National Brokering License Rules and Regulations for CRE across state lines
Preparing to shift into national representation and brokering. Should I get a license for the states I plan to go into or is it possible to be be payed commission wise without adding additional licenses?
[{"id": "g9eggy7", "text": "If you plan to list property in another state, you will need a license unless you plan to just get a referral fee.", "replies": [{"id": "g9emboh", "text": "What about working on the buyers side or off market", "replies": [{"id": "g9uj6o8", "text": "I handle several states for one of my clients. \n\nI rep them in 6 states. Only licensed in 2. (One I had to pass the exam, the other had reciprocity). \n\nIn the states I\u2019m not licensed, here\u2019s what I do:\n1. You need to contact a broker (preferably one you know) and ask if he will essentially be the broker for the Tenant but obviously you will be running the show. \n2. Have a written referral agreement with that broker where he gets 5% of the total fee. (If your fee is $50K, broker would be entitled to 5%) \n3. When you prepare LOI\u2019s for your client, it would be advantageous to have them send LOI, as it\u2019s illegal for you to send them in a state you\u2019re not licensed in. (I send LOI\u2019s, tbh I don\u2019t give a fuck. No one is going to report you) \n\nHappy to talk in more detail as I\u2019ve been doing this for the past decade", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "g9p7g86", "text": "typically you hire a local broker who is licensed who pays you a \"consultation\" fee.  I'll leave the legalities after that very simple explanation up to you and your legal team.  Most \"national\" reps don't have a license in 50 states though lol", "replies": [], "depth": 1}]