03/23/2024
Why get a referral real estate agent's license in New Jersey?
Have you ever wondered why someone would get a referral license instead of a regular agent’s license.
During our years as real estate educators we have seen students get a referral license for a multitude of reasons which are unique and personal to each.
We had a student who got their license because their job was as a community greeter and so many times he was asked if they knew a real estate agent so he decided to get the referral license so that he could refer the real estate business to his broker and earn money from it.
Many of our former students were police officers and FBI agents who planned to retire in their forties. So, they decided to get their referral agent’s license since their schedules were so demanding and were able to refer to their broker people they met daily. And later, once they retire, they could switch their license to a regular salesperson license so they could do hands-on activities, show the properties themselves, negotiate and represent buyers and sellers.
Another big pool of individuals are teachers, who enjoy having summers off and choose to get a referral license as a source of extra income without really putting any time into it.
Some people have high powered jobs with twelve-hour shifts preparing for a brighter future of working smarter not harder. They are usually very busy people with many opportunities to meet other people at gatherings and social events. Real estate is always a conversational topic and when the opportunity strikes, bang!, they refer the real estate business to their broker.
Stay at home moms raising little ones have also been a huge pool of students. While they want to nourish and take care of their little ones, they have so many opportunities to meet other moms and refer them to the real estate business without much effort. One of our students as a referral agent got her baby’s pediatrician interested in buying the building next to them, referred her and got paid commission.
Having different streams of income allows people to live more comfortably and with plenty of opportunities. It gives them peace of mind; in the event they should become unemployed; they have something to fall back on. And who knows, it could become their main source of income in the future.
What are the advantages to a referral license:
Avoid CE. In New Jersey, a real estate referral agent is 100% exempt from continuing education requirements. All full-service real estate agents must complete the required credit hours two months before the end of each two-year renewal cycle. If you wait until the last two months, the real estate commission levies a $200 fine.
License Flexibility. Ready to go back to full service with your New Jersey real estate license? Referral agents can easily catch up by taking their CE credits online.
Minimize your costs & Earn income in your spare time. This isn’t specific to New Jersey, but being a referral agent is a great way to keep your real estate license active while saving thousands on board dues, MLS fees and other various costs you would normally incur. The best part is that you can still earn commission by simply referring friends, family and even yourself.
Adler Toro Referral Services
www.adlertoroandassociates.com
Are you ready to get your referral agent's license?
