FAQ

When join our referral brokerage, you are eligible to submit referrals to our online system.  Once the referral is submitted the broker we will coordinate all the necessary paperwork to ensure the referral payment.  When the transaction closes, the assigned agent’s broker will pay your brokerage (Colorado Real Estate Referral Network, LLC) the referral fee.  Your broker will process the referral and pay you your portion by check or direct deposit.

What is the commission split from my paid referral?

• For referrals under $4,000 – 12% paid to Colorado Real Estate Referral Network
• For referrals $4,001 and up – 9% paid to Colorado Real Estate Referral Network

What is a referral associate?

A referral associate is someone who holds an active real estate license but earns income by referring a person to an active real estate broker as a lead rather than engaging in active sales.

How do I join Colorado Real Estate Referral Network, LLC as a referral associate?

It’s so easy! You can join by clicking here or in the navigation menu at the top of the page. There, you’ll have access to the paperwork needed to sign up. Simply follow the instructions in the packet and submit your information with your payment. If you have any questions, you can contact Laura at [email protected] or 719-660-4354.

How do I place a referral?

You’ll contact the customer, gather as much pertinent information as possible about them and their buying or selling needs, and get permission to refer them. Important information to obtain includes their name, phone number(s), physical address, email address, area of interest, type of home (single family home, condo, townhouse?), price range, and any other information necessary to place the referral with a real estate broker. The more information you can obtain, the easier it will be to meet the customer’s expectations. Finally, complete the online form and referral agreement to start the process.

How do I get paid?

When a real estate transaction closes, the destination company will pay Colorado Real Estate Referral Network, LLC a referral fee from their gross commission. Colorado Real Estate Referral Network, LLC will receive that referral fee check via postal mail within 10 business days of closing. The referral fee check is processed and then Colorado Real Estate Referral Network, LLC will either initiate a direct deposit or mail a check to you the next business day.

Can I have a full-time job in a different profession?

Colorado Real Estate Referral Network, LLC was created for people who have chosen not to pursue real estate as a full-time career, who are changing their occupation, or are retiring from full-time work as a real estate agent. As a referral associate, you can still generate referrals through personal and business networking channels even with a different full-time job.

Can I list a property?

As a referral associate, you are ineligible to list or sell any property, participate in negotiations, or execute any real estate documents. You can refer your customer to an active real estate agent who will, in turn, provide a referral fee for the introduction if that introduction results in a closed transaction.

What is the total start-up cost?

The cost is only a $150 annual fee and that is prorated for those who join after July 1, to $75. There are no local or national board membership dues or MLS fees to be paid.  If you would prefer direct deposit of your referral, there is an additional $50 charge, per year.

Do I have to join the local real estate board and/or MLS

No! As a referral associate you will not be required to join the local, state, or national Board of REALTORS®, nor will you be an MLS member.

Is continuing education required?

Referral associates ARE required to maintain their Colorado Real Estate License at their own expense. Therefore, DORA’s continuing education requirements must be met.

Can I place a referral with an agent I know?

Yes! As long as the individual is an active real estate agent, we will place the referral with that individual, then generate a referral agreement and track the execution of all the paperwork. However, if the referral associate does not direct the referral to a specific full-time sales associate, Colorado Referral Network, LLC will select a reputable real estate broker in the service area.

Do I pay errors and omissions fees?

No! E&O fees are included in your annual membership fee.

What happens if I move out of state?

There is no requirement for referral associates to live in the state of Colorado. As long as you complete the continuing education required to keep your real estate license in current status, you can live anywhere you wish.