Are there any agents in MD or DC who run their real estate business under a DBA or LLC?

Question

As an agent, I am always thinking of ways to start branding myself now so that when I am ready to become a broker and form my own brokerage, I would have already become a recognizable entity in the industry and in the community.

Have any real estate agents established LLCs or DBAs in order to distinguish themselves apart from the brand their brokerage?

Ned Carey · Answer

Keep in mind in any advertising, I believe in MD  your brokers name and phone number must be larger than yours.

If when you decide to become a broker you decide to associate with one of the national brands like Keller Williams, Exit, or other franchise I don't think you company name will be that much help. If you want to build your own brand and NOT associate with an existing brand,  keep in mind you are competing against very large companies and are at a disadvantage as far as name recognition.  Building your own personal name as a brand may be more effective.   Good luck - Ned

Ray Corkran · Answer

Hi @Dacia Bell . I'm an agent in Baltimore and I have an LLC. So when I get paid from my broker the checks are made payable to my LLC. Now, with that being said it has nothing to do with my personal branding. I'm not looking to open my own brokerage so the name of my LLC isn't specific to a "Real Estate" company. It's more or less generic so I can use it for many of my endeavors. For better direction I would talk to your accountant about it; reasons for doing it and maybe reasons for not doing it.

You can always shoot me a message with any questions.

-Ray

You can always shoot me a message with any questions.

-Ray

Thomas Johnson · Answer

Hey @Brad Chandler I totally agree with building a team method, for Dacia having a brokerage vs a team is like creating the wheel vs the wheel already being in place all you have to do is incorporate your plan into the structure. For Brad how did you build your team to do 800 transactions and how big is your team?

Brad Chandler · Answer

@Dacia Bell I would urge you to further investigate starting a brokerage. You only split commissions up to a certain amount and then you generally keep 100%. In my opinion it isn't worth the added liability. It is very hard to make money as a broker. Your margins will be better with a team. I started a team at Keller Williams in 2008 and by 2010 we had the #1 team - we did almost 800 transactions around $120m. My partner had his brokerage license and we still stayed with Keller Williams. Just my thoughts...

Dacia Bell · Answer

@bradchandler I want my own brokerage in order to have complete autonomy of my career, so that I'm not forced to split my commissions, and I can leverage my brokers license by profitting from other agents affiliating with me.

Brad Chandler · Answer

@Dacia Bell  - why do you want to start a brokerage?

Thomas Johnson · Answer

Hey @Dacia Bell  I own a real estate group under DBA with Keller Williams Realty, I've been working on Branding my group The TDJ Group www.tdjgroupdc.com and taking steps on building my team. It's pretty easy to do once you get started  company name, website, marketing etc.

Stephanie Dupuis · Answer

What's the benefit of using a LLC vs. Inc. (S Corp, etc.)? I'm completely ignorant with RE Agent thing here, so please be patient.

Dacia Bell · Answer

@Ray Corkran since my point in forming a LLC is to distinguish myself from my brokerage, I would want to use the LLC name on my signs and in my advertisement in place of or along with my name. That's why I asked if you had to notify the commission. It seems you have an LLC for other reasons.

Ray Corkran · Answer

@Dacia Bell Hmmm.... I'm not sure what the purpose of that would be.  Did someone tell you that had to be done?   As an agent when you sign on with a broker there should be a page in your contract asking where / who do you want the commissions paid.  It can be paid directly to an individual or a business (LLC or Inc.).

The only reason I am aware of that would require you to register your business LLC or Inc. with the MREC is if you are a broker opening your own realty company or if the ownership has changed.  Example, if a franchise is sold to a new owner, the franchise sign on the building stays the same but the actual owners name / LLC or Inc. changes.  Hope that made sense.

I'm interested to know what you find out.

Are there any agents in MD or DC who run their real estate business under a DBA or LLC?

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