Real Estate Brokers Who Are In Name Only

There are changes being made to protect the consumer with good mortgage loans and appraisals with laws and bills being written for home buyer protection.

How about absentee Real Estate Brokers?

Seems like there is an elephant in the room that has been and continues to be overlooked.

A licensed real estate agent must work under a Broker.  That means the Real Estate Broker is to oversee the agent’s work by offering assistance and training.  This is a step to help safe guard the consumer.

In the State of California, there are “name only” Brokers.  What is a “name only” Broker?

This is a Real Estate Broker who is NOT in the same office and may be in Southern CA while the real estate agent is in Northern CA. 

Real Estate Brokers make a percentage of whatever the agent brings in terms of sales so there are Brokers who see dollar signs and realize they can have a lot of agents working under them and thereby make money but provide little if anything to those Realtors ® working for them.

It is my feeling that this is NOT in the best interest of the consumer, the home buyer and the home seller. This type of practice results in agents who have little or no supervision or training and that can only have a negative impact on the home buyers and home sellers.

While these Real Estate Brokers are making money by being “in name only” so is the CA Association of Realtors.  Until and unless the CA Association of Realtors stands up and protects home buyers and home sellers by stopping this practice, it will continue. 

Real Estate Brokers have a responsibility to the public.  Banks have a responsibility to the public…correlation?

What do you think about this elephant in the room? Do you see a problem with Real Estate Brokers who are in name only? There was a reason behind why Brokers and agents take different exams and are given different licenses.  Do you think maybe we should expect those reasons to be adhered to?

If you want this to change, let the CA Association of Realtors know how you feel about the absentee Real Estate Broker by calling (916) 227–0864 or check out the associated emails and additional phone numbers by clicking on DRE Contact Information.

And yes, I also don’t believe that a Broker can do loans and sell property.  To me, splitting your time between the two means you really aren’t excellent at either one. These are changes that I feel would work better for the consumer, the home buyer and the home seller.  Do we need to have a break down of the system before this is challenged?

Let me know your thoughts…does this matter to you?

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