Spoiler Alert: You will no longer have access to traditional, fee-based MLS*
But wait... read on... good info.
• No mandatory $500.00+ bill for MLS.
• No mandatory $750.00+ bill for Board fees either.
• No other mandatory dues to National organizations. At all.
• Referral agents/agencies are not required in FL to be Local Board Affiliates - so you're good there.
• Referral Realty means you'll be referring clients to other entities - you won't be writing offers or listings.
• You get paid via Builders -or- Brokers/Agents -or- Landlords to whom you refer your clients.
• With Builders, it's usually around 3-6% TO YOU of the transacted sales price of the new home. Sometimes more.
• With Brokers/Agents, it's usually around 25 - 33% of their total earned commission. You negotiate that amount.
• With Landlords, it's usually 50-100% of one month regular rent. Can be as high as 200%
• FYI - best commissions are from referring clients to new construction homes - often > $12,000**
• You earned the license - keep it active - even if you have no immediate plans to use it.
• Keep it ACTIVE with us for $49/year or $89/2 years. Your choice.
* you can join MLS if you really want, as an add-on, for educational purposes, but you cannot list properties there.
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** 3.00% commission on a closed transaction of $400,000 = $12,000.00
** 4.00 commission on same closed transaction is $16,000.00
** 5.00% commission on same closed transaction is $20,000.00
** 6.00% commission on same closed transaction is $24,000.00
Whether you're a seasoned pro, doing real estate as a side hustle, or just like the idea of having your license active for when the need arises (like buying your own place), Firelight has an easy, affordable, and streamlined solution. We also have recommended Sweet Spots below for maximizing your Firelight Membership.
Keep in mind, with your active license, you can transact residential and commercial properties - purchases, rentals, and leases - as a Firelight agent, you won't be listing them yourself - on MLS or elsewhere. You are going to be referring them out - to other agents you know, to our local partner, to Builders, to Landlords - we'll walk you through if needed.
You will no longer be a member of National Association of Realtors® as you will no longer be paying them annual fees. You cannot then call yourself a Realtor® as that is a trademarked term exclusive to NAR members (as are their various forms - don't worry, we have our own forms for you to use). You can call yourself a Real Estate Agent, Real Estate Guru, Real Estate Expert, Real Estate Professional, Real Estate Genius, The Rollicking Reigning Ringmaster of Real Estate... you get the point.
You will no longer have access to traditional, fee-based MLS. It's only fair since you won't be paying for it. You will be a Referral Agent, so you will not need MLS anyhow. You can add MLS later (at current published rate in your region) if you really want it for educational purposes, but you cannot list on MLS as a Firelight agent.
But wait... read on... good info.
• No mandatory $500.00+ bill for MLS.
• No mandatory $750.00+ bill for Board fees either.
• No other mandatory dues to National organizations. At all.
• Referral agents/agencies are not required in FL to be Local Board Affiliates - so you're good there.
• Referral Realty means you'll be referring clients to other entities - you won't be writing offers or listings.
• You get paid via Builders -or- Brokers/Agents -or- Landlords to whom you refer your clients.
• With Builders, it's usually around 3-6% TO YOU of the transacted sales price of the new home. Sometimes more.
• With Brokers/Agents, it's usually around 25 - 33% of their total earned commission. You negotiate that amount.
• With Landlords, it's usually 50-100% of one month regular rent. Can be as high as 200%
• FYI - best commissions are from referring clients to new construction homes - often > $12,000**
• You earned the license - keep it active - even if you have no immediate plans to use it.
• Keep it ACTIVE with us for $49/year or $89/2 years. Your choice.
* you can join MLS if you really want, as an add-on, for educational purposes, but you cannot list properties there.
---
** 3.00% commission on a closed transaction of $400,000 = $12,000.00
** 4.00 commission on same closed transaction is $16,000.00
** 5.00% commission on same closed transaction is $20,000.00
** 6.00% commission on same closed transaction is $24,000.00
Whether you're a seasoned pro, doing real estate as a side hustle, or just like the idea of having your license active for when the need arises (like buying your own place), Firelight has an easy, affordable, and streamlined solution. We also have recommended Sweet Spots below for maximizing your Firelight Membership.
Keep in mind, with your active license, you can transact residential and commercial properties - purchases, rentals, and leases - as a Firelight agent, you won't be listing them yourself - on MLS or elsewhere. You are going to be referring them out - to other agents you know, to our local partner, to Builders, to Landlords - we'll walk you through if needed.
