How It Works
Simply put, with an active real estate license, you are able to receive sales commissions by referring buyers and sellers to Realtors®. Whether you are currently working as an agent and want to move on to something else, perhaps you have worked in real estate for many years and it's time to retire, you are an investor that likes to manage your own personal deals, or you have no interest in participating in real estate sales but would like to create a passive income stream - maintaining an active license will give you the opportunity to achieve your objective. Where are you at when it comes to real estate?
Benefits of Referring
Regardless of your motivation to be a referral agent, a fact of life these days is that a side hustle is becoming a necessity to get ahead financially. You may need additional income to pay the bills or you may use the gig economy to grow your wealth.
A career as a Realtor® is very challenging. Realtors® are generally self employed independent contractors. If they don't close sale transactions, they don't get paid. It is the primary reason that new agents don't make it in the business. The National Association of Realtors statistics indicate that 87% of all new agents fail within five years in the industry. That means only 13% make it in the business!
By participating as a referral agent, you can continue to benefit from your primary source of income and feel secure in your financial future. Your side hustle as a referral agent will simply create an additional source of income.
Perhaps you know a really good Realtor® that you already recommend to family and friends to ensure a quality professional guides them through the sale or purchase process. Could you benefit by becoming a referral agent and continue to refer the same Realtor®? Could the Realtor® also benefit from your increased motivation to refer even more buyers and sellers to them? Of course...it's a win/win.