Tuesday, October 14, 2008

Fines And Violations!

Dear Friends,

I would like to share a recent experience with you...

I was working with a Real Estate Broker in NY who hired me as a consultant to review his offices advertising materials and policies. With his permission I am sharing the outcome with you.

After reviewing the company's and agent's flyer's, ads, literature, websites, and company handbook I found over 25 DOS violations. Along with potential IRS independent contractor status issues in his company handbook. And many potential Fair Housing issues in their advertising.

I was not shocked at all.

Experience shows that the average real estate company very rarely checks their agents marketing items, especially web sites and emails.

One of the biggest mistakes NY agents make is with the following law:

ARTICLE 12-A REAL PROPERTY LAW
§175.25 Advertising
(a) All advertisements placed by a broker must indicate that the advertiser
is a broker or give the name of the broker and his telephone number.

This includes all advertising as well as websites and blogs.

The second mistake is with agent's business cards.

Understanding that a business card is a form of advertisement, it must conform to the general advertising standards. It must be truthful and not misleading.

To avoid consumer confusion a business card must include at least the following information:

  • The name and address of the brokerage as licensed by the Division
  • The individual’s full name, as licensed.
  • Type of license held
    The actual license title
    ie; Licensed Real Estate Broker, Licensed Real Estate Salesperson, and Licensed Associate Real Estate Broker.
    NOT: Sales Associate, Broker Owner, Licenced Realtor, ect...
  • The firm’s business telephone number.
  • The inclusion of additional information is permissible, (business titles, business e-mail address, specialization, trade affiliations or accreditations), providing the information is true and not misleading.
  • A licensee may include their home e-mail address, cell and/or home telephone numbers, provided that there is a notation that such are residence numbers, and further that such use is not extended to any activity that would constitute branch office operation.
I can't count the number of incorrect business cards that I see on a daily basis.

I would like to suggest that you check your states laws or guidelines to see what you must have or can't have on your advertising or marketing items

Here are some links to help you get started.
CA http://www.dre.ca.gov/
CT http://www.ct.gov/dcp/cwp/view.asp?a=1624&q=276076
NY http://www.dos.state.ny.us/lcns/realest.html

For my friends in other states, please check with your states licencing department.

If you would like information on how you can protect yourselves and you company from these and other violations, please give me a call. When is now the best time?

Waiting to act on items like these can cost you your business.
My broker client could have had over $125,000 in violations, he is now currently in compliance.

On Your Team
Jeffrey Stanton
Your Trusted Advisor For Life
347-466-3047

One of the fastest ways to build a successful referral based business is by training. Now, with me, I like to invest significant time immersing myself in training, while some people prefer to take it in bite-size chunks. Whatever your preference is, now is the best time to contact me.

If you have found this tip useful, please share it with any friends, family, colleagues and associates who you think will be interested. Feel free to print it (with credit and subscription information) and continue to enjoy the tips. I am always grateful for any comments, criticisms or other feedback that you may have. Please send them to feedback@jeffreysjournal.com

No comments:

Legal Stuff

CNE is a registered tradmark of Negotiation Expertise,LLC
JeffreysJournal.com. Your Professional Development and the information contained in/om http://www.jeffreysjournal.com/ , www,YourprofessionalDevelopment.com is the sole property of Jeffrey Stanton. the information contained is opinion only and should not me taken as legal or profesional advice. This website may not be duplicated whole or in part with out written permission.
This Site is not affilated with any othe web site and my contain links to outside web sites and is not responsible for other web sites content.

Certain statements contained on this blog may be deemed to be forward-looking statements within the meaning of the federal securities laws. The words “anticipate,” “believe,” “estimate,” “expect,” “project,” “plan,” “forecast,” “intend,” “goal,” “target,” and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, the effect of economic and market conditions including industry volumes and margins; the level and volatility of interst rates; the Company’s hedging strategies, hedge effectiveness and asset and liability management; the accuracy of subjective estimates used in determining the fair value of financial assets ; the credit risks with respect to our loans and other financial assets; the actions undertaken by both current and potential new competitors; the availability of funds from lenders and from loan sales and securitizations to fund mortgage loan originations and portfolio investmetns; the execution of growth plans and ability to gain market share in a significant market transition; the impact of disruptions triggered by natural disasters; the impact of current, pending or future legislation, regulations or litigation. The statements here are not offeres to extend credit as defined by Regulation Z. Rates, Programs, & Availability of Credit is subject to change

Jeffrey S Stanton
DRE ID # 01865119