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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.
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.
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.
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.
By law, a broker is not required to carry cargo or liability insurance.
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:
If you want to become an Agent, you will only need a computer, phone, and fax machine.
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.
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.
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.
Brooke Transportation Training Solutions (BTTS) has been open since November of 2002.
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.
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.
During class we will show Freight Broker Training students over 20 different resources for finding customers, including publications, associations, reference sources, internet resources, etc.
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.
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)
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.
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.
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.
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.
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.
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