About West Town Real Estate Holding Company
West Town Real Estate Holding Company (WTREHC) is a real estate referral and holding company in the state of Illinois whose purpose is to hold real estate licenses. While in the holding company licensees no longer have to pay state, national, or local dues. However, they are no longer able to practice real estate, but instead work on a referral basis only. Placing an agent’s license in WTREHC takes their license out of active REALTOR® practice. Our mission at WTREHC is to service you and the consumer with the most unique and creative real estate opportunities available.
Frequently Asked Questions
If my license is in a holding company, do I still need to take CE 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 it.
Will I still have access to the MLS/MRED service?
No. Once in holding you are no longer a REALTOR® and lose the benefits of being a REALTOR® such as having access to the MLS/MRED service.
What is the referral process?
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The referral is given to WTREHC.
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WTREHC will find an agent to represent the customer, unless the agent already has someone they want the referral to go to.
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WTREHC will negotiate a referral fee with the agent and once accepted the referral information is given to that agent.
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Once the transaction has closed, the negotiated referral fee will be split between the agent being sponsored by WTREHC and WTREHC. Please refer to our Independent Contractor Agreement for this commission split.
What is the process for when I want to transfer my license to another broker?
The process is the same as with any broker. You can sign on to IDFPR.com and initiate a transfer.
Can I work for my current managing broker while I have my license on hold with WTREHC?
The License Act does not allow for a licensed agent to work for more than one managing broker at the same time. Therefore, you will only be able to work under your current managing broker or have your license with WTREHC.