Question 1

What is VRS Holding referral network

Accepted Answer

VRS Holdings Referral Network is a license holding and referral company for licensed Illinois real estate brokers. VRS Holdings licensees may not perform any real estate activities for clients, but can make referrals to active brokers and collect fees for those referrals.

Question 2

Can I directly Represent buyers or sellers or other real estate Clients?

Accepted Answer

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

Question 3

Do I have to still have continuing education requirements If my license is in c holding company

Accepted Answer

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.

Question 4

What is the referral process?

Accepted Answer

Once you are prepared to make a referral, you should fill out and submit the referral form provided on our website. 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 VRS Referral Network, then split 25/75 with the referring broker as outlined in the independent contractor agreement.

Question 5

What is a reasonable referral fee?

Accepted Answer

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.

Question 6

Can I refer commercial brokerage opportunities?

Accepted Answer

Absolutely.  Many of our referrals are commercial buyers, sellers, tenants, and landlords.

Frequently Asked Questions