Frequently Asked Questions...
Transitioning from an active REALTOR to a Referring Agent can be an easy and lucrative move for any active Texas REALTOR. You didn't spend years building relationships just to wander off into the sunset.
Here are the most frequently asked questions...
If you don't see an answer to your question, email us at RealAlumni@mail.com
+ 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 a Realtor® as a lead rather than engaging in active sales.
+ How do I join RealAlumni as a referral associate?
It's so easy. Simply follow the instructions in the packet and submit your information with your payment. If you have any questions, you can contact the Broker at RealAlumni@mail.com
+ 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. To place your referral, XXXX
+ How do I get paid?
When a real estate transaction closes, the destination company will pay RealAlumni members a referral fee from their gross commission. RealAlumni will receive that referral fee check via postal mail within 10 business days of closing. The referral fee check is processed and then RealAlumni will mail a check to you the next business day or direct deposit to your banking account.
+ Can I have a full-time job in a different profession?
Of course! RealAlumni was created for people just like you 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 place international referrals?
Yes! RealAlumni has relationships with brokerages both inside the US and internationally. We can assist your customer in finding an agent almost anywhere in the world.
+ 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 REALTOR® through RealAlumni 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 $100 annual fee. There are no local or national board membership dues or MLS fees to be paid. The fee is based on an annual basis using 30 days prior to your birthday. Join any time and the annualized fee shall be pro-rated from joining date to your RealAlumni birthday.
+ 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 Texas Real Estate License at their own expense. Therefore, TREC’s continuing education requirements must be met.
+ Can I place a referral with a REALTOR® I know?
Yes! If the individual is an active REALTOR®, RealAlumni 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, RealAlumni will select a reputable real estate broker in the service area.
+ Do I pay errors and omissions fees?
No! E&O fees are not a requirement for referral associates because you are not practicing real estate.
+ What happens if I move out of state?
There is no requirement for referral associates to live in the state of Texas. If you complete the continuing education required to keep your real estate license in active status, you can live anywhere you wish.