Broker of Record vs Getting Your Own License
Companies operating in more than one state generally weigh a broker of record engagement against obtaining their own real estate broker license. Broker of record engagement involves no pre-license education, exams, renewals, continuing education, or E&O obligations carried personally. Getting your own license takes 60 to 180 days per state and costs $1,500 to $5,000 in fees plus ongoing renewal costs.
When broker of record wins
Choose a broker of record if you operate in two or more states, need to close a transaction in the next 90 days, or are a PropTech, SFR investor, or property manager expanding market by market.
When your own license wins
Choose your own license if you will operate in a single state for five or more years and have the internal capacity to manage state compliance annually.