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How long will the coronavirus last?
With the State of Michigan’s “stay-at-home” executive order, we have at least 3 more weeks of work stoppage with many predicting this could on for some time. Most real estate agents aren’t prepared to go months without income. So, what’s your plan?
If you’re handling at least one transaction per month, you might have enough momentum to keep moving forward. If you’re handling less than a dozen deals each year, it might be wise to park your real estate license in a holding company until the storm blows over.
Holding companies allow you to keep your license active, preserves cash flow, allows you to receive referral income, stops monthly expenses such as MLS fees, and prepares you to jump back into the business when the market heats up again. With most brokerages charging fees at the first of the month, you still have a few more days to eliminate those charges before next month.
What does a license holding company cost?
$75.00 annual fee. $10.00 State of Michigan license transfer 75/25 agent-broker split includes free continuing education
There are many companies that provide these services. Here’s the one we highly recommend: