Hi, I'm a real estate agent in New Jersey under the brokerage of Keller Williams and I am trying to start a property management company but I've hit a few technical snags. My questions are: does my broker's name need to be under the LLC with mine or can I own the company 100% while working under his broker's license, and how else can I completely protect my broker? For example, if I am able to form this LLC on my own, can I take out liability insurance for my company and list him under the policy? I want him to be completely protected.
I don't think you can open a PM company under your own name. Your broker would be the PM and you would be their agent. If your state allows, hire a broker of record, leave KW, and open your own. It can be very lucrative but very time consuming. As things sit now, ALL commissions MUST flow through your broker.
You May be able to use him as a "broker of record" but I doubt it. Between the state requirements and the KW franchise I am sure it would be simpler to either get your own Broker License or find an unaffiliated broker who can act as broker of record (if allowed in NJ).
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