Make Money in Real Estate After Resigning or Retiring

BrokerIPTV: Today, we are talking with John Marshall, the designated state broker for a new company called My Green Parachute. John, welcome.

John Marshall: Thanks Dan.

BrokerIPTV: Thanks for being with us. Tell me what is My Green Parachute?

John Marshall: My Green Parachute is a limited function real estate company. We are nationwide and we offer exit strategies for agents who are looking at getting out of the business whether retiring or maybe they just found out it wasn't for them.

BrokerIPTV: But it is kind of a two pronged thing because not only is an agent thinking about retiring or getting out of the business, but they would like to maybe find out how they can still earn some income from all of those referrals of years of working in the business, right?

John Marshall: Exactly. What we offer is a strategy where they can continue marketing to their clients over the years that they built up, refer the business to an active agent, somebody that is going to stick out with whats going on right now. So, we offer, we are liaison between the two, offer nationwide referrals throughout that system. So,

BrokerIPTV: How did the concept come about?

John Marshall: The founder of the company is a multiple RE/MAX franchise owner back east. She trained hundreds of agents only to realize a big percentage were leaving the business. Some would leave right away, some would leave after a couple of years, some after 10 or 20 years with absolutely no retirement set up in place. So, this evolved basically by her thinking there has got to be a strategy for agents when they leave the business.

BrokerIPTV: All right. Well, give me an example of how it works. Lets say I am going to retire tomorrow as an agent. What happens?

John Marshall: Basically, you would hang your license under My Green Parachute. We would set you up on our computer system, so, you would be connected to every agent nationwide that is part of our system. We are currently open in 14 states, looking at having all 50 states open by the end of the year. You could then choose any one of these agents nationwide to send the referral to. They are all going to be field tested; they are all going to have to have a certain level of experience to qualify.

BrokerIPTV: Now by doing this and hanging your license, you obviously are legally eligible for a referral fee, correct?

John Marshall: Correct. You do need to keep your continuing education, you need to have your E&O current, and you need to have your license fees current. You dont need to belong to a board, you don't need to belong to an MLS, and there is no office fees.

BrokerIPTV: And then you select who you want to send the referral to, is that correct?

John Marshall: Exactly. You may have a friend that's staying in the business that you guys have talked to each other about this. You refer to them, you may have somebody in New York that you want to refer a business to. So, you can refer anywhere in the system and all the fees are transacted online. So, we have an online transaction management system to follow the process.

BrokerIPTV: Okay. Now how does My Green Parachute benefit?

John Marshall: My Green Parachute basically benefits, we get a little piece of every one of the transactions that's referred out. So, the agent, its a 75/25 split. The agent that's getting a referral gets a 75% split, the 25% is then split between the referring agent and My Green Parachute.

BrokerIPTV: Great. How many people you have participating?

John Marshall: Right now there are about 1500 agents, most of them around the east coast. It was really a test market back through New Hampshire, South Carolina; that's where it started. We opened it up nationally in November. So, we are brand new everywhere. We just opened up in New York, January 1st. So, we are coming on strong, there is a lot of momentum being built, and its just an exciting time right now. So,

BrokerIPTV: Sounds like a great option if you are retiring or thinking of getting out of the real estate business. John, thanks so much for being with us.

John Marshall: I appreciate it Dan, thanks.

BrokerIPTV: I appreciate it.

Posted on January 16, 2009 07:26:37 by Blog Author