Brooke Transportation Training Solutions, LLC


One Week Course: $2495
The Best Freight Broker Training Value!
Guaranteed Opportunities.

Click here for schedule and locations.

facebookLinkedInblogger

Questions?   
Phone (214) 206-1169
Fax (469) 327-2712
401 North Carroll, Suite 195
SouthLake, TX 76092


The Sky's the Limit with freight broker training from Brooke Transportation Training Solutions

FREQUENTLY ASKED QUESTIONS (FAQs)

If you have any questions that are not answered here, call us at (214) 206-1169

  1. What is a property broker?
  2. What are the requirements of an FMCSA property broker?
  3. What is a surety bond?
  4. Is this a growing sector of the transportation industry?
  5. Does a brokerage company carry cargo and liability insurance to protect its clients' interests?
  6. What do I need to get started?
  7. Can I work from home?
  8. How long will it take for my business to become profitable?
  9. What is the difference between a broker and and agent?
  10. How long has TTS been training?
  11. How long has your brokerage office been open?
  12. How much money can I expect to make?
  13. How do I find customers?
  14. What kind of licensing or bonds do I need to be a freight broker agent?
  15. How do I decide whether to start my own brokerage or be an agent for another?
  16. Do I need a lawyer or other type of professional to file for motor carrier and/or property broker  authority?
  17. Can an expert speed up the process of getting my authority?
  18. How qualified are Brooke’s teachers?
  19. Are there different levels of broker certification (i.e., Master Broker, Diamond, Platinum, Gold, Silver, or Journeyman Broker)?
  20. What is freight factoring?

1. What is a Property Broker?

A Property Broker is the term established by the Federal Motor Carrier Safety Administration (FMCSA), a division of the United States Department of Transportation, to describe licensed individuals, or companies, who help make a shipper and an authorized carrier successful in the transporting of freight.
Back to Top

2. What are the requirements of an FMCSA Property Broker?

Each company or entity is required to obtain a "surety bond" with an approved bank or insurance company, and maintain "process service" agents in all 48 contiguous states.
Back to Top

3. What is a surety bond?

Each company or entity must prove they are capable of paying the various truck lines, airlines, railroads, or any other entity being used by the broker.

An individual's credit, and/or financial strength, is investigated with extreme thoroughness. Only then is a "bond" issued.

Accordingly, if for some reason the broker fails to pay the transportation company, the bonding company must pay. As you can imagine, the bonding company is very careful about who they insure.
Back to Top

4. Is this a growing sector of the transportation industry?

As of this writing, there are over 14,000 licensed transportation brokers in the United States. It is estimated that freight brokers account for at least 10% of $600 billion worth of freight moved annually. In a recent article, the Wall Street Journal reported "transportation brokerage, and logistics" as the fastest growing segment of the transportation industry.
Back to Top

5. Does a brokerage company carry cargo and liability insurance to protect its clients' interests?

By law, a broker is not required to carry cargo or liability insurance.
Back to Top

6. What do I need to get started?

If you want to become a Broker (start your own company), you will need a computer, telephone, and fax machine. In addition, you will need to obtain the 3 legal documents listed below:

  • Broker's Authority: through the FMCSA (Federal Motor Carriers Safety Administration) - $300. We teach our Freight Broker Training students to properly fill out the OP-1 and file for your authority.
  • Surety Bond or Trust Fund: obtained from a local bank or bonding company. As of 2013 brokers are required to carry a $75,000 surety bond. A bond works much like an insurance policy. The form to be filed is either the BMC 84 or 85 depending on whether you obtain a bond or trust. Several bonding companies have creative, aggressive ways to get a 75 bond. We teach those ways in our freight broker course.
  • Processing Agent: Approximately $50 so that in case you ever have a lawsuit filed against you, a lawyer from that state will call and inform you of the claim. The form to be filed is the BOC-3.

