Do PropTech companies need a broker of record?
Yes, if the platform facilitates real estate transactions, referrals, leasing, or property valuations for compensation. Every state where the platform accepts leads, routes agents, or shares in transaction revenue requires the entity to be licensed with a designated broker on file.
50 State Brokerage places licensed brokers of record in all 50 states and DC for PropTech platforms, property managers, multifamily operators, SFR investors, and institutional owners. Coverage is month-to-month, with onboarding typically completed in days rather than the years required to qualify an in-house broker.
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Who uses 50 State Brokerage?
PropTech platforms, institutional single-family rental (SFR) investors, apartment complex owners and multifamily operators, property management companies, REO disposition firms and mortgage servicers, build-to-rent developers, self-storage operators, short-term rental and vacation rental management firms, commercial brokers expanding across state lines, and M&A advisory firms with real estate components.
Do apartment complex owners need a broker of record?
Yes, in most states where you own or manage apartment communities. States require a designated broker for the property management entity to supervise lease-up, trust accounts (security deposits and prepaid rent), advertising, and on-site leasing staff. This applies to owner-operators and third-party multifamily managers.
Do commercial brokers need a broker of record for one-off out-of-state deals?
Yes. A commercial broker licensed in one state cannot legally collect a fee for a transaction in a state where they are not licensed, even a single deal. Broker of record cooperation agreements are the standard solution, splitting commission with a licensed in-state broker who assumes regulatory responsibility.