Money Between Closings
This is a way for Realtors to make money between closings.
The money keeps coming in after the closing is over.
Agents get paid when their clients sign up for the legal plan and keep using it.
How does the money work?
When a client you referred signs up for a LegalShield or IDShield plan, you get paid.
LegalShield plans work like other monthly subscriptions such as Netflix, Apple Music, or Planet Fitness.
As long as the client keeps the plan, you keep getting paid.
That is how money from a closing can keep coming in after the closing is over.
How would I offer this to my clients?
Tell buyers and sellers about the service.
It might come up when meeting with a buyer, listing a home, reviewing a contract, or talking about a legal question.
You don't give legal advice.
Instead, tell them about a way to talk to a lawyer without paying by the hour.
What would I say?
Here are a few things you can say:
“I’m not a lawyer, but I know a way you can talk to one.”
“Have you ever had a deal slow down because of a legal question? Like a boundary issue or something in a contract. This plan lets you call a law firm the same day instead of scrambling.”
“Clients ask me things like ‘Can I get out of this contract?’ or ‘What does this part mean?’ I tell them, ‘I’m not a lawyer, but I’ve got one for you.’”
When would I bring it up?
Before the sale. During the transaction. After the closing.
You can also tell past clients about it.
What would my clients use it for?
Clients might have legal questions about:
- Contracts
- Property lines and boundary disputes
- Liens
- Problems with contractors
- Warranties
- Insurance problems
- Landlord and tenant issues
Clients may also use the service for other covered legal questions.
Do I have to know a lot about the law?
No.
When a client asks a legal question, you can point the client to a LegalShield law firm.
The attorney answers the legal questions. You do not have to.
What about E&O insurance?
E&O insurance helps protect a Realtor if a client makes a claim because of the Realtor's work.
LegalShield gives access to a law firm for covered legal services.
The two serve different purposes. One does not replace the other.
Will this take me away from real estate?
You already tell clients about lenders, inspectors, title companies, and other services.
This is another service to tell clients about.
Is this going to give me more work to do?
There is a learning curve when starting something new.
But you don't have to know everything about the service.
You don't have to give a long presentation.
You can tell clients about it and show them where to learn more.
The clients then decide whether or not to sign up.
Am I allowed to offer LegalShield to my clients?
Yes.
When a client signs up through you, you get paid.
You can tell clients that you may earn money if they sign up.
Realtors already recommend inspectors, lenders, and title companies. Offering LegalShield works the same way. If a client signs up, you get paid for the introduction. There is no pressure. The client decides.
For questions about the rules for real estate agents, ask your broker.
A few things to know
How long has LegalShield been in business?
They have been in business since 1972.
The company says:
- 4.5 million people are covered.
- Its lawyers average 22 years of experience.
- More than 140,000 businesses use the service.
- More than 40,000 employers offer it as a benefit.
How much does it cost to get started?
It costs $99 to become a LegalShield associate.
This is a one-time fee.
The company gets the full $99. I don't receive any of it.
What do the LegalShield plans cost?
Basic: $29.95 per month
Covers the member and spouse.
Preferred: $39.95 per month
Covers the member, spouse, and children who live at home.
Premium: $49.95 per month
Includes more legal services.
What about IDShield?
The LegalShield company also offers something called IDShield. It protects against identity theft and more.
It monitors personal information such as Social Security numbers, dark web activity, credit, and more. If identity theft happens, licensed private investigators work to restore the identity.
It also includes tools like a password manager and alerts when problems are found.
Realtors sometimes see clients who run into credit problems when they try to get preapproved. Things such as debt-to-income issues, items on their credit, liens, or judgments. IDShield includes credit counseling. Clients can talk to an expert who reviews the credit report and cleans up errors or duplicates.
It can also help before closing. Sometimes a tax lien, medical bill, or old issue shows up at the last minute. With monitoring in place, clients can see problems earlier instead of being surprised right before closing.
The plan includes full-service restoration by licensed fraud investigators if identity theft occurs.
Individual plan: $19.95 per month
Family plan: $34.95 per month
The family plan covers the member, spouse or partner, and up to 10 eligible dependent children under 18 who live at home.
IDShield is separate from the LegalShield legal plan. A client can have one, the other, or both. Member Perks come with an active IDShield plan the same way they come with a LegalShield plan.
What are Member Perks?
Member Perks are discounts on things people already buy.
Examples include hotels, restaurants, movie tickets, rental cars, cell phones, electronics, apparel, travel, and everyday products.
These discounts come with a monthly LegalShield or IDShield plan. They don't come with the $99 associate fee. If you want the perks for yourself, you buy a plan the same way a client does.
Members can save up to 50 percent on brands like Verizon and Costco. There are more than 500 discounts available from national and local companies.
Members can save, on average, over $2,000 a year. Many members save more on the perks than they pay for their plan.
After someone signs up for a plan, they log in at legalshield.perkspot.com with their membership number. They look at the current offers and use the ones they want. The offers change over time.
One member, Roy A., said his coffee machine stopped working. Before he bought a new one, he checked Member Perks in his LegalShield back office. He found a discount and saved $140 on the new one.
Member Perks are discounts only. They are not free products or services. They do not replace the legal plan or the identity theft protection. They are an extra benefit that comes with an active LegalShield or IDShield membership.
What about legal help for my real estate business?
The Home Business Add-On provides legal help for a real estate business.
It costs $29.95 a month.
It gives you access to a lawyer for covered questions about your real estate business. That can include help reviewing contracts, writing letters, making phone calls on your behalf, collecting money owed to you, and dealing with tax audits.
Business-related matters are not covered by the personal or family plan. This add-on is for realtors who want legal help for their real estate business.
It's an add-on to a personal LegalShield plan. It does not replace your E&O insurance.
What is LegalShield Advantage?
LegalShield Advantage is a personal website used to sign up clients in LegalShield and IDShield. It also includes a back office, an app, and other business tools.
It makes it much easier to sign up clients for LegalShield and IDShield.
The first month is free. After that, it costs $24.95 per month. I do not receive any of that money.
How do I make money?
When a client you referred signs up for a LegalShield or IDShield plan, you get paid.
If the client keeps the plan, you keep getting paid.
That's how money keeps coming in after the home sale is over.
Is there any guarantee I’ll make money?
No.
How much you make depends on how many clients sign up and keep the plan.
It can take time.
What if a customer cancels their plan?
Payments for that client's plan stop.
It's like other monthly subscriptions such as Netflix. When someone cancels, the payments stop.
What if I still have a question?
For detailed questions about becoming an associate or offering LegalShield and IDShield as a real estate agent, contact LegalShield's Broker & Insurance Agent Support.
Phone: (855) 572-7653
Email: broker@legalshield.com
This is a way for Realtors to make money between closings.
The money keeps coming in after the closing is over.
What do you want to do?