Agent2Agent in Buffalo>Question Details

Gary,  in New York, NY

what are the rules for advertising my own rental property if i am a licensed real estate salesperson and?

Asked by Gary, New York, NY Sun Feb 10, 2008

there will be no comission involved

Help the community by answering this question:

Answers

6
Gail, I don't see Gary said he was a Realtor. He said he is a licensee. Big Differences. There are hundreds of thousands of licensees who are not Realtors.

Similarly, not all doctors practice medicine. - Some are Phds. Some are scientists.

All of us. Please make it clear that 1.Not all RE Pros are licensees (some are investors) 2. Not all licensees are Realtors.

Gail, if you are not able to think clearly and act objectively with your own assets, how can a consumer have confidence in you to do the best for their asset?
2 votes Thank Flag Link Sun Feb 10, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
I spoke with my contact at the NYS Department of State regarding this question after seeing it here on Tulia and also seeing all the varied opinions. I don't mean to contradict those that said YOU MUST put it in the ad but according to the NYSDOS (State body of government that oversees licensed real estate agents and brokers) you DO NOT have to put in the AD that you are an agent, however, you must disclose to them at the time of contract or lease signing that you are licensed. The best way is to write in the contract or lease. You only have to do this however if the property is in your name. If you are advertising through your company or, if you are an independent broker and this transaction will be handled through you as a broker, then you must indicate that you are a broker or agent in the ad (No blind ads are allowed). If however you are running an ad on your own, you own the property and will conduct this transaction directly with the tenant then, you DO NOT have to spend the money for the extra verbage in the ad. If you are asked by a caller if you are the owner or an agent then it would be wise to be honest and tell them you are both. I hope that helps. Remember, you still have to do lead paint disclosure.
As far as your response JIm; in New York State, if a person sells or leases property for someone else, they are required to have a license and adhere to NYS Real Property Law. The word Realtor is a branding term for those who are licensed , join the Nation Association of Realtors and have achieved Realtor status. I guess if you are going to compare it to the medical profession, it is like being "Board Certified".
1 vote Thank Flag Link Thu Feb 21, 2008
If there is no commission involved, do not put it on your MLS. You can advertise your own, but you MUST say Broker Owned Property. Your involvement must always be disclosed in writing.

My personal feeling is you are sending a terrible message to the consumers; a Realtor not using our resources or a Realtor.

As a Broker and a homeowner/investor, I would never attempt to handle my own properties...just as consumers should not be selling by owner; we are all too close to be able to think and act clearly and objectively.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Feb 10, 2008
Call the DOS. When I spoke with them about this same issue this past summer they told me that you have to indicate it in the contract or lease if the property is in your name. It is always best to put in the ad as well; "owner is agent", or Owner is broker". It also depends whether or not you advertise it through your company or not.
0 votes Thank Flag Link Sun Feb 10, 2008
It would vary state by state Gary. In Wyoming, we have a "2 of 3 rule". We have to disclose the Brokerage name in the ad, and then either the phone number, address, or both. Check your state rules and find out the how to disclose. I would also remind you that you'll need lead based paint disclosures on any rentals. And here in Wyoming (I bet it's the same everywhere) this "landlord is a licensed agent..." disclosure also needs to be in any written lease. If it's a verbal lease, I still get the disclosure in writing. Hope that helps!

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070
0 votes Thank Flag Link Sun Feb 10, 2008
Gary, the rules are fairly simple. A liicensed agent advertising the own property for sale needs to indicate this fact in the ad. A small line at the bottom of the ad that reads something like "seller is a license agent in the state of ___" will suffice. Hope this helps.
Web Reference: http://www.9723nflora.com
0 votes Thank Flag Link Sun Feb 10, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer