Posts
Limited Function Referral Office Certification or LFRO is a designation for real estate licensees that aren’t members of the association of realtors, but want to hang their license with a broker that is a full realtor member. The implication is that the non-member agents is considered a “referral agent” and they are not expected to operate as an active agent. Instead, they are expected to refer their clients to “active” realtors on the team.
Once a salesperson is licensed with the Department of Real Estate, the salesperson is not required to join an association of realtors. Some licensees maintain their license as NBA or no broker affiliation. Salespersons must be affiliated with a broker to conduct business.
So, a salesperson might go hang their license with a broker, this is where there may or may not be a requirement. A broker is very likely to be a full realtor member with an association of realtors. Now, the distinction is the the association requires the broker’s salespersons to be full realtor members as well. It has nothing to do with the state. It’s a stipulation of the broker’s membership with the association of realtors. If the salesperson doesn’t sign up as a full realtor member then the broker will get a notice that they must either pay a fine, or the agent can be moved to LFRO designation upon Limited Function Referral Office Certification, or the licensee must be terminated from the broker’s employment. The obvious choice is for the salesperson to be moved to the LFRO referral agent status.
Occasionally, agents will inquire with Balboa Real Estateabout the 100% commission program. They ask whether or not they are required to be a member of the association of realtors. Our answer is that the agent is not required because we can have their DRE license active with our company and move the agent to LFRO referral agent status. However, when an agent begins to get busy, it would benefit them to pay dues to access a MLS and professional real estate forms.
What is cloud storage and how it applies to Real Estate
By now most agents know what cloud storage is and how beneficial it can be for real estate agents.
To put it simply, cloud storage is a way for all your real estate documents and forms to be loaded onto a server that allows an agent to access them from any computer at any giventime. This server where all your files are stored on is called the “cloud.”
If you have gmail, hotmail, or any web-based e-mail then you are essentially already usually cloud storage. This is because all your e-mail and pictures that people send is stored somewhere else. An e-mail cloud is remote storage so you can access your e-mail from any computer with internet access.
If a real estate agent applies the same concept of accessing an e-mail cloud and applies it to accessing real estate transactions online, then they are using a real estate cloud.
Balboa Real Estate has developed a proprietary cloud exclusively for real estate transaction management. It is entirely free for agents to use and the fastest and easiest way to submit completed files.
Once a listing is taken an agent can log on and in a matter of seconds upload the listing agreement. Same idea working with buyers. Any document uploaded can be accessed online and sent to any e-mail address at any time. Lost documents become a problem of the past.
When an offer is received on a listing an agent can open escrow, request a preliminary title report, and order and NHD all with a click of the button. This gives the agent a running start on expediting the transaction.
When an agent or the transaction coordinator uploads transaction documents throughout the escrow the the file will be complete so that there won’t be any last minute paper shuffling.
Turbo Transaction is another member service available for Balboa Real Estate agents. We offer agents 100% commission and residual income.
Social Media
