Indiana Referral Status Agent FAQ's
CAN I PUT MY INDIANA REAL ESTATE LICENSE IN REFERRAL STATUS WITH PARK AND REFER?
Yes, Park and Refer is a fully licensed and independent dedicated referral status broker with the Indiana Real Estate Commission, License #RC51600043. Whether you’ve had your license for 40 years, or brand new to real estate, going referral status is the perfect inexpensive solution to start making thousands on your referrals.
ARE THERE ANY TYPICAL REALTOR FEES ASSOCIATED WITH JOINING?
NO! You’ll easily save thousands per year on these fees. You won’t be a member of any board of realtors, MLS service, or have to pay monthly office fees or E&O Insurance. And since we’re a virtual office, there are no meetings, sales quotas, or obligations.
Our low 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 with just 1 successful paid referral. Yes I know, Parking your license is sounding pretty good!
HOW MUCH CAN I EARN?
The sky is the limit and you’re in control of your income stream. A 25% referral of a $300k purchase or listing will put $1,925 in your pocket with almost NO EFFORT. You can even refer a client, or yourself to a new home builder and earn a part of the 3% builder co-op, which on a $300,000 home is $9,000. Our average referral payout is $2,000, and our largest referral payout so far is $20,133.75! Think of all the potential leads with your family, friends, co-workers, past clients, neighbors, church, school, and trade organizations. Best of all you can refer yourself on your own transactions, money in the bank! Being a Referral Agent 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 your funds typically the same day. 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 the “Super Easy Sign-Up!” button and input your info, and then we’ll respond with an e-signable email containing all of the documents required to transfer your license to Park and Refer including: Independent contractor agreement, Office policy manual, and W-9.
WHAT IF MY LICENSE IS INACTIVE OR EXPIRED?
No problem depending on the length of time. It’s easy to reinstate or renew with the Indiana’s IPLA e-licensing system. Call us if you’re unsure and we can double check for you, 888-470-0641.
HOW MUCH DOES IPLA CHARGE TO TRANSFER MY LICENSE TO A NEW FIRM IN REFERRAL STATUS?
There is a $10 fee to transfer to a new firm in referral status with Indiana PLA, and very easy to accomplish thanks to the easy online transfer system.
CAN I ACT AS THE AGENT ON MY OWN PERSONAL REAL ESTATE TRANSACTION?
No, but you may refer yourself and earn a commission. This is a huge benefit to keeping your valuable license active! In many cases, our agents have negotiated a 60% referral or more on their own purchase or sale. Of course the “FSBO” option is available to you as well if you are listing your home.
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.
CAN I CHOOSE THE AGENT THAT WORKS MY REFERRAL?
Yes, Park and Refer is a completely independent brokerage. You may choose any licensed agent anywhere, local or out of state, to work your referral, you aren’t limited by geography. And don’t worry about your out of state leads if you don’t know any good agents, we have the resources and experience to help you find the perfect agent for your client’s needs. You can refer residential, commercial, new construction, and even land deals.
HOW DO I PLACE A REFERRAL AND KEEP TRACK OF IT?
WHAT IS THE PARK AND REFER COMMISSION SPLIT FROM MY PAID REFERRAL?
We have the most competitive split of all Referral Agent brokers in Indiana. 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 more-we charge 9%. i.e $7,000 commish, $630 fee=9%
Most referral agent brokers will charge you a flat 20%-40%, but our fee structure is designed so that an average referral falls in the 12% range, with larger referrals just 9%. And don’t forget you’ll earn a FREE 1 year renewal with just 1 paid referral!
NEW BUILD PROPERTY REFERRAL
In this specific referral situation, you’ll refer any client or yourself, to purchase a new build property. Typically a builder offers a 3% commission on the new home sales price, minus upgrades. Park and Refer strongly encourages you to negotiate a higher referral % with your preferred agent on these deals. 35%-40% would be a great starting point!
Indiana Real Estate Commission Website
PARK Your Valuable Real Estate License Today!
Congrats to our newest referral agent: Natalia B. of Berkeley CA., She'll keep her valuable California Real Estate License active, lose the typical real estate agent fees, and keep earning great money!
— Park and Refer (@ParkandRefer) November 15, 2019