My wife and I are building out a property management company in Wilmington, NC. I will soon have my Provisional Broker's license, and she will follow soon after. Since I'll need two years of an active broker license before I can act as my own Broker in Charge (BIC) for managing other owner's properties, does anyone have advice on how to recruit a BIC? Really looking for someone for a two year contract (until I am BIC eligible).
I have a friend that has her Broker's license in 8 states, one of which is NC. I'll see if she'd be interested in speaking with you. I know our local RE Commission will allow you to purchase lists of Agents / Brokers to email blasts... Check with your commission to see if they do that, maybe you could blast out some emails to those who hold Broker licenses.
@Garrett D Shaw Hi, I did the same thing as what your talking about. I actually found the person who served as my 2 year BIC here on BP. As I am sure you know they need to be local to you as the co. office has to have a physical location where you are both working from. There can however be multiple firms at that location.
The other thing is you mentioned your a PB, you should consider doing all your post licensing, become a full Broker because then you can be the Qualifying Broker and hold the Firm Lic. So the firm is yours but you don't need to be the BIC. Otherwise, as a PB you can't really have/own a firm.
Thanks for the insight everyone. I went ahead and got my PB licence, and am working on the post-licensing course to be a full broker. Interesting about the qualifying broker for the firm. So from your experience, as long as I'm a full broker for my firm, I don't need a designated BIC? How about the two year active license requirement needed to become BIC eligible? Does that not come into play with a firm license?
@Garrett D Shaw you can own the company, but you still need a BIC until you have the required experience. In fact, you could own the company and not have any license at all! I was a brand new agent with a property management company and had a BIC work for me until I met the requirement and could take over. You have to be clear about roles and responsibilities and know that the BIC should be monitoring your business because they are taking legal responsibility.
My recommendation is to visit larger offices and see if they are willing to allow you to open a property management branch under their license. If you connect with an existing, large brokerage, they can feed you a ton of business and help you grow quickly.
Thanks Nathan. I met with my lawyer today and he echoed your advice. I'll look to partner with a local brokerage in a way that I can still maintain relative independence for my company during that two year period.