Services provided by Designated Broker Solutions
Real estate commission requirements constantly shift and vary widely from state to state. Simply keeping up with these changes can be daunting – let alone staying in compliance with them.
What are the options?
Employee brokers. Employees can be a good choice; however, most states require two to three years' experience at an entry-level license before qualifying for a broker's license. Employee turnover is one of the most common reasons our clients engage our services. Even with long-term employee candidates, the state requires from 40-200+ hours of education to qualify, in addition to studying, exams and ongoing continuing education. Can you afford to have your key employees take that amount of time from their regular duties?
"Rent" a License. There are brokers in the marketplace who offer their services for a fee, enabling your firm to become licensed, however, you need more than just a license. Brokers are required to supervise both licensed and unlicensed employees, provide policies and procedures manuals, update you on new rules and laws, and be a resource for your team. If your hired broker is not providing these services, your firm is not compliant and could be faced with fines and penalties, if audited.
Designated Broker Solutions is the only company to offer a full - service brokerage and compliance solution for commercial property management firms with national coverage.
Because Designated Broker Solutions is compliance-focused, we focus on our core expertise; commercial property management. While we may consider other assignments on a case-by-case basis, please be advised:
We strictly work in the commercial real estate sector, including multifamily residential 50+ units
We do not offer our services for single family residential or vacation rental property management firms, or mortgage services sectors
We do not serve as the designated broker for transactional brokerage firms, residential or commercial
Whether it is for one state, or a national portfolio, Designated Broker Solutions will:
Match your commercial property management firm with a broker qualified by the state to serve as your designated broker or broker of record.
Conduct due diligence and provide a compliance assessment to identify compliance weaknesses and vulnerabilities.
Provide a comprehensive list of documents and information required for licensing and complete and submit the license application to the state on your firm's behalf.
Grant access to COMPLI!, Designated Broker Solutions' proprietary licensing and compliance program, the only one of its kind in the industry.
Empower your compliance team with our exclusive research in each state, Compliance Guidelines for Property Management, and Policies and Procedures Manuals.
Ensure compliance with license laws with bi-weekly calls until you are compliant in each state, and thereafter, quarterly and annual training and updates.
Protect your business and secure your license with Designated Broker Solutions
Property Management licensing is a significant barrier to entry for regional firms looking to expand into new states. Our network of broker affiliates, streamlined licensing process and proprietary licensing and compliance software allow us to be ready to assist as opportunities arise, with little or no downtime.
Partnering with Designated Broker Solutions means more than just a license. From providing internal audits which ensure property compliance, to providing updates and training regarding important changes in regulations – we are truly with you every step of the way.
Designated Broker Solutions works with your team to become licensed and compliant in each state by:
Assigning or recruiting a qualified broker from our broker affiliate network;
Facilitating licensure by assisting with paperwork necessary to apply to the real estate commission
Ensuring compliance is achieved and maintained through resources, training and updates.
Our Services Drive Compliance by:
Providing compliance checklists to your property/branch employees specific to their state and type of business
Coordinating with your marketing or web team to ensure compliance with online and print advertising, one of the fastest changing areas of real estate licensing law
Performing regular internal audits, preparing your team for an audit by the real estate commission
Informing you and your employees of relevant changes in rules and regulations that affect your business
Completing all necessary paperwork to ensure your corporate and branch licenses are renewed on a timely basis
Making ourselves available should questions or concerns arise
The path to compliance and protecting your business is easier than you might think.
After engaging with Designated Broker Solutions, we will facilitate all the necessary paperwork with each state to become your firm's Broker of Record.
All engagements are month-to-month, and there are no long-term commitments required.
We make adding or removing states, properties and branch offices easy without requiring the need for additional contracts or agreements.