When Must a Broker Register a Team Name with TREC?

As a broker, you might be thinking of assembling a group to help you grow your real estate company. To avoid any legal complications, it’s crucial to know when you need to register your team name with the Texas Real Estate Commission (TREC). If a broker intends to use their team name in promoting or conducting business as a team in Texas, they must register it with TREC.

A team name is defined by TREC regulations as “a name or logo used by one or more license holders who represent themselves to the public as a team or group.” This means that you must register your team name with TREC if you intend to advertise your services under a team name. If you don’t, you risk disciplinary action or fines.

Brokers must submit a Team Name Registration Form and a $20 fee to TREC in order to register a team name. Additionally, the team name must adhere to TREC advertising regulations, which forbid the use of deceptive or inaccurate information in advertisements. The broker must oversee all team activities, and team names cannot suggest that the team is a different legal organization from the broker’s brokerage.

Greystar is one of the biggest property management firms in the country. With more than 500,000 units under control, Greystar is a major player in the sector. The fact that property management firms normally do not need to register team names with TREC because they do not engage in real estate transactions should be noted.

Effectively managing the property to ensure its profitability is the property manager’s first duty to the owner. This include advertising the rental property to prospective tenants, vetting candidates, obtaining rent payments, and keeping the property in good repair. Property managers must also be in regular contact with the property owner and give them updates on the status of the property.

The normal range for a property’s management fee is 8–12% of the monthly rent. The expense of property management services, such as tenant screening, rent collecting, marketing, and advertising, is covered by this fee. Property managers can have extra costs for things like executing evictions or lease renewals.

In order to avoid any legal complications, it is crucial for brokers to comprehend when they must register their team name with TREC. The effective management of properties and regular communication with property owners are additional duties for property managers. Property owners can choose a property management company with confidence by being aware of the management fee structure.