Real Estate Brokerage Business Startup Costs
Frequently Asked Questions
What if I need help with which forms to file and other requirements to start my own Real Estate Business and use YourBroker as my designated broker or qualifying broker?
YourBroker will assist you with which forms to file and other requirements to start your own real estate business. Upon sign-up with YourBroker, you will be walked through the whole process from start to finish. There will be easy to follow step-by-step instructions and YourBroker staff will be available via e-mail or telephone for all of your questions and concerns.
Is YourBroker an approved broker for HUD?
Yes, YourBroker is an approved broker for HUB. You will be able to buy, list and sell HUD properties with YourBroker.
Who is listed as the Listing or Other Broker on contracts with YourBroker?
On contracts your company will be listed as the Listing or Other Broker and all Real Estate contracts should reflect this.
What States do YourBroker operate in?
Currently YourBroker operates in Florida as a qualifying broker and Texas as a designated broker.
How do I receive my commissions from YourBroker?
YourBroker does not handle any of your commissions. Your company will receive all commission checks directly. (You do not have to wait on a broker to disburse the funds)
Do I need to have a DBA (Doing Business As) designation with YourBroker?
With YourBroker you will only need a DBA if you are going to be doing business under a name that is not the name of your actual company name.
Is there any required education that I must complete to work with YourBroker?
Yes, in Texas only one person from your company will be designated as a supervisor and they will need to complete the “Broker Responsibility” education course every two years to meet TREC continuing education requirements.
Do I need to form a LLC or Corporation?
Yes, you will need to form a LLC or Corporation. Forming an LLC or Corporation is quite easy when using an incorporation service or you could do it yourself for less expense at the Secretary of State website. Investing only a few hundred dollars can make doing business much simpler and safer. Your Broker of Record highly recommends forming an LLC or other type of corporation.
Do you provide office space?
No, YourBroker does not provide office space. We practice real estate in several areas across the United States, as a result, providing office space would dramatically increase your cost of sponsorship. You will provide you own office space if needed or operate out of a virtual office, depending on your needs. Many agents choose to work out of their homes or virtual offices. If you have more than one office, you will need to obtain a branch office license for your company.
Do I need to join my local Board of Realtors and MLS?
Yes, you will need to join your local Board of Realtors and Multiple Listing Service. If you are from a rural area, choose a Board from the city in which you receive most of your out of town business. The services provided by your local Board of Realtors and MLS service can be invaluable and can open many opportunities not normally available to you even if you think you don’t need their services.
Do you offer the same sponsorship service to Out of State corporations that would like to do business in a different State?
Yes, YourBroker offers sponsorship service for out of state corporations. The licensing steps are very similar. Every State is a little different in terms of requirements, contact us for specifics when you are ready to begin.
What if I have a C-Corp or a S-Corp, can you sponsor those types of corporations also?
Yes, any type of corporation recognized by the Internal Revenue Service can obtain a Real Estate Brokers License (excluding a few States) with our service.
Do you sponsor MLS only type business models?
No, YourBroker does not sponsor MLS only business models. We believe an MLS only model is bad for the real estate industry as a whole.
Do you sponsor property management business models?
No, YourBroker does not sponsor property management companies in Texas. Florida property management companies are accepted if approved by YourBroker.