5,258,996
I have worked in a brokerage like that. The owner, nor the broker of record were competing. However, the owner's children were licensed and did receive all of the owner's referrals. That created a bit of animosity between the agents and his/her children.
I also owned my own brokerage and hired brokers of record in two offices. I was, however, a competing broker/owner. All company leads were dispersed by the broker of record, not the owners. That alleviated any issues with the fact that the owners were competing.
-
John Pusa
Glendale, CA
-
Lyn Sims
Schaumburg, IL
-
Valeria Mola
Sunny Isles Beach, FL
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Mary Yonkers
Erie, PA
-
PropertyMinder (Accele...
San Jose, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Lynnea Miller
Bend, OR
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,728,867
Per Florida Real Estate Law
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Valeria Mola
Sunny Isles Beach, FL
-
Lynnea Miller
Bend, OR
-
Candice A. Donofrio
Fort Mohave, AZ
-
PropertyMinder (Accele...
San Jose, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,684,769
What Sandy Padula and Norm Padula, JD, GRI said about Florida Statute 475.15.
A real estate "agent" cannot open a real estate brokerage in our state by herself or himself. There must be at least one active Broker of record to serve as a member, officer or director of the corporation, partnership, LLC, LLP, or other business entity. See my additional remarks below.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Valeria Mola
Sunny Isles Beach, FL
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Barbara Todaro
Franklin, MA
-
Mary Yonkers
Erie, PA
-
PropertyMinder (Accele...
San Jose, CA
-
Sandy Padula & Norm Pa...
, CA
1,598,452
I think its inappropriate.
Who is the Boss now?
Broker or Owner/Agent?!
-
John Pusa
Glendale, CA
-
Valeria Mola
Sunny Isles Beach, FL
-
Lynnea Miller
Bend, OR
-
PropertyMinder (Accele...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Richard Weeks
Dallas, TX
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
413,977
It's actually an awesome solution for a high producing agent that wants to go out on their own without the day to day broker responsibilities. Hire a pro and keep doing what they're good at.
-
Lyn Sims
Schaumburg, IL
-
Debe Maxwell, CRS
Charlotte, NC
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Bob Crane
Stevens Point, WI
-
Mary Yonkers
Erie, PA
1,507,073
Nothing wrong with that. One of my good friends has been doing that since the 80s.
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Lyn Sims
Schaumburg, IL
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Mary Yonkers
Erie, PA
766,969
It seems like that is the most often used practice.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Valeria Mola
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
PropertyMinder (Accele...
San Jose, CA
3,350,764
It is not something I would do. I would, and did, get my broker license.
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Lynnea Miller
Bend, OR
-
Inna Ivchenko
Encino, CA
-
PropertyMinder (Accele...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
717,185
Happens in our market. Works if there is a clearly defined job description. Typically the managing Broker will not sell, but the owner/agent is a competing agent. In two local cases, I see one working well, and in another case, the managing Broker keeps getting fired over and over again.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Inna Ivchenko
Encino, CA
-
PropertyMinder (Accele...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
1,712,876
Too little information.
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Debe Maxwell, CRS
Charlotte, NC
-
PropertyMinder (Accele...
San Jose, CA
-
Kathleen Daniels, Prob...
San Jose, CA
4,907,547
I don't think it is a good idea. I know some brokers that will be the broker of record for as many owners who wish to pay them. The agents are not properly supervised.
-
Valeria Mola
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
PropertyMinder (Accele...
San Jose, CA
-
Lynnea Miller
Bend, OR
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
2,222,281
Happens all the time.
-
Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anthony Acosta - ALLAT...
Atlanta, GA
6,426,255
Running a business and doing the brokerage work are two different activities and we have plenty of great people doing both in our company.
How it is structured is between them and the state, I just concentrate on leading my teams and let them provide a great environment for us to thrive in.
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Bob Crane
Stevens Point, WI
1,231,853
Check state law. It's legal in PA.
-
John Pusa
Glendale, CA
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,057,674
You mean, the office is owned by a licensee but a managing broker is designated. Happens.
I've also seen a broker SELL their business to one of their agents who then gets licensed as DB and the former owner remains on as an agent under them.
There are many reasons to do this - they want to be free to travel or semi-retire, they want to free up cash for another project, etc, etc.
Being the DB requires that you assume liability and you're where the buck stops. The company is not without liability, though. A lot depends on structure.
