated by a REALTOR®, which are solely engaged in referring clients or customers to the REALTOR®'s brokerage company or other brokerage companies and which is NOT engaged in listing, selling, leasing, managing or appraising real property.
LFRO agents are considered to be referral agents only. The agents refer business through the LFRO and receive referral fees on the closed transactions which they have referred. A LFRO is not a member of NAR, the state or local REALTOR®'s Association, or a Multiple Listing Service.