What Is a Designated Broker?
A Designated Broker, sometimes referred to as a Broker of Record, is a liaison between the real estate commission and an owner or property management company. The majority of states require a Designated Broker if you are performing real estate activities. As your Broker of Record, we are responsible for making sure you are properly licensed as well as overseeing property management operations.
Hiring a Designated Broker
As a Designated Broker or Broker of Record, we represent apartment owners, investors, and property management companies who operate nationally, multi-state, and regionally. We provide state required licensure services with the real estate commissions in 47 states and the District of Columbia. We also provide services and materials to ensure compliance with the state statutes and the rules and regulations promulgated by each real estate commission. These vary per jurisdiction and as your Designated Broker, we can help ensure that you are operating compliantly.
Services Offered As Your Designated Broker
• Providing regulatory compliance manuals to you and your onsite employees specific to each state. These include:
- A compliance manual for each state
- A real estate commission audit check list for each state
- Licensing and banking requirements
- Advertising rules and regulations
• Informing you and your employees of relevant changes in rules and regulations that affect your operations in that state
• Coordinating with your marketing department to ensure compliance in each state with the regulations pertaining to Internet and print advertising, one of the fastest changing areas of real estate law
• Conducting site visits to your properties to assist in operational compliance per our Site Tour Agenda
• Preparing your company and onsite employees for an audit or investigation by the real estate commission
• Ensuring that issues which arise with a real estate commission, such as those resulting from an onsite audit or investigation, are professionally resolved, and documented with the state on behalf of the client
• Serving as the Sponsoring Broker to the commissions of your onsite licensee/employees
• Assist in the completion and filing of the licensing applications in each state to license the company, license us as your Designated Broker and license the onsite employees in the jurisdictions which require the onsite employees to be licensed
• Making ourselves available when questions arise
Lariat Realty Advisors has been serving clients for over 20 years. This is a full time practice specializing in the areas of licensure and compliance. Our in-house, compliance based brokers are experienced and ready to keep your property management company informed and compliant.
Is Hiring a Broker of Record Right for Your Company?
Whether you own and manage or are a third-party manager, the majority of states require a Broker of Record to perform leasing and property management activities. When you're ready to centralize, organize and have your compliance professionally administered, we are your team.