What is a Limited Function Referral Office? (LFRO)
A Limited Function Referral Office (LFRO) is a real estate brokerage firm in which the sole purpose is to refer clients or customers to real estate brokerage companies engaged in listing or selling real estate.
What is a Referral Agent?
A Referral Agent is an individual whose real estate-related activities are limited to referring prospects for the sale, purchase, exchange, leasing or rental of real estate to the broker through their license is being held.
Why should I join Referrals Only MA?
There are many benefits of joining Referrals Only MA.
How much can I earn?
Your earning potential as a Referral Agent is unlimited. You will be compensated with a percentage of the commission that we collect from the referral that you provide. The more qualified referrals that you send in that result in closed business, the more you can earn!
Can I promote myself as a “referral agent”?
Absolutely! We strongly recommend that you do. Referrals Only MA will provide all Referral Agents with business cards that you can use with your referral prospects. Customized business cards are available through Referrals Only MA for a nominal fee.
Can I list houses or act as a Buyer’s Agent?
No. As a Referral Agent, you are prohibited from providing any services that a traditional brokerage provides, including any judgment, advice and counsel to buyers or sellers.
My license is inactive. Can I still work with Referrals Only?
Yes, you may work with Referrals Only MA. As an inactive MA licensee, you are permitted to collect referrals fees on your own, without association with a brokerage. However, association with Referrals Only MA ensures that all of your referrals are placed with qualified agents and that you have minimal work to collect your referral fees!
My license is expired. Can I still work with Referrals Only?
No, you may not work with Referrals Only MA unless your license is either active or inactive. Individuals with expired licenses may contact the Massachusetts Board of Registration of Brokers and Salespersons and re-activate their license as either active or inactive.
As a Referrals Only agent, do I have to pay local, state and national annual realtor dues?
No.
Do I have to subscribe to MLS?
No.
Do I have to pay any monthly fees to Referrals Only MA?
No.
What is the cost to “hang” my license with Referrals Only MA?
There is a $100 annual fee, due on January 1st of each year and it is prorated to the time you join.
How does it work?
You submit a qualified referral lead through phone, email or our easy online form. Referrals Only will either assign your lead to active agent of their choice or to an agent of your choice. When the purchase or sale of property closes, you earn the contracted referral fee.
How do I get paid?
A check will be mailed to the address that you provide on the agreement upon the closing of the property and receipt of funds by our company. This may take up to 30 days following the closing. You will be provided with a 1099 at the end of the year if you have earned any referral fees during the calendar year.
I’m going to sell my home. Can I act as my own listing agent?
No. You cannot act as an agent for your own sale and collect a commission. You can receive a referral fee by providing your referral with Referrals Only MA and placing it with an active, licensed agent.
What if I want to buy a home?
No. You cannot act as an agent for your own purchase and collect a commission. You can receive a referral fee by providing your referral with Referrals Only MA and placing it with an active, licensed agent.
Do you own a traditional real estate brokerage firm?
Yes, RB Associates Realty. We provide all of the same services as any other brokerage. In addition, we have a mentoring and training program that prepares you for success!