What Is a Sponsoring Broker?
A sponsoring broker is a seasoned real estate professional who provides guidance to property management companies. They are actively licensed and have years of experience in the real estate industry.
When it comes to property management, sponsoring real estate brokers are hired by firms to sponsor agents in the jurisdictions where this is required, as well as provide guidance. This includes licensing and compliance services to help ensure your firm follows legal and ethical guidelines set by the real estate commissions.
Should You Hire a Sponsoring Broker for Your Real Estate Business?
In most states, a real estate property management firm is required to have a real estate license as well as a sponsoring broker. Hiring a sponsoring broker for your firm offers many benefits. It not only fulfills the licensure requirements, but sponsoring brokers help ensure rules and regulations pertaining to advertising, banking, etc. are followed.
How to Find the Right Sponsoring Broker
Partnering with the right sponsoring broker is essential to your success as a property management company. Finding someone who communicates openly and supports your goals and objectives can help ensure a productive and balanced relationship. Here are some tips for finding a sponsoring broker to meet your needs:
- Ensure all potential broker candidates are fully licensed to provide real estate services in your state.
- Look for a sponsoring broker who's accessible to provide constructive guidance.
- Research potential candidates to learn about their reputation in the real estate industry.
- Ask potential candidates if they have successfully resolved complaints, audits, and investigations in the past.
- Ensure the broker you choose is interested in a partnership that includes mentoring and support.
Ready to find out more?
Lariat has provided sponsoring broker services for over twenty years, so if your firm is in need of a sponsoring broker with experience in property management, contact us today. We would be happy to help!