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Should I let my Real Estate license lapse or expire?

Posted by flparkplacerealty on August 27, 2015 at 4:05 PM

If you have a real estate license and you are contemplating on if you should keep your license or if you should let it go. My answer to you would be to keep your license forever and never let it go! The reason most people let their license go is they think they have to be full-time in the business and pay the board of Realtors and the MLS hundreds of dollars a year in annual fees. This is the case most of the time and I completely understand letting your license go if you think this is your only option.


 

Most agents do not know about real estate referral companies. Real estate referral companies are the perfect option for those that work in a different industry or are retired etc… and do not use their real estate license. In a real estate referral company you can place your real estate license in this “license holding company” and instead of having to work with your buyers or sellers, you would refer it out to someone that is full-time in the real estate business. This full-time agent will handle everything and pay back your broker of the real estate referral company typically a quarter of the commission as a referral fee. You then would have your split with the broker of the referral company.


 

The average person personally knows 3 to 5 people who are planning to move each and every year according to the National Association of Realtors. The average home in the U.S. right now is over $200,000, a quarter of a 3% commission on a $200,000 property is $1,500, x 3 people a year is an additional $4,500 a year on the low end just to keep your real estate license active. Imagine if you actually made an effort to find more people, friends, family, co-workers etc… Also, a real estate referral company is able to refer your prospects to brokers all over the world and you can still earn a fee, not just the state that you are licensed.


I personally think it is wise to keep your license in good standing to earn an additional income in a real estate referral company versus letting the license that you worked so hard to get initially lapse. Who knows, in a few years you might decide that you do want to sell real estate full-time again.


 

Written by:

Jeremy Weinberg







 

Categories: None

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