What Is NIREIN?
Northern Illinois Real Estate Information Network (NIREIN) is an Illinois real estate referral and holding company whose purpose is to hold real estate licenses. It is a wholly owned subsidiary of the Chicago Association of REALTORS® meant as a service to our member brokers who do not have access to a holding company of their own.
Who Should Join NIREIN?
- Brokers interested in alternative career options, but don’t want to give up the benefits of your real estate license.
- New licensees not quite ready to affiliate with one particular managing broker.
- Managing brokers looking to earn a dividend on your investment in real estate agents.
- Licensees who want to change their status from full to part-time.
- Licensees who are considering retirement.
- Licensees who need more flexibility in their real estate career.
Can I Still Sell Real Estate?
While in the holding company licensees are no longer able to practice real estate, but instead work on a referral basis only. Placing a broker’s license in NIREIN takes their license out of active REALTOR® practice.
Can I Make Money From Referrals?
Absolutely, a referral, or “lead”, consists of detailed information about a prospective buyer or seller of real estate. The process begins when you complete a Referral Processing Form that is then forwarded to NIREIN. NIREIN refers the buyer or seller to a conventional real estate company, where it will earn a referral fee if the referral buys or sells property through the company to which they were referred by NIREIN.
What Is The Referral Process?
- The referral is given to the NIREIN Managing Broker.
- The licensee can designate who they want the referral to go to or the NIREIN managing broker will find a broker to represent the customer.
- The NIREIN Managing Broker will negotiate a referral fee with the broker and once accepted, the referral information is given to that broker.
- Once the transaction has closed, the negotiated referral fee will be split between the broker being sponsored by NIREIN and NIREIN. Please refer to our Independent Contractor Agreement for the commission split.
Can I Work for My Current Managing Broker While I Have My License On Hold With NIREIN?
The License Act does not allow for a licensed broker 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 NIREIN.
Do I Still Have to Pay CAR Membership Dues?
While in the holding company licensees no longer have to pay national, state or local C.A.R. dues.
Will I Still Have Access to the MLS/MRED Service?
No. Once your license is placed in the holding company you are no longer a member of CAR, are no longer a REALTOR® and no longer have the benefits of REALTOR® membership such as using the REALTOR® logo or having access to MLS/MRED services.
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 them.
What Is the Process If I Am In the Holding Company And Then Want to Transfer My License to Another Managing Broker?
The process is the same as with any managing broker. Upon request, your sponsorship will be terminated in the IDFPR portal and a screenshot will be emailed to you. Please email email@example.com to request the release of sponsorship.