Frequently Asked Questions
• What are the costs involved in being RENA’s associate?
It’s FREE to Join, after that it’s 90/10% split ($200 minimum) on all checks. Other costs involved: any advertising you might do for yourself (business cards, brochures, etc.), fees to renew your license with the state and the cost of Continuing Education courses.
• How much can I make on a referral?
You would negotiate your referral fee with the agent you will refer the customer to. Average referral fee is about 20-30%. It can be more or less, depending on your agreement.
Sales Price: $300,000
Commission received from sale: 3% ($9,000)
Referral Fee paid to RENA: 25% ($2,250)
Your portion: 90% ($2025)
• Do I have to do Continuing Education?
Yes, it’s a state requirement to keep your license active. Any active license must be renewed every two years and continuing education must be done.
• What are the required paperwork for me to do a referral?
You would need to provide us with fully executed copy of referral agreement for our records.
• What kind of referrals can I make?
Residential, commercial, rental, business – anything connected to real estate transactions and done by real estate agents.
• How can I find a good agent to refer to?
Finding a great agent to send your referrals to is, perhaps, the most important tasks of referring agent. You need to make sure your customer is well taken care of and gets the best service possible. Research agents, talk to them, ask questions, your income will depend on how well you chose.
Questions to Ask When Choosing a REALTOR®
- ✤ How long have you been in residential real estate sales? Is it your full-time job?
- ✤ How many homes did you sell last year?
- ✤ Which type of real estate do you specialize in? (residential, commercial, etc.)
- ✤ Which areas do you specialize in?
- ✤ Do you specialize in helping buyer or sellers?
- ✤ If referring a seller: what marketing systems and approaches do you use to sell a listing? What is typical commission you charge? Any other costs/fees?
- ✤ Do you keep customers informed about the progress of transaction? How?
- ✤ Could you please give me the contact information of your most recent clients for feedback?
- ✤ Personality matters. Do you feel comfortable talking to this agent? Do you think your customer will “click” with him/her as well?