High Commissions
for New Jersey
Referral Agents

2 Flexible Plans to Suit Your Ambition & Budget

FAQ

 

  1. I believe my current Broker pays me a higher commission than IRC, so how is my commission with IRC calculated?

  2. How do I know IRC can get 25% off the top of the commission instead of merely 25% of what the agent makes?

  3. I'm in a referral company and I thought I was exempt from Continuing Education but your website says I may not be. Why not?

  4. Is there a fee to change license status?

  5. Can I refer my own home for sale and/or purchase a home using referral?

  6. Must I refer my personal real estate sale/purchase?

  7. What if I move out of New Jersey? What happens to my active license?

  8. Can I make referrals anywhere?

  9. Can I transfer my license to another company?

  10. Who may I refer?

  11. Which companies do you use?

  12. What if I know an agent to whom I wish to give my referral?

  13. What about referrals from one state to another when the client isn't in NJ or plans to move there?

  14. You have two membership plans. Can I switch from one to another?

 

I believe my current Broker pays me a higher commission than IRC, so how is my commission with IRC calculated?

Most of you are with a broker who will pay you a percentage of what the servicing agent makes, and you can not refer outside of your company.

 

Let's figure that commission and then make the comparison to IRC. Example: Your buyer buys another agency's listing for $400,000 with a 3% co-broke, so your company makes $12,000 and the agent who serviced your client makes $6,000.

If your percentage is 25% of the agent's fee, you will receive $1,500 and if your percentage is 30%, you will receive $1,800.

 

At IRC we put your referral out at 25% (to your current company if you choose) and in this example, 25% of the $12,000 commission = $3,000 to IRC. Depending on your plan:

 

 

If you choose to negotiate your own referral fee you, could increase that by 25% to 30% or more and be looking at some real serious dollars.

 

Please check your commission agreement carefully because we know that there are thousands of you with multi-office regional companies who are contracted to receive only 20% of what the agent makes, or only $1,200 in this example.

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But how do I know IRC can get 25% off the top of the commission instead of merely 25% of what the agent makes?

Go to your commission agreement and look at what your company will pay you on an out-of-state (out of company) referral. It is usually 50%. Using the above example, your company will receive $3,000 and you will receive $1,500. You could say you are getting 25% of the out-of-state Agent's fee, while your broker is getting 25% of the out-of-state Broker's fee. At IRC you get a portion of the fee your current Broker does not share with you.

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I'm in a referral company and I thought I was exempt from Continuing Education, but your website says I may not be. Why not?

You are only exempt if your license designation is Referral Agent. When you transfer to IRC, we will facilitate your change of license status to Referral Agent.

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Is there a fee to change license status?

Yes. Since the "free month for license status change" in December 2011 has passed, the real estate commission charges $50.

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Can I refer my own home for sale and/or purchase a home using referral?

Yes.

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Must I refer my personal real estate sale/purchase?

No.

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What if I move out of New Jersey? What happens to my active license?

As long as you are with a New Jersey broker you can keep your license no matter where you reside. If your license is inactive but has not voided, and you live outside of NJ you may still reinstate with IRC.

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Can I make referrals anywhere?

Yes, we can refer or help you refer your clients nationwide.

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Can I transfer my license to another company?

Yes, just call to have us deactivate your license with IRC

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Who may I refer?

Anyone, as long as you have their permission to do so.

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Which companies do you use?

We are independent and use any real estate agency that will accept a referral (most all companies do!). You may select your own agent and company to service your referral.

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What if I know an agent to whom I wish to give my referral?

Just download the referral agreement and get that agent and the office manager to sign it and forward a copy to IRC, or you can call IRC and discuss options with our Referral Director.

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What about referrals from one state to another when the client isn't in NJ or plans to move there?

You may refer a listing in one state and a purchase in another. If you are on the "do-it-yourself" plans and need help, please call us.

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You have two membership plans. Can I switch from one to another?

Traditional Budget Plan members may switch in June of any year. Members in the 80/20 Plan may switch on their anniversary date.

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