Holding Company
Chicagoland Brokers Network LLC is a holding company/brokerage that sponsors agents who agree not to “work”. When your license is in a holding company you agree NOT to take listings, show houses, or perform any other RE activity. In return, your real estate license stays “active” although you are not. The holding company brokerage is not a member of any local Association of Realtors®, so you do not have any membership dues. The licensee pays an annual fee for the sponsorship of $99. Since your license is “active” you still must take continuing education classes and renew your license every 2 years as normal. The idea is that you keep your license active so if you ever decide to get back into the business you do not have to take the classes or pass exams all over again.
Referral Fees
If you come across a buyer or seller who is looking for an agent, you can refer this person to an active brokerage and negotiate a “referral fee” for this. The referral fee must be paid to your current brokerage, which is the holding company.
The holding company will then pay you the agreed upon split of 90%.