You will no longer be a member of National Association of Realtors® as you will no longer be paying them annual fees. You cannot then call yourself a Realtor® as that is a trademarked term exclusive to NAR members (as are their various forms - don't worry, we have our own forms for you to use). You can call yourself a Real Estate Agent, Real Estate Guru, Real Estate Expert, Real Estate Professional, Real Estate Genius, The Rollicking Reigning Ringmaster of Real Estate... you get the point.
You will no longer have access to traditional, fee-based MLS. It's only fair since you won't be paying for it. You will be a Referral Agent, so you will not need MLS anyhow. You can add MLS later (at current published rate in your region) if you really want it for educational purposes, but you cannot list on MLS as a Firelight agent.
REFFERAL REALTY EARNING SWEET SPOTS:
New Construction / Home Builders
You've seen the Master-Planned Communities with the flashy model homes and the big signs... these combine the 2 elements that make referral realty so lucrative: High Commissions and Very Little Hand Holding. In other words, once you refer a client to a regional or national builder, they generally take it from there. They have their own sales staff, lenders, closing departments, etc. There's not much for the referring agent to do after the first introduction - and that's a good thing.
Expect Commissions as follows - simply as an example:
3.00% commission on a closed transaction of $400,000 = $12,000.00
4.00 commission on same closed transaction is $16,000.00
5.00% commission on same closed transaction is $20,000.00
6.00% commission on same closed transaction is $24,000.00
Using 4.5% commission is a realistic average estimate -- $18,000.00 in the above example.
Also, get on their mailing lists. As many as you can... they offer periodic bonuses and incentives AND they throw the best marketing events - great food and generous door prizes - seriously, get on their real estate agent exclusive lists.
There are some useful links under Agent Services - accessible after Membership activation.
* You will likely have to accompany your client on the first showing/introduction in order to qualify for a commission and it's best to make an appointment first - on the builder's website or through their telephone marketing department. Note your name, that you're a licensed agent with Firelight Realty in Florida, and the names of those you'll be bringing. You will need to repeat this for every visit and every builder. It is the agent's responsibility to verify and confirm cooperating commissions with builders.
Expect Commissions as follows - simply as an example:
3.00% commission on a closed transaction of $400,000 = $12,000.00
4.00 commission on same closed transaction is $16,000.00
5.00% commission on same closed transaction is $20,000.00
6.00% commission on same closed transaction is $24,000.00
Using 4.5% commission is a realistic average estimate -- $18,000.00 in the above example.
Also, get on their mailing lists. As many as you can... they offer periodic bonuses and incentives AND they throw the best marketing events - great food and generous door prizes - seriously, get on their real estate agent exclusive lists.
There are some useful links under Agent Services - accessible after Membership activation.
* You will likely have to accompany your client on the first showing/introduction in order to qualify for a commission and it's best to make an appointment first - on the builder's website or through their telephone marketing department. Note your name, that you're a licensed agent with Firelight Realty in Florida, and the names of those you'll be bringing. You will need to repeat this for every visit and every builder. It is the agent's responsibility to verify and confirm cooperating commissions with builders.
Client Cultivation and Networking - REFERRING
The most traditional side of realty. You rely on your network, your sphere of influence, friends and family... you keep your eyes and ears open... someone in your orbit is probably thinking about buying or selling right now.
Since you are a real estate agent, you probably know others. You probably know other good ones. Refer the person in your orbit to that other trusted agent. Negotiate the referral commission with that trusted agent. For reference, it's usually 25 - 33%. Have that agent's brokerage sign the Referral Agreement (found under Agent Services on this website - see the top Navigation bar) noting the agreed upon referral commission and send it back to us.
If/when that, now referred client's deal closes, you are due your commission - which is their total commission times the negotiated referral percentage. Example, if your referred client sells a home for $350,000 and the referred agent's commission was 2.5% - the total commission is $8,750. If you negotiated a 30% referral commission, your share is $2,625.
Hmmm... you may be thinking "so that other agent gets $6,125 and I get $2,625." And we get that. Yes, you get less. Remember, you're not paying the MLS fees or Board Fees, and you're not entering that listing into MLS and managing it from then on. You're hands off at this point. All you did was complete one piece of paper - the Referral Agreement - and collected a commission.
When you refer a client to our preferred brokerage, you will likely see your commission on the highest end of the range. Just let us know and we'll put together a generous and binding proposal for you.
