Role of the Principal Broker at Federa
Embarking on a journey as a Principal Broker at Federa is a rewarding and dynamic experience! As a part of our directorial team, you are appointed by our Global Director and entrusted with a pivotal role in guiding and shaping our operations within your specific jurisdiction.
Key Responsibilities
Compliance Oversight:
Principal Brokers are tasked with overseeing all compliance-related activities within their jurisdiction. They hold the final authority regarding compliance decisions in the state, making sure that all operations align with federal, state, and local regulations.
Authority over Agents and Designated Brokers:
They have the power to alter the status of any active agent or designated broker within their jurisdiction. This includes making an agent or broker inactive when necessary. They can also decide on rules for the licensed agents within their state, by crafting articles to be published in the Federa knowledge base.
Business Operations and Expense Management:
Principal Brokers conduct regular business and take referrals as part of the usual flow their agents follow. They're responsible for their individual expenses related to licenses, boards, MLS, while Federa covers entity-related expenses within the state. Firm-related costs incurred by Principal Brokers can be reimbursed by submitting a receipt via the support center ticketing system.
Designating Brokers:
At their discretion, Principal Brokers can promote any broker within their jurisdiction to the position of Designated Broker. Designated Brokers are assigned a team of agents and serve as proxies for making compliance-related decisions on behalf of the Principal Broker.
Collaboration and Team Management
Principal Brokers are an integral part of a cross-functional team that communicates with their counterpart, the Director of Partner Success. The Director of Partner Success leads a team of Success Managers, who are responsible for recruiting and daily management of the licensed agents within the state.
Transaction Management
All transactions within Federa are managed in a centralized location - the Federa App, accessible from both mobile and desktop devices. Every closed transaction results in two payouts related to brokers - one to the Principal Broker and one to the Designated Broker. Each payout equals 2% of the net fees collected by Federa on the transaction (i.e., Gross Commission minus Agent Commission). If there is no assigned Designated Broker, the Principal Broker will receive both payouts. Given that there's only one Principal Broker per state, they are entitled to the fee from any and all transactions closing within their jurisdiction.
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