Agent2Agent in 94112>Question Details

J. Mario Pre…, Real Estate Pro in San Francisco, CA

Here's one for the managers/brokers/owners of a real estate concern.

Asked by J. Mario Preza, CRB, CDPE, San Francisco, CA Wed Feb 1, 2012

I have been approached by a firm that is looking to fill a vacancy -- the designated broker. However, I have concerns about protocol and organization. They had a broker who is now on his way out, and they're looking to replace that one with another one. Compensation and responsibilities are a bit sketchy, but from what I can tell, the owner(s) are willing to "work" on this. From an operational perspective, how would you go about implementing something course of action, especially if the company is focused on loan modifications and short sales, or would you just not get involved?

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6
I'd be wary. They approached you, rather than advertise it is something of a warning - or it could be flattering too. The guy leaving is also another bit of warning. Being fuzzy on the details of your employment is a much bigger warning. There could just be a learning curve they are not behind yet. Or they could be intentionally vague, hoping to rope someone in and pay them less, have them work more, that sort of thing. The nature of their business tells me they are in a very competitive market, one with lower margins, a possible explanation for all of this.

Do your due diligence. Measure how happy you are where you are now. Compare present with potential earnings. If it all worth it?
1 vote Thank Flag Link Wed Feb 1, 2012
"Compensation and responsibilities are a bit sketchy.." THERE IS YOUR RED FLAG. I have had similar types of offers and had to walk from them.

You asked a couple of months ago....what did you decide?
0 votes Thank Flag Link Thu Jul 19, 2012
Hello Mario,

Whenever someone in a position of authority leaves a company, I always wonder why???

Did they discover some practice of the firm to be something they could not take part in?

Before you accept the position do your research. Check out the company ask around and try and find out if they have "goodwill" in the local, state and national governing bodies for the industry.

Find out if they are any legal cases pending in which they are named as a defendant.

As far as them doing loan mods and short sale, providing they are following the letter of the local, state, and federal laws, you should not have couse to worry.

Best of Success to you,

Kawain Payne, Realtor
0 votes Thank Flag Link Thu Jul 19, 2012
Personally I would ask the broker on the way out why he/she is leaving. Loan mods & short sales are full of potential problems even when everything goes well. Are loan mods/short sales your primary skill set or area of expertise? You are basically putting your license on the line and you should feel fully comfortable about everyone's ethics. Also I'd suggest checking with your MLS or REATLOR(R) Assoc. to see who else is a designated broker and speak with them about how they handle it. Good luck!
0 votes Thank Flag Link Wed Feb 1, 2012
Where are they located? Is it in close proximity to you? Would you have to relocate? Is this an area of RE you have warm fuzzies about?
0 votes Thank Flag Link Wed Feb 1, 2012
LOL, you just made me smile at that last part... Is there any area of the business that does not give us some EXCITEMENT about? I'm not sure about the warm fuzzies... je, je... However, I do like helping people, but don't consider my role as that of a knight in shinning armor, geared to do battle against the banks (without making $$$)??? Thanks.
Flag Wed Feb 1, 2012
It all comes down to what it is worth to you? what is the liability, headache factor vs the money?

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@southerncaliforniashortsales.org
http://www.southerncaliforniashortsales.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Wed Feb 1, 2012
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