WHAT IS Select Referrals of St. Louis?
Select Referrals of St. Louis is a locally owned Missouri real estate referral and holding company whose purpose is to hold real estate licenses. Select Referrals specializes in referrals of buyers and sellers not only in the St. Louis area, but also nationwide and is able to refer and collect buyer/seller referral fees.
WHO SHOULD JOIN Select Referrals of St. Louis?
- Real estate agents interested in alternative career options, but who don’t want to give up the benefits of their real estate license.
- New licensees not quite ready to affiliate with one particular managing broker.
- Licensees who want to change their status from full to part-time.
- Licensees who are considering retirement.
- Licensees who need more flexibility in their real estate career.
CAN I STILL SELL REAL ESTATE?
While in the holding company licensees are no longer able to practice real estate, but instead work on a referral basis only. This includes no longer showing properties, holding open houses or taking listings. Placing a real estate license in a referral company takes their license out of active REALTOR® practice.
CAN I MAKE MONEY FROM REFERRALS?
Absolutely! A referral, or “lead”, consists of detailed information about a prospective buyer or seller of real estate. The process begins when you complete a Referral Processing Form that is then forwarded to Select Referrals of St. Louis. The referral associate will receive a referral commission once the transaction closes. If you have at least two referrals in a calendar year you will also receive a bonus.
WHAT IS THE REFERRAL PROCESS?
- The referral is given to Select Referrals of St. Louis.
- The licensee can designate who they want the referral to go to if he or she already has an agent in mind or Select Referrals of St. Louis will find an agent to best represent the customer’s needs.
- Referral fees received by Select Referrals of St. Louis shall not be less than 20% of the referred listing or selling leg of the commission. The licensee can negotiate a higher commission split with the agent to whom the customer was referred. Commissions will then be split 50/50 between Select Referrals of St. Louis and the licensee.
DO I STILL HAVE TO PAY MY REAL ESTATE BOARD MEMBERSHIP DUES?
While in the holding company licensees no longer have to pay national, state or local real estate board dues.
WILL I STILL HAVE ACCESS TO THE MLS SERVICE?
No. Once your license is placed in the holding company you are no longer a member of your local real estate board, are no longer a REALTOR® and no longer have the benefits of REALTOR® membership such as using the REALTOR® logo or having access to MLS services.
IF MY LICENSE IS IN A HOLDING COMPANY, DO I STILL NEED TO TAKE CONTINUING EDUCATION COURSES?
Yes. Although you are unable to actively practice real estate while in a holding company, you still need to maintain an active license to refer transactions and receive compensation for them.
WHAT IS THE PROCESS IF I AM IN THE HOLDING COMPANY AND THEN WANT TO TRANSFER MY LICENSE TO ANOTHER MANAGING BROKER?
The process is the same as with any managing broker. Upon request, your license will be signed off and given back to you. You may pick it up from the Select Referrals office located at 1650 Des Peres Rd, Suite 205, St. Louis, MO 63131.
HOW DO I JOIN Select Referrals of St. Louis?
In order to join Select Referrals, follow these steps:
- Review the Select Referrals of St. Louis packet. Click here to view the packet.
- Read and sign the Independent Contractor Agreement.
- Complete the Referral Associate Information Form (Included in the application package).
- Complete the MREC Information and License Change form
- Complete your information in the top sections and send back to Select Referrals for completion of the New Broker section.
- Obtain your former Broker’s signature and your wall license
- Return the change form and wall license to Select Referrals.
- Provide a check payable to Select Referrals for $125.00 for the annual participation fee.
- Provide a check made payable to the MREC for appropriate fees to be sent with your change form and wall license normally $50.00.
The information above can be mailed to:
Select Referrals of St. Louis
1650 Des Peres Rd Suite 205
St. Louis MO 63131
Once your new wall license has been received by Select Referrals of St. Louis you will receive a welcome letter.