General Information For COMPANIES
How does it work?
IIC can empower your company to be charitable in a creative new way. IIC is a free broker-referral service for companies that want to lease office, retail, or industrial space, and for their employees who want to buy or sell a property.
We will undertake to identify up to 3 brokers with the appropriate experience based on the specifics of your transaction (residential or commercial, office or industrial, etc.), its approximate size, and its geographic location, not on how charitable they may be. You make that final decision.
If you would like a particular brokerage firm or a particular agent (licensee) to represent you in your transaction, then when completing the Broker Referral Request Form please indicate “Yes” to the question “Have a Broker in Mind?” and provide us with the requested information about your preferred firm and/or agent. Be sure to register your transaction with IIC before you contact any brokerage firm or real estate agent, and before you sign any brokerage contract with any of them, so that IIC will be in a position to refer your transaction to them and earn a Referral Fee. If you do not have in mind a particular brokerage firm or agent, then please indicate “No” to this question, and we will introduce up to 3 appropriate brokers for you to choose from in selecting your Representing Broker. The final selection of your Representing Broker is always yours to make.
Just register your real estate transaction with IIC before contacting or engaging any real estate broker to represent you in your transaction. Registration is fast and free – you simply complete our online Broker Referral Request Form at https://www.iiconline.org/request-a-broker/.
How can IIC enable me to support a charity of my choice at no cost to me? (hint: It’s because of our nonprofit mission, not because we magically find charitable brokers!)
First, Register your transaction using our webform. Here’s that link https://www.iiconline.org/request-a-broker/. That simply means telling us the main details of your desired residential or commercial real estate transaction. For example, if you want to sell, how many bedrooms & bathrooms does your home have and in what neighborhood is it located? You can even tell us your language preference or that you want to choose from brokers who are a single parent! We will endeavor to identify brokers based first on matching their professional skills to the specifics of your transaction and second on matching them to your personal preferences.
Second, we find up to three brokers that speak your preferred language, with experience selling homes of your size in your neighborhood. And we enter into a typical referral fee agreement with their respective brokerage companies.
IIC works the same way for home buyers and sellers and for companies leasing, buying, or selling commercial property.
Third, you choose which of those brokers you want to work with.
And, we can make the same arrangements with brokers you already know.
No! IIC will not act as your Representing Broker and will not otherwise represent you in any real estate transaction. When you register your transaction with us by completing our Broker Referral Request Form, you are not entering into a brokerage relationship with IIC. You are instead simply authorizing IIC to introduce you to a Representing Broker of your choosing who will be solely responsible for representing you as your fiduciary (your Representing Broker) in your real estate transaction.
Yes, IIC is licensed in Illinois as a real estate broker. This allows sponsoring brokers in any state to pay us a Referral Fee in full compliance with their state’s licensing regulations. But IIC has not in the past, and has no plans in the future, to act as the licensed real estate fiduciary (representing broker) of you or any other party in any real estate transaction.
IIC provides a program (the “IIC Program”) for individuals and companies that are socially-minded to leverage the power of their real estate transactions to support a charity of their choice (an Eligible Charity) at no expense to themselves. In this way IIC provides Eligible Charities with a new fundraising resource – all at no cost to charities and their supporters!
What portion of its Referral Fee will IIC pay to my Favorite Charity? (How much of the commission will go to my favorite charity?)
We will pay 70% of the Referral Fee that we receive in connection with your registered transaction to your Favorite Charity, as a Charity Support Payment. We will retain 30% of the Referral Fee to cover our operating costs, and to pay Introduction Fees to any Introducing Charity with respect to your transaction (discussed below). As IIC grows, we intend to increase the percentage of Referral Fees that we pay out as Charity Support Payments. 70% of the referral fee equates to approximately 18% of the commission that either the seller’s broker or the buyer’s broker will receive if both the buyer and seller have a broker.
How are Referral Fees determined? Does a referral from IIC cost brokers more than referrals from other brokers?
Referral Fees vary by transaction type and local market conditions, but we believe that a Referral Fee equal to 25% of the commission that will be paid to the Broker of Record, which is the technical term for the brokerage company that represents the buyer or the seller (the brokerage company of your representing broker) is common in residential real estate transactions. So for example, if you register the sale of your $100,000 home with IIC and then agree with your Representing Broker to pay a 5% total commission on the transaction (to be split between your Representing Broker and the buyer’s broker), then upon selling your home your Representing Broker’s company will receive a $2,500 commission, from which it will pay to IIC a $625 Referral Fee.
No! IIC is not a marketing engine for any brokers. IIC does not accept payment from brokers, in return for referring them. Instead, IIC is a resource for consumers – a new way for individuals and companies to use brokered real estate transactions to support their Favorite Charities at no personal or company expense, regardless of which broker they choose for their transaction.
No money and only as much time and effort as you want. Once you join IIC, it’s up to you to share it as widely and often as you want. IIC will let you know whenever your company gets credit for a new transaction; then you can share the news and help your reputation improve even more.
IIC provides a new way to engage with your team and your community. Maybe there’s a charity you currently contribute money to and your employees could amplify that with their own transactions. Or if you have an upcoming real estate transaction, your employees can vote on which charity or charities to benefit.
More and more people want to do business and work for companies that want to make the world a better place. IIC gives you a tool to demonstrate that yours is that kind of company.
Odds are that employees at your company are buying and selling homes, and IIC enables your company to establish and grow your reputation as a socially conscious organization. Each time someone affiliated with your company has an IIC transaction, your company receives credit for that transaction. Simply by promoting IIC with your employees you can/will cause more funding to go to charity that otherwise wouldn’t. And you get credit for it!