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Over 70 agents owed more than $1M after company closure

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Ephraim Vecina | 24 Aug 2016, 08:15 AM Agree 0
Dozens of Discover Real Estate agents still waiting on their commission payments
  • LOL | 24 Aug 2016, 11:09 AM Agree 0
  • Too bad so sad | 24 Aug 2016, 11:19 AM Agree 0
    Agents should have check some of these details out first - guess too busy pushing whatever they have to sell
  • Don | 24 Aug 2016, 11:32 AM Agree 0
    Think about it - if Council`s do not work to protect the public and they do not work to protect us - who do they work for.? ( and "we" set this up.? ) No wonder the Govt. wants to take over and that will be the biggest disaster we in R.E. have ever seen.
  • Dick Brady | 25 Aug 2016, 08:23 AM Agree 0
    I guess here in Ontario, we all grumble a little when the annual invoice comes in for our Insurance payments. However, when you see what can happen in Alberta and know that most of our Commissions are protected, it is somewhat reassuring.
  • Vancouver Realtor | 27 Aug 2016, 05:39 PM Agree 0
    Dear Don,

    I hope it happens to you. It probably wouldn't affect
    you anywhere. You are likely at the bottom of the
    food chain living off scraps. How ignorant to say
    'too sad' This affects our fellow Realtors
    and their families. Find the owner of the company
    and go after his personal covenant or place a lien
    on his house. Don't give up!!
  • e.harold | 28 Aug 2016, 02:47 PM Agree 0
    follow your transaction every step of the way - pick up the fee from the lawyer and stand and wait for the Brokerage to pay before you leave the room - haste makes waste [ lost money ] it's an easy transfer for them - Bigger is Not better ! - they steal from the active Agent very often - make less But get it in YOUR pocket
  • nm | 28 Aug 2016, 05:30 PM Agree 0
    to the poster 'too bad so sad' what happened? did you lose out on a house or sell too quick due to you being smarter than your realtor?
    it happens all the time buyers and sellers don't trust their realtor and end up losing they blame the agent. maybe if more people listened to good advice.... there should be a high school course for people to understand what a realtor
    s life is like.
  • Aye Captain | 28 Aug 2016, 06:43 PM Agree 0
    I wonder what the split was? I bet they loved not having to pay the brokerage much money. I guess the race to bottom has finally come to a screeching halt. It could be mismanagement, but I would guess the margins were so low when the market changed the ship took on water very fast.
  • What are we paying for again? | 29 Aug 2016, 11:37 AM Agree 0
    I believe it's the same in Ontario. We THINK our commissions are protected because they tell us that's what we pay for but they are not. Call and find out but according to all the agents that I've spoken to that have been with brokerages who closed they did not recover their commissions. And NO it wasn't a low or no split brokerage it was one of the main ones.
  • | 31 Aug 2016, 10:39 AM Agree 0
    In Ontario all commission go into a commission trust account and must be paid out from there, then and only then can the brokerage take the part that belongs in the general account.
  • Remax Matt | 31 Aug 2016, 11:02 AM Agree 0
    Another reason to stay away from discount brokerages ...
  • Remax Matt | 31 Aug 2016, 11:02 AM Agree 0
    Another reason to stay away from discount brokerages ...
  • | 07 Sep 2016, 02:56 PM Agree 0
    Wow, that is terrible. Royal Lepage ( one of the Montreal agencies) pays the broker/agent the day after, latest 48 hrs., of receipt of payment by the other agency. If it went longer I would follow up and demand payment as that money is not theirs, but the brokers/agents. Are there not laws in place, like in Quebec, to protect their agents? It seems that many provinces are very lax in many ways. Perhaps other provinces should look at what Quebec has in place at the OACIQ, the Greater Montreal Real Estate Board, not to mention the many civil code governances that protect both the agents and the public. Get with it folks!
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