Since you are a real estate agent, you probably know others. You probably know other good ones. Refer the person in your orbit to that other trusted agent. Negotiate the referral commission with that trusted agent. For reference, it's usually 25 - 33%. Have that agent's brokerage sign the Referral Agreement (found under Agent Services on this website - see the top Navigation bar) noting the agreed upon referral commission and send it back to us.
If/when that, now referred client's deal closes, you are due your commission - which is their total commission times the negotiated referral percentage. Example, if your referred client sells a home for $350,000 and the referred agent's commission was 2.5% - the total commission is $8,750. If you negotiated a 30% referral commission, your share is $2,625.
Hmmm... you may be thinking "so that other agent gets $6,125 and I get $2,625." And we get that. Yes, you get less. Remember, you're not paying the MLS fees or Board Fees, and you're not entering that listing into MLS and managing it from then on. You're hands off at this point. All you did was complete one piece of paper - the Referral Agreement - and collected a commission.
When you refer a client to our preferred brokerage, you will likely see your commission on the highest end of the range. Just let us know and we'll put together a generous and binding proposal for you.
Rentals
Many, many apartment communities and rental home companies offer commissions to licensees who find them tenants. Simple. It's usually 50-100% of the first full month's rent. Sometimes more, not often, but we see 200% of first month's rent here and there. For figuring sake, say 75% of the first month's rent as a ballpark commission on rentals. Lease term requirements vary, but usually are 7-13 months in order to earn a commission. Say $2,000 ~ first full month = $1,500 commission.
>> The sales cycle of rentals is very short - usually 1-4 weeks, so it's easier and ay faster than transacting home sales/purchases.
In both of the above cases, inquire of the apartment community or the home rental company about their commission policy for "A licensed agent who is responsible for referring a client who ultimately signs a lease and moves-in". You will get the answer you need right away.
>> The sales cycle of rentals is very short - usually 1-4 weeks, so it's easier and ay faster than transacting home sales/purchases.
In both of the above cases, inquire of the apartment community or the home rental company about their commission policy for "A licensed agent who is responsible for referring a client who ultimately signs a lease and moves-in". You will get the answer you need right away.
Leasing
Perhaps you have a client with rental properties who needs help finding a quality tenant. You can set the commission rate (we suggest 1 month's rent) and advertise it for free on many publicly available websites. There's one that starts with Z with which you may be familiar. There's another that Jeff Goldblum seems to like. You get the picture. You can suggest 3rd party tenant screening sites too - though it is the client who should decide the best tenant - not the agent. If you've never done leasing before, give us a shout... we'll walk you through it.
Referring an Agent to Firelight
For every agent you refer to us, you get $25.00.
Additionally, you'll get 1.00% commission for every transaction your referred agent closes within the first 12 months of their joining Firelight Realty.
If you refer Agent B to us, and Agent B closes a deal with a $5,000.00 commission, you'll get $50.00.
There's no limit to these referral bonuses aside from they expire one year after a referred agent joins Firelight (transactions have to close within that year) and we only pay bonuses for direct Agent referrals. If you refer Agent B, C, D, and E -- cool. But if Agent B refers Agent F to us, you don't get bonuses for Agent F's transactions. It's not a pyramid type situation.
Additionally, you'll get 1.00% commission for every transaction your referred agent closes within the first 12 months of their joining Firelight Realty.
If you refer Agent B to us, and Agent B closes a deal with a $5,000.00 commission, you'll get $50.00.
There's no limit to these referral bonuses aside from they expire one year after a referred agent joins Firelight (transactions have to close within that year) and we only pay bonuses for direct Agent referrals. If you refer Agent B, C, D, and E -- cool. But if Agent B refers Agent F to us, you don't get bonuses for Agent F's transactions. It's not a pyramid type situation.
Buying your own place
If you are in the market for a place of your own, let's talk. You can either refer it, or you can keep the purchase in-house if you have experience in transacting a purchase. Either way, Firelight will see to it that you get the maximum buyer-agency commission back to you at closing. Even if you only ever use your Firelight Membership to buy your own home - that alone will net you 1000s of dollars for sure.
Selling Your Own Place
If you are selling your own place, and you have your license with us, a Firelight Realty preferred broker will list your property for 1.00% You set the buyer's agency fee - and with all the new commission listing changes, that could be whatever you want - and that's essentially a full-service listing with MLS presence. We just ask that you handle your own showings - you'll be set up with ShowingTime which makes notifications and scheduling of showings super easy) and host your own open houses, etc. There is no referral fee paid back to the Firelight Agent in this case - the listing commission is discounted as a perk to the Firelight Agent.
