Frequently Asked Questions
Below are some Frequently Asked Questions that you may have about Real Estate Referrals Group (RERG). If your question is not addressed, please use the form at the bottom of the page to reach out to us and we will follow up with you as soon as possible.
Q: Can I help my brother out by reviewing the transaction paperwork for him and making suggestions for a counter offer?
A: Short but firm answer: NO. As a referral agent you agree to not participate in ANY active agent activities. As you are on referral status only, you are not a member of MLS therefore cannot legally enter any home to show on a professional basis. The extent of your involvement on the professional side is filling out the referral form, getting it signed by all agents involved and returning it to RERG. (And paying your taxes…don’t forget to pay your taxes.)
Q: What is the difference between a referral agency and a real estate brokerage?
A: A referral agency allows you to hang your active license and receive referral fees without actively participating in the day to day activity of real estate. A brokerage is where you will hang your license if you want to actively participate in helping your clients through showings, listing contracts, transactions, etc. In a referral agency you do not need to pay association or MLS dues. In a brokerage you will need to have active status with an association and the area MLS (includes paying dues and fees) to participate in real estate activities.
Q: What does it cost to become an active practicing agent?
A: There are many and varied costs associated with being a real estate agent. Pre-licensing costs include 150 hours of approved coursework. This can range anywhere from $299 to $999 depending on the program you choose. Oregon Licensure fees are currently $300. Cost of PSI test is $75 (not including any practice tests you choose to purchase). Fingerprinting fee is currently $57. After licensure there are association dues that can range from $500 and up/yr. MLS dues vary but a good estimate is $175/quarter.
Depending on the brokerage you join there may be desk fees, E&O insurance, marketing expenditures, photos, lead services, office/business supplies, sign and flyer costs, lock boxes, CRM’s… The yearly cost of being an agent could be in excess of $25,000. It is suggested that new agents have a savings cushion of 6 months of living expenses before jumping in with both feet.
Q: Can I hang my license with a referral company and still work my regular day job outside of real estate?
A: YES! That is the ideal situation. You will be making passive income with the real estate referrals while having a steady, controlled, reliable income source through your current position. Your current position may allow for more access to referrals as well!
Q: Do I have to refer to an approved list of agents associated with RERG?
A: No. As a referral agent with RERG you can refer to whatever brokerage/agent you feel is the best fit for your referral. They just need to be an actively practicing agent.
Q: What if I want to refer a friend/family member to an agent in another state, can I do that?
A: Yes! You can refer out of state. Just fill out the referral agreement have the agent sign and when it comes time for the referral commission, it will be sent to the RERG office here in Oregon for payment to you.
Q: Do I have to be licensed in the state of Oregon to hang my license with RERG?
A: Yes, your license does need to be with the state of Oregon as that is where RERG is headquartered.
Q: How do I get paid my commission?
A: By making sure the referral form is on file with the RERG office. When the commission check comes in from the referee brokerage, we will match that to the referral form and process your referral commission. Please note that we do make sure that the commission check received by RERG from the other brokerage does clear the bank before processing your referral fee.
Have a different question? Please head over to the Contact Page and let us know!