A “referral company” is a real estate brokerage created for the purpose of connecting prospective home buyers and sellers with top agents on the Virginia Peninsula, in Williamsburg and across the country.
Referral Associates can earn referral fee income by simply picking up the phone and passing along the name of a prospective lead that eventually buys or sells a home through the system. When the transaction closes, the referral agent receives a portion of the commission.
|Sales Price||Brokerage Fee||25% Referral Fee||Referral Associate Income|
*Referral commission splits increase based on closed referrals in a calendar year. LMA referral associates can earn up to 75% of the brokerage fee.
Because the brokerage does not belong to local, state and national REALTOR® organizations, referral associates do not have to incur membership dues, MLS fees or other expenses normally associated with a real estate career.
Because referral associates are limited in their practice, they do not need errors and omissions insurance, as well as other ongoing expense commitments that full time agents are responsible for.
There are no administrative fees to join or annual dues to pay to belong to LMA Realty.
If you already have an active real estate license with another firm, it’s easy. It only costs $60 (payable to the Treasurer of Virginia, and submitted with transfer paperwork to DPOR**).
If you have an inactive real estate license, you must bring your continuing education and license renewal requirements up to date, and then it only costs $60 (payable to the Treasurer of Virginia, and submitted with activate paperwork to DPOR).
If you are interested in obtaining a real estate license, you must first attend a Principles of Real Estate course (either classroom or online), pass a final classroom exam, and pass the state real estate licensing exam.
Once that is completed, it costs $170 (payable to the Treasurer of Virginia, and submitted with initial salesperson paperwork to DPOR).
**Department of Professional and Occupational Regulation
Email [email protected] for an orientation packet complete with the paperwork you'll need to get up and running.