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Thinking about “parking” your real estate license?
Consider this first…

You’ve worked hard to build your reputation as a REALTOR® people trust.  If you’ve been in real estate for any period of time, you probably have hundreds of people who look to you as their real estate resource.  That’s too valuable an asset to give up.  Why not keep your client relationships active and keep your business income flowing during this next chapter?

Parking your license typically means transferring to a brokerage that isn’t a member of the REALTORS® Association of Edmonton.  While this saves you about $2000 in annual RAE/AREA/CREA fees, it also means you have no access to MLS, no keysafe privileges, and most important, you can’t call yourself a REALTOR® as that’s a licensed trademark of the Canadian Real Estate Association.

It’s true that if you transfer your license to a non-RAE brokerage, you can always refer clients to an active agent at another brokerage for an agreed upon referral fee.  This can work, but there are a few risks you’ll want to consider:

  • First of all, if you’re not personally staying in touch with your past client after referring them to another agent, most likely they’ll go straight to that other agent the next time they need to move. That could be very costly for you!
  • Then (and this is the part that has the biggest financial impact for you), the next time they need an agent to refer their friend or family member to they’ll likely suggest they contact the agent who you asked to assist them. This can lead to your referral stream drying up, quickly!
  • Also, you may be paid just once for what could turn into multiple transactions! Not every agent you refer to will send you a referral fee on subsequent deals with the same referred client. That’s another risk to your future income stream.
  • And, because you no longer have access to MLS and can’t call yourself a REALTOR®, over time your sphere will be less likely to reach out to you at all.

INTRODUCING SCHMIDT REALTY GROUP’S “KEEP YOUR LICENSE” PROGRAM

The Schmidt Realty Group alternative to parking your license allows you to stay a member of the Realtor Association of Edmonton while not doing any of the direct client work. Here’s how it works:

  • You transfer your license to SCHMIDT and pay NO monthly brokerage fee and pay NO commission split on trades referred to Schmidt agents.
  • You agree to not work directly with your own clients and to send all referrals (local and distanced) to Schmidt Realty Group agents.
  • A Schmidt agent will work with your client and there will be a 30% referral to you.
  • All subsequent trades for the referred client will earn you a 30% referral as well.
  • Our marketing team will send out regular market updates to your sphere, to ensure they continue to see you as their real estate resource. You can include a personalized message if you like, or we’ll create it all without you lifting a finger!
  • You keep your REALTOR® status and MLS access. More important, you keep your “trusted advisor” status with your friends and family so your referrals keep coming in!
  • If you choose to, you can handle your own personal trades for properties you own or are purchasing, with a flat deal fee of $1000 like all other Schmidt agents.

Want to fully retire and leave real estate behind?  You can be 100% hands off while you relax at home or travel the world, while the business you worked so hard to build continues to support you.  And you can relax, knowing that an expert Schmidt agent is looking after your clients,

Want to be more involved?  Continue to reach out to your sphere to stay connected, and touch base with them during the course of their purchase or sale.   The more connected you stay, the stronger your referral business will be. In other words, the more you do, the more you earn!

Intrigued?  I’d be happy to have a confidential conversation and answer your questions.  It would be a privilege chat with you!
Reach out to me directly at 780-994-1124 or Kathy@WeSellEdmonton.com

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