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Corporate Sponsor:
Dun & Bradstreet DUNS # 146572420
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FAQ'S
What is a Freight Broker (Property Broker)?
Property Broker is the correct terminology for many names used in the business
to identify what we do. Truck Broker, Freight Broker, Freight Agent,
Transportation Broker or Agent are all interchangeable terms synonymous with
‘Property Broker’. Property Broker Authority allows a third-party to arrange
pick up and delivery of a Shipper's product by a Carrier without ever having
physical control of the shipment.
What are the legal requirements to operate as a Freight Broker?
You must apply for your authority from the Federal Motor Carrier Safety
Administration (FMCSA) allowing you to act as a freight broker, post a $10,000
Surety Bond and file your BOC-3.
How much does it cost to apply for your authority?
The FMCSA charges $300.00 to apply for operating authority (motor property
carrier, motor passenger carrier, freight forwarder, broker). It requires that
you fill out a 4 page form. You can do it online or by mail. When filing for
motor carrier authority, there is no additional fee for a USDOT #. Notice of
name change is $14.00.
Transport Training International will file for your operating authority with the
FMCSA for a service fee of $150.00.
How much is a surety bond?
You must post a bond of at least $10,000. The amount you pay for your bond
depends on a number of factors including the type of bond you choose and the
programs provided by the financial institution you choose to use.
What is a BOC-3?
A BOC-3 is a processing agent. This is a representative upon whom court papers
may be served in any proceeding brought against a motor carrier, broker, or
freight forwarder.
Is there a need for more Freight Brokers in the industry?
U.S. Bureau of the Census County Business Patterns indicate that agricultural
and manufacturing businesses are growing exponentially every year. Today, it is
estimated that there are close to a million shippers. Needless to say, there is
a very large market for brokers and agents. It has recently been estimated that
freight transportation cost in the US is well over the multi billion dollar
range annually and is rising. The amount of freight being moved by third parties
such as freight brokers is currently estimated in the 20-30% range and growing.
More shippers are using brokers & forwarders each year since it is usually much
less expensive for a shipper to use an outsource, such as you and me, than to
fund and maintain an in-house staff functioning as a transportation department.
Employee-related costs are usually the most expensive part of any business
operation. Paying a broker on a performance-only basis is the trend of the
future with many shippers.
What is the difference in being a Freight Broker or a Freight Broker Agent?
A broker is the owner of his or her own company. They are required to meet all
legal requirements (Authority, Bond, BOC-3) to operate as a broker.
An agent works under the authority of the broker and typically receives a
percentage of the brokerage fee.
Can I work from home?
Yes! In fact, when starting your business it is recommended that you start from
a home office to keep your expenses low while you grow and expand your business.
What do I need to get started?
The following are the basic office tools required for either broker or agent
startup:
1. High speed internet access
2. State of the art computer
3. A fax/copy machine
4. A telephone with at least two lines (one dedicated to the fax, one dedicated
for voice.)
5. A high quality broker software program
How much can I earn as a Freight Broker and how soon can I start earning?
Freight brokering is an excellent business and the agents and brokers that are
successful are making anywhere from $40,000.00 to upwards of six figures per
year depending upon the decision to work as an agent or broker and whether to
operate a home-based business versus a larger office with employees. This
business is based on contacts and relationships. It takes time to build contacts
and relationships and turn them into paying customers. Sometimes it can take six
months or longer to establish a solid customer base to see a profitable income,
but it can be done in less time. Overall time lengths vary primarily on the
individual’s determination and desire to succeed in this business.
Is Freight Broker Training School required?
Freight Broker Training School is not required to receive your property broker
authority. However, the failure rate for those who attempt this business without
freight broker training is high. In order for a broker to be successful in any
industry (stock broker, real estate broker, etc.), formal training is a must.
Transport Training of America will prepare you to perform broker duties in a
profitable, ethical manner, giving you the tools needed to be successful in the
field.
Why should I attend Transport Training of America, Inc. versus other Broker
training schools?
Transport Training of America or (TTA) will arm you with the necessary knowledge
you need to succeed in this business and we will motivate you to become a true
professional in the field. Transport Training of America is the number one
trainer of freight brokers in the nation. They have earned that position by
training scores of future brokers and agents and delivering training that
consistently exceeds student expectations. Our instructors have a combined
experience of over 30 years in the transportation industry and hold at least
Bachelor’s degrees with extensive classroom teaching experience.
Transport Training of America, Inc. is the only freight broker training school
licensed by a State Department of Education. We are members of the Better
Business Bureau, OOIDA, and the Alabama Trucking Association. We are pleased to
provide our training in association with some of the largest names in
transportation such as H.I.S., Inc, GetLoaded.com, TruckloadRate.com, Arcline
(2000) Inc.–Transportation Software Specialists, Pacific Financial Associates,
XFactors, ContingentCargo.com, & PC Miler. We work with the Department of Labor
through Vocational Rehabilitation and the Workforce Investment Act.
While there are many training companies offering freight broker training, and
some at cheaper prices, this is an instance where you truly get what you pay
for. Be sure to do your homework before agreeing to attend any school, including
Transport Training of America. When talking to a school’s representative ask
about credentials, associations, available placement, brokerage practices,
instructor qualifications, and business standings. You may even want to ask to
speak with past graduates. You are embarking on a new career; if you want to be
successful seek out the best training, not the cheapest.
At TTA, we offer our students comprehensive training followed by available
full-time agent placement. We also offer graduate perks on software including
discounts on Brokerage software. While all of these are great benefits to
attending our training, the greatest benefit is the education we offer combined
with our emphasis on honesty, integrity and service.
How long has TTA been in business?
TTA held its first freight broker training class in June 2002 in Alabama. We
have since expanded to include class locations in Dallas, TX, Atlanta, GA, San
Jose, CA, various other U.S. cites, and Canada. Our instructors hold at least
Bachelor’s degrees. They not only have extensive teaching experience, but also
over 30 years of transportation experience.
Does TTA offer any support after completion of the training program?
Not only does TTA offer support to those who decide to be brokers in addition,
agent placement in a licensed freight brokerage firm is available. As an agent,
you do not have to get your authority, bond or BOC-3, so start up costs are
lower, plus you can still work from home. In addition, the brokerage will help
you take care of the typical mistakes made by individuals new in the field. You
will receive phone support from brokerage staff, assistance with paperwork and
common load problems, and many other advantages. Most importantly, the brokerage
allows you to take any customer (shipper) you obtain while working as an agent
with you when you decide to become a broker – they are your client to keep.
Should a freight broker school be affiliated with a freight brokerage?
Yes! And the instructors should be actively engaged in brokering freight. How
can an instructor teach something they don’t do themselves? When a school tells
you they are affiliated with a brokerage ask for the brokerage name and MC # so
you can check their authority and make sure it is current.
www.freightbrokertrainingschool.com
- Freight broker and and truck broker school.
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