What is JRE Referral Network?
JRE Referral Network (JRERN) is a license holding and referral company for licensed Illinois real estate brokers. JRERN licensees may not perform any real estate activities for clients, but can make referrals to active brokers and collect fees for those referrals.
Why should I join?
Our brokers join for any number of reasons, but the primary purpose is to keep one’s real estate broker license active while practicing real estate solely on a referral basis. Common circumstances include experienced brokers with changing career circumstances, newly-licensed brokers without a sponsoring broker, and multi-state licensees in need of a managing broker in Illinois.
Do I have to pay MLS or Association dues after joining JRE Referral Network?
No, you will not pay any MLS or Association dues. In fact, while your license is held with us, you will not be able to join any Illinois-based Realtor associations.
How do I join?
To join JRE Referral Network, send the following documents to us at [email protected]:
- New Member Cover Sheet
- 45-Day Sponsor Card
- Independent Contractor Agreement
- IRS Form W-9
- Credit Card Authorization Form
- Copy of Current Real Estate License (signed off by managing broker), or proof of termination of prior sponsorship from the IDFPR website.
All of these documents (except the last, which you will provide) are included in the new member packet that can be downloaded from the Forms section of our website.
How much does it cost to join?
The annual membership fee for brokers in our network is $99. This fee includes initial license transfer fees to the Illinois Department of Financial and Professional Regulation for current licensees.
If you are a new licensee, there is an additional onboarding fee of $100 in the first year of your licensure. This supplemental fee is paid directly to the IDFPR.
What is your mailing address and phone number?
JRE Referral Network, LLC
425 W North Avenue
Chicago, Illinois 60610
Phone: (312) 809-0573
Permitted Real Estate Activities
Can I directly represent buyers, sellers, or other real estate clients?
NO. The Independent Contractor Agreement specifically prohibits you from directly engaging in real estate sales and leasing activity. You can, however, make referrals to other licensed real estate brokers and collect fees for these referrals
Can I work with another real estate brokerage firm while affiliated with JRE Referral Network?
Generally, no. Illinois real estate law prohibits licensed persons from performing most real estate activities on behalf of more than one managing broker at any given time.
Do I still have continuing education requirements if my license is in a holding company?
Yes, you must still meet all CE requirements set forth by the Illinois Department of Financial and Professional Regulation. Please visit the IDFPR website for more information.
How do I move my license to another firm from JRE Referral Network?
Please send us an email or call to arrange termination/transfer of your license. We will prepare for pickup at our office, or can mail/email to the address of your choosing.
What is the referral process?
Once you are prepared to make a referral, you should fill out and submit the referral form provided on our website to [email protected]. If you have a broker in mind, you will include their contact information; otherwise, we can match the referral with a broker to handle the assignment. Once the transaction has closed, the referral fee will be paid to JRE Referral Network, then split 25/75 with the referring broker as outlined in the independent contractor agreement.
What is a reasonable referral fee?
While there is no fixed amount of referral fees, we typically see fees in the range of 20% to 40% of the fees generated by the business referred.
Can I refer commercial real estate brokerage opportunities?
Absolutely. Many of our referrals are commercial buyers, sellers, tenants, and landlords.
Can I make referrals for transactions outside of Illinois?
Yes. Many of our referrals each year are made to brokers outside of Illinois. We can also assist you in matching you with a practicing broker for out-of-state referrals.
Can you match me with a practicing broker to send referral business?
Certainly. We have a well-established network of 400+ brokers in Chicago, and more than 10,000 throughout Illinois and the United States. You can be confident that we will place your referral with a uniquely qualified broker.