I know successful agents, team leaders doing essentially the same duties, who could, are smarter than, but would NEVER want to be 'the broker'.
It ain't for everyone.
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Valeria Mola
Sunny Isles Beach, FL
-
Lynnea Miller
Bend, OR
-
Candice A. Donofrio
Fort Mohave, AZ
-
Sandy Padula & Norm Pa...
, CA
431,162
We had an office here where a licensee opened the company and hired a Principal Broker. The office had two PB’s prior to the licensee obtaining a broker license. The haves keep having more.
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Candice A. Donofrio
Fort Mohave, AZ
1,625,651
It happens here in CA. Depends on the relationships, if everyone works as a team and clearly understands their roles, no issues should be.
-
Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
1,209,456
Not a good situation, as stated many times before me.
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
2,785,606
many ways to skin the Real Estate cat...this be one of them
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Candice A. Donofrio
Fort Mohave, AZ
7,871,872
Follow the rules in your state.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Debe Maxwell, CRS
Charlotte, NC
5,117,178
Agents cannot own firms... they have to be brokers and also complete the broker-in-charge licensing.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
PropertyMinder (Accele...
San Jose, CA
716,809
Sounds ok with me. If you follow what's going on with the courts, supervising brokers will eventually be a thing of the past.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
2,470
I think you better have a really good relationship like Father Daughter
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
4,272,984
I like Debe Maxwell, CRS answer
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
544,014
It allows the owner to work on strategy and growth while the broker deals with personnel and compliance issues.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
3,988,013
That is done in my area. Owning a company can be a source of income and brokering could be a distraction for a really busy agent and cut into sales time.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
5,583,328
in MA, agents cannot open an office.....they need to hang their shingle with a broker....
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Debe Maxwell, CRS
Charlotte, NC
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,182,719
Evelina Tsigelnitskaya once I associate with an office the broker was not the owner.
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
5,246,568
The agent, money man, should get a broker’s license. Renting someone else’s is becoming more common for certain brokerages. Soon lessons will be learned.
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Valeria Mola
Sunny Isles Beach, FL
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
921,504
I think a real estate agent can own as much stock in a brokerage as they wish.
You really don't want to create a tail wagging the dog situation.
But ALL the biggies started somewhere.
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Mary Yonkers
Erie, PA
-
Candice A. Donofrio
Fort Mohave, AZ
2,071,025
Thank you to all for all your answers.
I don't believe in that type of "brokerage".
If the agent hires avprincipal broker, sooner or later, it won't work. I have been witnessed five of them and none of them worked out.
Only 1 solution - if you are a real estate agent and want to open real estate company - GET A BROKER'S LICENSE. You already archive so much, just one more step - get a broker's license! Invest in yourself and be a boss!
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
5,879,826
We see this around here too.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
3,071,589
No issue
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,968,122
Wow, Interesting, I would wonder which one is the boss or the real broker!
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,800,132
I don't have a problem with this as long as everything is done legally.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,434,177
I have seen it in my area. The real estate agent is an investor and opened his office abd hired a broker of record with a broker's license.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,319,873
Not healthy for sure, Evelina Tsigelnitskaya.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
5,063,430
It's not something I would do but seems to me you could, based on the responses. Not that familiar with the CA laws. Interesting question...
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Debe Maxwell, CRS
Charlotte, NC
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,326,624
The following quote is from the most recent issue of the monthly newsletter from the State of California Department of Real Estate:"...
"...we continue to see brokers who abuse their license privilege by acting as “ghost” or “shadow” brokers (also referred to by us as “rent-a-brokers” or “brokers for lease”). Those brokers provide very little or no supervision, or simply (and unlawfully) “rent” or “lease” the use of their broker license to salespersons who in turn operate a real estate practice without any broker supervision as if they were real estate brokers. Such “ghost” brokers put themselves, their salespersons, and the public, at great risk."
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
5,773,392
Evelina,
You have great answers here, and there is nothing more I can add to this. Wishing you great success in Sunny Isles, Florida. A
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Valeria Mola
Sunny Isles Beach, FL
86,514
Number 1 question--WHY? At KW we have mega teams which are basically offices unto themselves but working under a broker. Question 2--an agent can't OPEN their own company WITHOUT a broker! There are all sorts of different models out there. At KW we have mega and expansion teams which work in many cities across the nation. I think the industry is getting away from the BIG company umbrellas and going lighter in their market share but aggressive in their technology.
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL