A broker of record service lets your firm close real estate transactions in states where you or your agents are not personally licensed. A Virtual Realty Group affiliate acts as your designated broker of record, or co-broker, for commercial sales and leasing, property management, tenant representation, and specialty transactions such as self storage, medical and industrial facilities, and marina sales. Our affiliates hold active real estate licenses across multiple states and are actively adding more. Every transaction file is maintained to Department of Real Estate standards, with a complete copy provided at closing. Decisions on new engagements are made within 1 day, without a corporate approval chain.
What states are you licensed in to provide Broker of Record services?
You can click on this map to see the states our affiliates are licensed in and can do business in.
Why do business with us?
Because we can help you navigate the transaction you have in the other state. We can guide you on whether you need a cooperating broker agreement or a limited license filed in that state, or whether you are doing business in a physical, cooperating broker or turf state. Each state has different requirements of an out of state broker, and we can help you work right through that, straight to a successful closing, where everybody gets paid.
What types of transactions can you become our broker of record for?
Our affiliates can engage in many types of transactions from residential, commercial, multifamily and land sales. Our affiliates can also become broker of record for tenant representation. Some of our past work has included self storage facilities, medical buildings, marinas, car washes and gas stations just to name a few.
Are you strictly transaction based?
No, not at all. Our affiliates can become broker of record for a property management company, tenant representation, and in states where commercial mortgages require a real estate broker of record, we can not only fill that role, but also insure compliance standards are met.
Why are you different than other firms doing similar work?
The biggest reason is that we value compliance and everyone’s license above all. That is why we have a designated in-house company compliance officer available to all of our brokers who perform broker of Record services. By having this compliance officer, it enables us to get all compliance questions answered instantly. We also have affiliated brokers ready to start business with you. We are not like other companies that aren’t licensed and simply compile a list of brokers, to try an assign a client to them. We have very simple clear cut agreements, not long drawn out legalize.
How long does it take you to decide whether you can do business with us?
We can make decisions very fast. We are not a multi level corporate entity. So, if you call us, there is no need for us to run your request up a corporate ladder and wait endlessly for an answer. We can decide very quickly whether we are a good fit to work together, and we can give you accurate pricing right there on the phone, if you want it.
What do you charge for this service?
Each and every deal is different than the last. One of our affiliates can do a percentage type deal, flat fee, percentage with a minimum, etc.. We are open to a negotiation that is fair and equitable to both sides.
An example of broker of record services where there isn’t a specific transaction taking place, could be a property management company looking to start up business, but their state requires them to have a broker of record in place. One of our affiliates can step in, negotiate an agreement with them, and become their legal broker of record. Once this happens, they will be compliant with their states’ real estate commission, and can begin the task of launching their business. There are other examples, but this is a fairly popular one. Our affiliates hold active real estate licenses in many different states, and we are continuing to grow into new ones.
Please contact us if you do not see your state listed above, or to learn more about our designated broker of record services and commercial division, or feel free to fill out the form below.