Every hopeful Michigan real estate salesperson needs an employing broker listed on their application to receive an active license and start making money. But - what is an employing broker, and what do they do?
Among other things, an employing broker is responsible for:
- Mentoring the agents they sponsor
- Holding the license of the agents and associate brokers they sponsor.
- Collecting commissions on transactions and making payouts to agents.
- Providing office space.
- Providing documents, supplies, etc.
Brokers are held to a high standard because they’re seen as experienced professionals who understand the real estate industry. They have to be careful to supervise their agents’ activity since they’ll get in just as much hot water if an agent violates the state rules and regulations.