Home Buying & Selling Is Your Broker a Crook? How Use Research to Protect Yourself

Is Your Broker a Crook? How Use Research to Protect Yourself

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When it comes to working with brokers, you can find articles that will tell you what to look for. I’ve been told to look for people with a proven track record, those who specialize in working with investors, and those who specialize in areas of interest, but for some reason I rarely look underwater. What I would recommend to you is to check out the moral compass of these team members.

You don’t expect to search for a criminal record in a criminal record, but at least you can determine if the criminal record is running a healthy business, as determined by the licensing authority. As most people may already know, we can often search state records online to find active licensees and see if they have been disciplinary. .. However, you can take this one step further by looking at monthly reports published by many states, including details on when fines and other penalties were taken.

Related: Real Estate Loans: How to Choose Between Bankers, Mortgage Bankers, Brokers

What you need to know

All you need to know is that violations often lead to temporary suspensions or reprimands rather than license revocations. But when it comes to my work, I don’t want to interact with individuals with suspicious practices, so given the number of quality agents, I don’t feel like I need to calm down. You can work with someone who missed the deadline for continuing education credits, but do you feel the same for someone who has done one of the following?

  • Failed to account for escrow money, failed to maintain escrow records, failed to exercise reasonable care / skills of service, engaged in fraudulent transactions and failed in his supervisory responsibility as a management broker.
    • License revoked and agent fined
  • Conviction of sexual assault and failure to provide documentation when requested
  • Do business as a “broker” whose license has expired
  • Failure to fix the checkout
  • Criminal conviction / postal fraud
    • Probation or suspension of stakeholders

This is just a small sample (5/224) of those charges I’ve found in just one year, but the point is that this is the information we might want to know. The last three cases have brought individuals who can still practice, and it’s not as if you know by looking at them. They do not have a scarlet letter next to their designation, which makes us responsible for protecting ourselves.

Related: How Three Commercial Real Estate Loan Brokers Saved My Behind the Scenes!

Conclusion

The real problem is that your partner is moral, as it is our responsibility to know who we are affiliated with and we can investigate much of this without raising a warning signal. Why don’t you take the time to make sure you have a compass? Do you look like you? The first search is far less demanding than the costs associated with working with potential scammers.

Have you looked up the history of your broker? Would you like to implement this in the future?

Leave a comment and let’s talk!

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