Colorado Agent FAQ's
I HAVE A COLORADO REAL ESTATE LICENSE, WILL PARK AND REFER WORK FOR ME?
Yes. Park and Refer Inc. is a fully licensed and independent employing broker with the Colorado Division of Real Estate. License #EC100031615
ARE THERE ANY REALTOR FEES, MLS FEES, MONTHLY OFFICE FEES, OR E&O INSURANCE FEES?
NO! You’ll easily save thousands per year on these fees. As a Park and Refer referral agent, you won’t be a member of any board of realtors, MLS service, or have to pay monthly office fees or even mandatory E&O insurance fees. You’ll be included on our group E&O policy,
Our membership fee is only $75 for 6 months, $125 for 1 year, or $195 for 2 years, and as an incentive, you’ll receive a FREE 1 year membership renewal the year following a successful referral. Yes I know, Parking your license is sounding pretty good!
HOW MUCH CAN I EARN?
It’s totally up to you! The sky is the limit and you’re in control of your income stream. A 25% referral of a $300k purchase or sale will put $1,925 in your pocket with almost NO EFFORT…easy money thanks to your valuable active license! Think of all the potential leads with family, friends, co-workers, past clients, neighbors, church, school and trade organizations, local businesses such as the supermarket, gym, barber etc. Just by having an active real estate license gives you the best part time job ever! Check out our Referral Strategies.
HOW DO I GET PAID?
Once Park and Refer receives the commission check from your referral closing, we’ll mail or wire the funds. At year end you’ll receive a 1099 to report your earnings, no taxes will be deducted.
HOW DO I PARK MY LICENSE WITH PARK AND REFER?
Simply click on the “Super Easy Sign-Up” button and input your info. You’ll be prompted to order your 250 FREE Professional Business Cards, and then we’ll respond with an email to you containing all of the documents required to transfer your license to Park and Refer including:
- Independent contractor agreement
- Office policy manual
For your ease and convenience these documents can be completed and signed online.
WHAT IF MY LICENSE IS INACTIVE OR EXPIRED?
No problem. As part of Park and Refer’s sign-up process, if you are “Inactive” or “Expired”, we’ll utilize DORA’s online licensing system to move your license over.
HOW MUCH DOES THE COLORADO DIVISION OF REAL ESTATE CHARGE TO TRANSFER MY LICENSE TO A NEW FIRM?
CREC charges a $25 fee to transfer to a new firm whether you’re in “Active” or “Inactive” status. If your license has “Expired”, you’ll need to reinstate your license…so don’t let your license EXPIRE!
CAN I ACT AS THE AGENT ON MY OWN PERSONAL REAL ESTATE TRANSACTION?
No, but you may earn a referral commission. In many cases, agents owners have negotiated a 70% referral or more on their own purchase or sale. If you are listing, of course the “FSBO” option is available to you.
CAN I LIST PROPERTIES OR REPRESENT BUYERS?
Park and Refer is designed as an extremely low cost referral-based brokerage. Agents may only refer their leads and earn commission. Listing property or representation of buyers is not possible.
DO I HAVE TO STAY ACTIVE WITH DORA AND COMPLETE CONTINUING EDUCATION REQUIREMENTS?
Yes, you must keep your license in active status with DORA. For your convenience, we’ll send you renewal date reminders. According to the Colorado Division of Real Estate rules and regulations, you must complete 24 hours of continuing education over your 3-year license cycle. For a list of requirements and classes you can take, click our DORA CE HUB. This will save you a ton of time and money. Click on our current CE PROMO CODE for a great discount on your classes!
CAN I CHOOSE THE AGENT THAT WORKS MY REFERRAL?
Yes, you may choose any licensed agent anywhere in Colorado or the world to work your referral. You aren’t limited by geography when earning great money on your referrals. You may refer residential, commercial, new construction, and even land deals!
HOW DO I PLACE A REFERRAL WITH PARK AND REFER?
Simply fill out the Referral Form also located on our home page or call us, 888-470-0641.
HOW DO I KEEP TRACK OF THE STATUS OF MY REFERRAL?
Easy! We track the progress of your referral for you from placement through closing, and simply send you a cool web link that will always have updated transaction status, which you can check as often as you’d like!
ARE THERE ANY DEDUCTIONS FROM MY REFERRAL COMMISSION?
We have the most competitive split of all Referral Agent Brokers in Colorado! Our fee on closed referrals ranges from 9% to 25% and designed to put more in your pocket. Here are some examples…
- Your check coming in is $1,300 or less-we charge 25%. i.e. $1,000 commish, $250 fee=25%
- Your check coming in is $1,300-$3,600-we charge a flat $325. i.e. $2,700 commish, $325 fee=12%
- Your check coming in is $3,600 or greater-we charge 9%. i.e $9,000 commish, $810 fee=9%
Most referral agent brokers will charge you a flat 20%-50% of your referral commission, but our fee structure is designed so that an average referral falls in the 12% range, and if you are lucky to get a larger referral commission you aren’t going to pay 20-50%!