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Did you know them personally? That would be a lot, but just knowing "of" 3 in 10 years in different states really isn't a lot. As mentioned people get murdered or assaulted in a lot of different jobs unfortunately.
It might be a close race between the number of real estate agents murdered and the number of people real estate agents murdered in recent years:
I knew one. Although we never met in person, we spoke very regularly on the phone. Our conversations often drifted from professional to personal, so we knew a lot about each other's family, etc. Although I moved across the country, I was from the area she was, so we had that common tie as well. Sadly, her murder has never been solved.
I may have met the others at an NAR convention, but I never really knew them. I worked more with their brokers rather than individual agents.
There is no separate license for commercial listings. What violations or laws would be broken?
This was my response. The agent has no commercial RE training.
I never said I didn't accept liability. Anyone who owns a company or is a BIC accepts they have liability. However, I have a job to limit my liability by making sure agents follow laws, guidelines, and COE. It is a law set by the REC that an agent will not represent a client in an area they are not trained/proficient in without disclosure, not something I just decided all willy-nilly. I felt I was unable to provide the proper training in commercial nor do I have a commercial agent in my office to help her with it. Therefore, an agent taking on a commercial listing without training in commercial is a liability. I would be failing the agent as a BIC if I didn't help my agents understand risks and liability.
So you support an agent learning on the job in a realm they are completely unfamiliar with someones quarter of a million dollar asset? BTW, the agent was not a member of co-star/loopnet.
This was my response. The agent has no commercial RE training.
I never said I didn't accept liability. Anyone who owns a company or is a BIC accepts they have liability. However, I have a job to limit my liability by making sure agents follow laws, guidelines, and COE. It is a law set by the REC that an agent will not represent a client in an area they are not trained/proficient in without disclosure, not something I just decided all willy-nilly. I felt I was unable to provide the proper training in commercial nor do I have a commercial agent in my office to help her with it. Therefore, an agent taking on a commercial listing without training in commercial is a liability. I would be failing the agent as a BIC if I didn't help my agents understand risks and liability.
So you support an agent learning on the job in a realm they are completely unfamiliar with someones quarter of a million dollar asset? BTW, the agent was not a member of co-star/loopnet.
Again, what laws is this agent breaking taking this listing? All she did was her job, by bringing a listing into your office. So, it is against the law according to you when an agent takes their first listing in residential or land or whatever? They haven't done it before, so its against the law? Read your high lighted red words. All they say is that disclosure is required not that its a violation to take the listing.
And I think what you are referring to has more to do with an agent trying to do a home inspection or something that is completely outside of their job, but it may be different in your state. Where I am there is not a written disclosure about how many listings someone has had.
Last edited by I love boots.; 10-18-2017 at 09:44 AM..
Again, what laws is this agent breaking taking this listing? All she did was her job, by bringing a listing into your office. So, it is against the law according to you when an agent takes their first listing in residential or land or whatever? They haven't done it before, so its against the law? Read your high lighted red words. All they say is that disclosure is required not that its a violation to take the listing.
First of all, it isn't "my" law, it's SC's law. I don't know how else to explain it to you.
Presumably when an agent lists their first home or reps their first buyer they've had some training already and there is a BIC/trainer/mentor assisting with the deal as needed. I felt I was unable to provide within my office the correct training and oversight for a commercial building to be sold that involves code and zoning issues. It does indeed say disclosure is required but the simple act of disclosure doesn't entirely remove liability. Also, do you think given the info provided the agent disclosed to the consumer she had no commercial experience? If you guessed no, you'd be correct.
I'd be curious for the other agents and public to weigh in. What are your opinions?
First of all, it isn't "my" law, it's SC's law. I don't know how else to explain it to you.
Presumably when an agent lists their first home or reps their first buyer they've had some training already and there is a BIC/trainer/mentor assisting with the deal as needed. I felt I was unable to provide within my office the correct training and oversight for a commercial building to be sold that involves code and zoning issues. It does indeed say disclosure is required but the simple act of disclosure doesn't entirely remove liability. Also, do you think given the info provided the agent disclosed to the consumer she had no commercial experience? If you guessed no, you'd be correct.
I'd be curious for the other agents and public to weigh in. What are your opinions?
First of all, it isn't "my" law, it's SC's law. I don't know how else to explain it to you.
Presumably when an agent lists their first home or reps their first buyer they've had some training already and there is a BIC/trainer/mentor assisting with the deal as needed. I felt I was unable to provide within my office the correct training and oversight for a commercial building to be sold that involves code and zoning issues. It does indeed say disclosure is required but the simple act of disclosure doesn't entirely remove liability. Also, do you think given the info provided the agent disclosed to the consumer she had no commercial experience? If you guessed no, you'd be correct.
I'd be curious for the other agents and public to weigh in. What are your opinions?
How long in your state do agents have to disclose their past experience? After 1 listing, 3, 5? You are trying to tell me its a law and I'm finding it hard to believe. I still think area not proficient in would refer to something outside of what our training/school is in like home remodel, inspection etc. commercial and residential are the same license, different forms to fill out all taught at the same real estate school. I know where I am there are no laws about what in office training or guidance you have to receive once out of school or disclosing this is your first listing ever. Your are saying there are laws. What laws?
Don't get me wrong. It is your prerogative to do what you did and hers to leave. Maybe it was the best thing for all, but for you to say that this agent that brought a listing into your office is violating rules somewhere just can't be right. You wouldn't or couldn't help her and she went somewhere else. I don't see a violation that anyone committed.
I've been in this business 20 years, and had several commercial deals come my way. I have referred them all out, because I don't know commercial real estate practices. It was the right thing to do, for the client. There are numerous clauses in our business (NAR, NCAR, NCREC) that would support my view.
