Google reviews!You've worked hard and paid a lot to get your Ontario Real Estate license, and there is no reason to give that up.
We help agents across Ontario to keep their options open.
Karma Realty Inc. offers Real Estate License Parking services to Ontario Real Estate Sales Representatives and Brokers.
If you are leaving the business temporarily or permanently due to:
- Retirement
- Maternity Leave
- Illness
- Caring for an aging parent
- Travel
- You are a recent course graduate and not ready to start
- Any other purpose
It shouldn't cost you all your hard-earned savings.
By parking your license with us, you can:
- Keep your license so that you keep your options open
- Refer past clients, friends and relatives and collect the referral fee
- Move to Active selling again easily
- Be kept informed of industry changes
- Be notified of due dates for education and insurance
- Get a referral fee for any Sales Representative or Broker that you send to us
Karma Realty Inc. is not a member of the Canadian Real Estate Association (CREA), The Ontario Real Estate Association (OREA) or any other board. Registrants who park their license with us are still licensed Real Estate Representatives under the Real Estate Council of Ontario (RECO).
If you want to be able to do referrals and have the ability to re-instate your license, and pay a minimum for these benefits, then you have come to the right place.
It's not a difficult process, and we can walk you through every step.
Sign up to park my Ontario Real Estate license now!
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- Karma Realty
When you do a referral for a Buyer or Seller here is how it breaks down:
First, you find an active Sales Rep or Broker that you want to work with and negotiate your referral fee! You sign a Referral Agreement so it's all in writing!
Next, when the Buyer buys, or the Seller sells, the agreed percentage is sent to Lesley E. Moll, Real Estate Brokerage.
You recieve a cheque for 90% of the referral fee and the Brokerage gets 10%.
Example:
You do a referral for a Seller at 25%. The agent lists the house for $499,900 at 5% commission with 2.5% payable to the selling Brokerage.
The house sells for $490,000.00
Sale Price: $490,000
Commission Payable: $24,500
Listing Brokerage Portion: $12,250
Selling Brokerage Portion: $12,250
Referral Commission Owed: $3,125
Brokerage Commissio: $312.50
Your Portion on closing at 90%: $2,812.12
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- Karma Realty
The cost to park is straight forward!
$99 + HST per year parking fee with the Brokerage. Referrals are paid out on a 90/10 split, 90% to you. There are no transaction fees, processing fees or other hidden costs. It astounds us that some brokerages are rumoured to charge for T4A's, which they are legally required to provide. We do not charge for signing disclosures, RECO forms, or providing referral invoices. Your $99 covers all these services and more.
Optional Business Cards are an additional $50 + HST
$500 every year for your Errors and Omissions Insurance
$340 every 2 years for your renewal with RECO and your continuing education fees.
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- Karma Realty
Currently with a Brokerage or left less than 60 days ago
Real Estate Parking made Easy!
Step 1 - Leave Your Brokerage!
Send a letter to your Brokerage telling them you are leaving! Here's a Sample! We will need a copy of your resignation letter, or, if your Brokerage let you go, a copy of that letter.
Step 2 - Sign in to RECO and Fill out your forms!
Download the Brokerage Registration Form.
Fill out the form and send it in.
Step 3 - Pay your Fees!
You will be billed for your parking fee of $99 + HST. You can optionally choose to order 500 business cards for an additional $50 + HST.
You will also be billed by RECO for your transfer fee.
Step 4 - Get Paid for Referrals!
Refer anyone you know who wants to buy or sell to an active agent and collect your paycheck when the deal closes!
We can provide you with highly qualified agents to send your Buyers and Sellers to ANYWHERE in the world!
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- Karma Realty
License Lapsed 60 Days to 2 Years
Real Estate Parking made Easy!
Step 1 - Get Checked
Police Check!
If you have not been signed by a Brokerage for 60 days, RECO requires you to get a new police check. You will have to mail the ORIGINAL to RECO directly.
Education Check!
If you left more than 60 days ago, check with RECO to see if you need to take any courses.
Reinstatement
RECO will want you to pay a $340 Reinstatement and education fee plus a $50 application review fee and your errors & omissions Insurance. Insurance is $500 for the year, so they will figure out how much you have to pay depending on the date (it's pro-rated).
Step 2 - Sign in to RECO and Fill out your forms!
Log into your RECO MyWeb and fill out the RECO Reinstatement form. Our Brokerage Number is: 4778739. RECO will charge you their fees.
Download and fill out the Brokerage Registration Form and email/fax it to us.
Pay your Fees!
You will be billed for your parking fee of $99 + HST.
You will also be billed by RECO for your other fees.
Step 4 - Get Paid for Referrals!
Refer anyone you know who wants to buy or sell to an active agent and collect your paycheck when the deal closes!
We can provide you with highly qualified agents to send your Buyers and Sellers to ANYWHERE in the world!