What are the costs involved in being a member of Metro Referrals?
The initial fee is $99 you join Jan.-June and $49 if you join July-Dec. Then, you are billed every Jan. for annual dues of $99. Your state will also charge an initial fee to place your license with us. The only other costs involved are the fees to renew your license with the state (fees vary by state), when needed, and the cost of CE courses, if required.
How do I Join?
Email Metro Referrals for the paperwork to join. Please be sure to let us know what state you are licensed in and whether you are transferring from another broker, reactivating from an inactive status, reinstating an expired license or brand new. We will be happy to send you the appropriate paperwork. You can also call us at 800-781-4860.
How much can I really make on a referral?
When a referral settles, Metro is paid a referral fee and we split that with you on a 50/50 basis. For example, if you refer someone who buys or sells a home for $400,000 with a 3% commission on the referred side and a 25% referral fee, after your 50/50 split, you would receive $1,500.00 just for referring the client to an agent. $1,500 just for taking a few minutes to make a referral…Not bad!
Effective January 2010, only your first 2 referrals are split 50/50. Your 3rd and subsequent referrals will be based on a 70/30 split where YOU are getting 70%! Also, if you are buying or selling YOUR personal residence, your split will also be 70/30 whether or not it is your 3rd referral.
How much of a referral fee should I ask for?
When you are placing a referral directly with an agent yourself, the referral fee is an agreement between the two of you, but 25%-35% is pretty standard. It can be more or less, depending on your agreement.
Do I still have to do Continuing Ed when my license is with Metro?
YES! While you, as an agent, are not active, your license is! Any active license must be renewed and continuing education must be done, as usual.
Can I get a referral on the sale/purchase of my own home?
YES! You would refer yourself to an agent just as you would any other buyer or seller.
PLUS, when you are buying or selling your own home, your split will be 70% instead of the standard 50%.
Do I have to use a Long & Foster agent to refer my business to?
No. You can refer your clients to any agent with any company to or from anywhere in the country.
If I know an agent I want my client to work with, can I use that agent or do I have to go through you?
If you know an agent, you can go directly to that agent, using your Customer/Client Referral form as your referral agreement. If you do not know an agent, just call us with your client’s info and we will take care of it!
What do you need from me when I place a referral?
If we are placing the referral for you, we always need at least their name, address, contact info and any important info you want to pass along to us. If you are placing a referral directly with an agent, please just fax us a copy of your signed referral agreement for our records.
Can I make commercial referrals?
Yes! If you know a commercial agent, you can go to them directly, or just call us with the info and we will place your referral with Long & Foster’s Commercial Division if the referral is within the Baltimore/Washington area.
Can I make rental referrals?
If you know an agent that will pay a referral on a rental, then yes. Typically, agents will not pay referrals on rentals because there is so little commission involved. But at least you will be assisting your client with their needs and when they are ready to buy, perhaps they will call you!
How can I promote myself as a referral agent?
Simply click on “Already a Member” above and select the link under “Marketing Resources” for several suggestions. ANY promotion done must be approved through Metro Referrals to ensure compliance with state advertising laws.
What happens if I don’t know any agents to refer my clients to?
When you don’t know any agents, simply complete the Customer/Client Referral Form with the client’s name, address, phone numbers, email address, whether they want to buy or sell and where and all other pertinent information. You may fax the form to us or just call us with this info. Whenever possible, we place your referral with an agent/company who is part of the Leading Real Estate Companies of the World® broker network. Please visit the website for more info on this network of brokers. These brokers, www.leadingre.com, are held to very high standards of customer service and hold the dominant market share in the areas of interest. These are top notch Realtors and we only expect the best from them! I will take care of the follow up, having the referral agreement signed, etc. You are paid the same whether you place your referral or we do.