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Is REA Network a "real" brokerage?
REA Network is lilcensed by the State of Connecticut Department of Consumer protection as a Limited Function Referral Organization.
What is a Limited Function Referral Organization Brokerage/Agent?
REA Network is a Limited Function Referral Organization (LFRO) Brokerage. Our agents do not provide brokerage services, but DO receive referral fees for referring clients to the brokerage when those clients close and fund on a purchase or sale transaction. Our agents are simply paid for referrals. Since LFRO agents do not provide brokerage services, they do not have to pay any of the usual costs such as local Board dues, MLS fees or E&O insurance that is typically required when providing services as a traditional real estate agent.
What are the benefits of being a Limited Function Referral Organization agent?
As an agent with REA Network you can generate a stream of income by staying in touch with the real estate needs of your family, friends, neighbors and co-workers with whom you associate. When someone mentions the need to buy or sell real estate, you simply refer them to us so we can assist them. The more proactive you can be about talking to your sphere of influence, neighbors and contacts, the more referral fees you will accumulate.
What if I want to return to full active status at some time in the future?
Should your personal circumstances change and you want to become a full time Realtor again and represent clients, it is just a matter of paperwork; paying local, state and national association fees and MLS dues to start working again as a Realtor with another brokerage and to then list and sell properties.
Who works the referrals sent in by your agents?
REA Network is a Limited Function Referral Organization brokerage and does not provide any brokerage services. All referrals are referred to other active real estate companies and experienced real estate agents who provide brokerage services. Each of the licensees we refer properties and clients to has vast experience and knowledge in the type and scope of real estate transactions to serve each and every client. When the transaction closes, the other brokerage company pays us a referral fee and we pay you.
Is it illegal to pay referral fees?
It is against Connecticut law to pay a commission to an unlicensed person. Since the Connecticut Department of Consumer Protection licenses our agents, the agents can receive commissions from us as their sponsoring Broker. Referrals and referral fees are very common in the real estate industry.
Are there any hidden fees?
The only fee we require is an annual $99 membership fee. The only costs to you are to renew your annual licensing cost to the Connecticut Department of Consumer Protection and to meet your educational requirements bi-annually.
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