If I took on a commercial client, did the transaction, and somehow everything went well - then of course there'd be no problem. But I don't have, nor hear of many, residential transactions that don't have significant issues occur. And if I botched a significant issue on a commercial where I am unfamiliar and unqualified, then the liability exceeds the overall gain to my total business.
If I wanted to learn commercial, then I would refer the clients to someone who would let me shadow them to gain a professional-level understanding of their realm.
Therre are certainly some agents, sprinkled throughout the US, who handle both realms successfully. I'd boldly assume that is because a) there's a very limited quantity of commercial brokers where they are or b) there's a limited amount of residential that allows them the time to learn both.
Last edited by BoBromhal; 10-18-2017 at 12:13 PM..
To I Love Boots----Brandon Hoffman is doing the correct thing. When he nor his crew are trained in commercial real estate, he does not take or wants his agents to take commercial listing. What you learn in training for your license on how to write up a listing, does not qualify you to handle commercial real estate. I spent from 1972 until I retired, as an Investment Real Estate Broker. I can tell you from experience, about a lot of problems that house salespeople taking commercial listings and having no idea of what they were doing caused. Writing a contract, is the simple part. It is knowing what are permitted uses for the building, is where the problems start. I have seen house salespeople, that sold commercial property for a specific use, and after the closing the buyer found out that that particular type business was not allowed at that location by zoning laws.
And that is only the tip of the iceberg. Did not even know that the vacant lower floor of an office building which was half underground, and half above ground could not be rented out as it was in a recently evaluated area of town and changed to flood zone, which prohibited the lower floor being used. Buyer did a due diligence check on the zoning and other uses, prior to closing fortunately. The sale stopped right there. Nice building, and very well located, but half the building could not be used due to flood zoning. A commercial Realtor would have known that the downtown area had been declared a flood zone, and no below grade sections of any building could be used for any purpose. The first clue, was it was across the street from a narrow river front park.
Yes a lot of states, have laws that say a Realtor will not list or sell a type property they have not had qualifying training to handle, to protect the public. NAR tells you the same thing.
Real estate school to get a license, has nothing to do with training to handle commercial property. And a home salesperson, does not have the training to do a financial analysis on a commercial building. They do not know how to do a Total Return On Invested Dollar Analysis on the property, if it is being bought as a rental property. They have no idea of what the different expenses, are for the building, and if a lot are being left off to inflate the value.
To prepare me to go into the real estate business after 18 years of big ticket sales experience, I spent just over 1 year taking courses at a major university to train me on investment property, laws pertaining to real estate, etc. Without that year, I would not have been qualified to handle commercial real estate, and many other investment properties. I have had numerous times when in the business, that top house sales brokers, brought their own families investment property to me to list and handle, as they knew they were unqualified to handle them themselves.
You do not see the danger, of a house sales man/woman listing commercial property that they were not trained and qualified to handle. Please don't try to work commercial property, as I have seen the danger to the public and property owners when an unqualified agent lists or sells commercial property. There have been nasty law suites over just this problem.
To I Love Boots----Brandon Hoffman is doing the correct thing. When he nor his crew are trained in commercial real estate, he does not take or wants his agents to take commercial listing. What you learn in training for your license on how to write up a listing, does not qualify you to handle commercial real estate. I spent from 1972 until I retired, as an Investment Real Estate Broker. I can tell you from experience, about a lot of problems that house salespeople taking commercial listings and having no idea of what they were doing caused. Writing a contract, is the simple part. It is knowing what are permitted uses for the building, is where the problems start. I have seen house salespeople, that sold commercial property for a specific use, and after the closing the buyer found out that that particular type business was not allowed at that location by zoning laws.
And that is only the tip of the iceberg. Did not even know that the vacant lower floor of an office building which was half underground, and half above ground could not be rented out as it was in a recently evaluated area of town and changed to flood zone, which prohibited the lower floor being used. Buyer did a due diligence check on the zoning and other uses, prior to closing fortunately. The sale stopped right there. Nice building, and very well located, but half the building could not be used due to flood zoning. A commercial Realtor would have known that the downtown area had been declared a flood zone, and no below grade sections of any building could be used for any purpose. The first clue, was it was across the street from a narrow river front park.
Yes a lot of states, have laws that say a Realtor will not list or sell a type property they have not had qualifying training to handle, to protect the public. NAR tells you the same thing.
Real estate school to get a license, has nothing to do with training to handle commercial property. And a home salesperson, does not have the training to do a financial analysis on a commercial building. They do not know how to do a Total Return On Invested Dollar Analysis on the property, if it is being bought as a rental property. They have no idea of what the different expenses, are for the building, and if a lot are being left off to inflate the value.
To prepare me to go into the real estate business after 18 years of big ticket sales experience, I spent just over 1 year take courses at a major university to train me on investment property, laws pertaining to real estate, etc. Without that year, I would not have been qualified to handle commercial real estate, and many other investment properties. I have had numerous times when in the business, that top house sales brokers, brought their own families investment property to me to list and handle, as they knew they were unqualified to handle them themselves.
You do not see the danger, of a house sales man/woman listing commercial property that they were not trained and qualified to handle. Please don't try to work commercial property, as I have seen the danger to the public and property owners when an unqualified agent lists or sells commercial property. There have been nasty law suites over just this problem.
Out of curiosity when someone signs on to your firm or Brandons do you tell them up front that commercial listings aren't acceptable? Or that if a new agent brings one it it will be someone elses listing or they will have to go elsewhere? I would be on board with how you do this as long as everyone knows it and I'm sure Brandons former agent didn't. Wouldn't this be fair?
It does prove the point I was trying to make. Simply that when pressured by a broker it takes about 5 minutes to find another one.
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