How Apartment Developers Can Use a Broker of Record Service
Real estate developers have the opportunity to expand on a massive scale, given the investments of their partners and relationships formed across the country. For the most part, apartments and multi-family housing are built, bought, sold, or swapped by developers in an area that they know.
They likely have a preferred real estate agent on staff or on retainer to handle these properties, but once they begin work outside their state, they may experience difficulty completing these transactions or handling compliance. In short, you need ears on the ground that can offer advice and act on your behalf.
Read through the information below to learn how a broker of record service can assist in the expansion of your real estate development business when you venture into uncharted territory.
What Does a Broker of Record Do?
A broker of record acts as an intermediary in real estate deals for out-of-town buyers, sellers, etc. Because a developer may not know someone locally, they work with a BOR firm to have someone in the room, representing their business during these transactions. Yes, the company may have licensed realtors on staff, but they are likely not licensed in other states. The BOR simply listens, follows the guidance of the client, and helps transactions close smoothly.
Why Connect With a Broker of Record?
Connecting with a broker of record service allows you to begin the shopping process in a new area right away. You may not have any deals lined up, but you know that there is someone who can step in to get the transaction going.
Remember, you can do much of the research yourself, visit the area, and even speak with other parties at any time, but you need a BOR in the room when the deal closes. Since you have already made contact with a broker of record, you can easily reach out to them, share the details of the deal, and proceed as normal.
A BOR Also Supports Established Properties and Businesses
Once real estate deals are complete, your BOR in each location helps manage legal compliance for every property. This is especially important when every county, state, and municipality has its own regulations.
Your BOR is also a great help for your attorney when you must defend your property during eviction proceedings, audits, while handling code violations, and much more. Remember that seeking advice from a realtor you know is perfectly fine, but a BOR who lives and works in the area has the last word on exactly how to handle every situation.
Connect With a Broker of Record Today for Transactions Outside Your Region
Get in touch with a broker of record in any locale where you believe you may begin doing business today. Having a friend in the area helps with the search, ensures that business deals are managed properly, prevents any hiccups once the paperwork is drawn up, and ensures that you manage each new property in a professional and ethical manner. Neglecting these simple details could prove costly during the expansion of your portfolio. It’s important to make sure that your broker of record can handle the services that you need as an apartment developer.
