Park your real estate license is now a term used by hundreds of agents registered with the Real Estate Council of Ontario. Those practitioners who seek out such a service are usually agents that need to have their license held by an active Brokerage and one that has been a recognized name in the Ontario real estate Brokerage industry for over many years. Brokerage holding or parking companies have been assisting real estate agents with a better option if they decide to park their license with a non member Brokerage, thereby saving on the board fees and dues. The main service a holding Brokerage provides is a place for agents to park their license for a small fee and this would allow the agent to carry on with whatever other plans they may have. For example, full-time agents switching to part-time, women going on maternity leave, a change of profession etc. etc. When searching for a Brokerage that will allow you to have your license parked, make sure you do your due diligence and seek advice from others you may know who have already parked their license. Locate and interview prospective Brokers and hopefully you will find a Brokerage that has been and continues to be a proud holding company for those real estate agents who are parking their license and taking a break from real estate sales in Ontario.
The main difference between a board member Brokerage and a non member one are basically the costs incurred. If the Brokerage is a Board member then each agent registered with that Brokerage must be a member too. This means that the agent will be expected to pay the Board a yearly membership fee for that privilege. The fees for such a membership could be as high as $1500.00 per year. This may or may not include other association fees and dues.
If an agent is not selling much real estate and therefore not earning a sufficient income, he or she may strongly consider parking their license with a Brokerage that is not a real estate Board member. A new agent just licensed may consider parking it too while they also consider their options. With a parked license, agents may still trade in real estate but would do so without the benefits of a real estate Board. In this case they may cooperate with a Board member and share the business or they can enter into an agreement with a Board member to cooperate with a non member.