“Batch processing” may exist in gray areas for the securities industry, but it is black and white for the New York Real Estate Commission.
The group flatly rejected a question in the Legal Line newsletter about whether waiting until the end of the month to batch and report closed listings to RLS was an “acceptable practice.” . REBNY not only informs the member of the closing information that he must update to her RLS within 24 days of closing, real.
“Failure to do so will result in financial penalties and possible suspension or expulsion from RLS,” the spokesperson said.
Stephen Kliegerman, chairman of REBNY’s New Development Committee, said he has noticed a lot of new development in the last six to 12 months has been batch reporting, prompting REBNY to issue a statement. rice field.
“Many of us in the industry feel that: [batch reporting] That information hinders and hurts the market because it is key information that shows how healthy the market is in this situation. and data.”
Reports like Olshan Realty’s weekly analysis of contracts signed over $4 million rely on data that can be problematic in batch reports.
Donna Olshan, President of Olshan Realty, said: “It’s unforgivable in other industries. Dates have meaning.”
Compass agent Jason Haber said the suspension from RLS may seem harsh, but the policy sets the mood for the agent.
“The guidelines are not meant to make life easier for brokers or to facilitate sales,” Haber said. “They are there to protect consumers and to provide consumers with transparent information.”
Brokers and developers faking sales numbers is nothing new.
A sent reporting contract or a number of non-binding sales contracts was one of the tactics for coordinating efforts to paint a successful building. 2016 TRDs Investigation.
Winning claims are in murky territory, but misrepresentation, like Donald Trump Jr.’s 2009 claim, can have legal consequences. Affidavits by Trump’s partners Only 15.8% of units are contracted Until March 2010.
That miscalculation led Manhattan attorney Cyrus Vance Jr. to conduct a criminal investigation into whether lying amounted to securities fraud.Attorney Adam Lightman Bailey Confirmation by letter The developer has agreed to settle and refund the buyer’s 90% deposit.
Bailey scoffed at REBNY’s recent proclamation, but pointed to recent resignation Compass’ Heather McDonough Domi, speaking at REBNY’s Residential Brokerage board of directors, criticized the association for its lack of agent input at the top level as a factor behind the statement.
“I know REBNY needed to quickly announce something to support or trade with brokers,” Bailey said. “I think that’s their answer, but I don’t see this as an industry problem.”