If you want to become an Agent, you will only need a computer, phone, and fax machine.
Back to Top

7. Can I work from home?

YES! It is a great place to start your small business and will keep your expenses down until you have enough financial resources to open up an office.
Back to Top

8. How long will it take for my business to become profitable?

This is a relationship business and relationships take time to develop. Typically it will take 2-6 months to show a profit, but it has been accomplished in less time and in more time. You can generate revenue as soon as you become licensed. Your success depends on many factors, including your level of determination, your attention to detail, and your genuine desire to help your CUSTOMERS succeed.
Back to Top

9. What is the difference between a Broker and an Agent?

A Broker owns his/her own company and must obtain all of his/her own legal documents to get started.

An Agent works for an established Broker under the Broker's legal documents. It is typically an all-commission position.
Back to Top

10. How long has TTS been training?

Brooke Transportation Training Solutions (BTTS) has been open since November of 2002.
Back to Top

11. How long has your brokerage office been open?

Brooke Transportation Transportation Solutions opened 9 years ago with our owner and his cousin working from his garage. Nine years later we are working in a corporate district.
Back to Top

12. How much money can I expect to make?

As a full-time Broker or Agent, you can make anywhere from $40,000 to well over $150,000 after you have developed you client database. As time goes on, and you continue to secure customers, your revenue will also grow. You set your own limits.
Back to Top

13. How do I find customers?

During class we will show Freight Broker Training students over 20 different resources for finding customers, including publications, associations, reference sources, internet resources, etc.
Back to Top

14. What kind of licensing or bonds do I need to be a freight broker agent?

You absolutely do not need to buy a license or a bond to be a freight broker agent. Working as a freight broker agent is similar in many ways to being a realtor, insurance agent or hair stylist. The company you work under pays many of the costs needed to run the brokerage so you don't have to.

Others may convince you to spend 1000s on a freight broker license and bond that you don’t need as an agent. Other schools sell licenses and bonds, we do not.

The best freight brokers in the industry come on graduation day to talk to our top notch graduates about working with them.
Back to Top

15. How do I decide whether to start my own brokerage or be an agent for another?

There are many factors in making this decision. Money, experience and time are three major factors. You will need 3 - 6 months living expenses saved to live on while you get your business established. If you open your own brokerage you will need additional moneys for start up costs.

The support from working as an agent and learning from their experience is invaluable.

Establishing your own brokerage will take more time than becoming an agent. All of these issues are discussed more thoroughly in our training course (click here to download enrollment form)
Back to Top

16. Do I need a lawyer or other type  of professional to file for motor carrier and/or property broker  authority?

No. The Federal Motor Carrier  Administration’s website has all the forms and instructions you need to file  for motor carrier and/or property broker authority. They also accept  questions by phone: 1-800-832-5660.
Back to Top

17. Can an expert speed  up the process of getting my authority?

No. The process speed  is the same no matter who applies. You will be given a temporary MC  number instantly. That MC number will become permanent and active after a  10-day waiting period once you have met the bond and BOC-3 requirements.
Back to Top

18. How qualified are Brooke’s teachers?

BTTS instructors are experts in their fields  and experienced teachers. They developed the curriculum; lesson plans and take home materials from the knowledge they learned as successful freight  brokers.
Back to Top

19. Are there different levels of broker certification (i.e., Master Broker, Diamond, Platinum, Gold , Silver, or Journeyman Broker)?

There is only one level of broker  certification, Property Broker, commonly called a Freight Broker. The Federal Motor Carrier Safety Administration (FMCSA) does not recognize any other title  than Property Broker. Choose additional schooling not for a better  certification but to hone your  skills.
Back to Top

20. What is freight factoring?

With Freight Factoring we give a trucking company quick cash for accounts recievables. Pay drivers and expenses in 24 hours... we collect from your customer in the customary 30 days. This is an excellent way to stabilize working capital and boost your company's cash flow. This is not a bank type loan. This is an alternative to traditional bank lending and is especially important in the current economic climate. Factoring is an effective financing tool used by both small business and many Fortune 500 companies.
Back to Top


© Copyright 2004-2012 Brooke Transportation Training Solutions, LLC. All rights reserved.
Questions or comments about freight broker Training from Brooke Transportation Training Solutions, LLC should be directed to:
Info@transportationtraining.com