I would like to start a real estate company in Virginia with two other people. Only one of us will be a licesed realtor. Is that OK? Are there any resources out there than can help me plan this company? Thanks!
This came from your States Association Web Site: Licensure and ownership of real estate firms Who may own a real estate firm? The answer is simple: anyone may own a real estate firm. There is no requirement that owners of a real estate firm be licensed. However, there are some things you need to know. While a non-licensed person can own an interest in a real estate firm, there are limits on the types of ownership available to certain licensees. Corporations: Any person, whether licensed or not, may be a shareholder or director of a corporation. Generally, only brokers may be officers (president, vice-president, etc.). Salespersons who are active in the business may not be officers. (However, salespersons who are not active in the business may be officers.) Partnerships: Salespersons who are active in the business may not be members of partnerships. All partners must be either non-licensees or brokers. (A salesperson who is not active in the business may, however, be a partner.) Limited liability companies: Salespersons who are active in the business may not be members (owners) of an LLC. (However, salespersons who are not actively engaged in the business may be members of an LLC.) Otherwise, all members must be either non-licensees or brokers. ______________________________________... To set up an office, you need to totally understand how to run a Brokerage, costs, bookkeeping, etc. I'd suggest looking at some of the smaller franchises because they are generally inexpensive and most have assistance for opening offices. I know when I opened my office they made me go through a Broker Owners 5 day intensive training and boy did I learn a lot! Vicki Watzlawick Broker Owner Exit Platinum Realty
Hi, okorder for some useful info on starting real estate business. Good luck!
Depends on what your real estate company does. You need to be licensed to broker real estate, and you need to be licensed to act as an agent of a broker, but you don't need a license to buy and/or manage real estate.
Depends on what type of Real Estate you plan on doing. Will you manage apartment complexes, will you manage retail properties, or commercial, will you be selling homes? If you are selling homes, one of you needs to be a broker, a Realtor only holds a real estate sales associates license someone needs to be a Broker who handles and oversees other sales people. To be on the safeside one of you should have your brokers license, being that only one holds a license then as long as they have been licensed for two years then they can get a Brokers license. Requirements to sit for the Brokers exam is that you must have held a sales associates license for no less than 2 years.