As amazing as the headline sounds, as crazy as it would seem, it has happened. Let me explain…..

Affiliate Broker Jane Doe has been a REO agent in her local market for 17 years. She is an extraordinary REO agent and her longevity is a testament to that fact. She trusted her broker, she believed in their partnership and knew that their commitment to each other was steadfast…………..until, the economy took a nose dive and, the broker’s business dried up!

You see, Jane Doe had always worked under her broker as the REO Team Leader for her broker’s firm, managing a small team of 5 people. She was completely and utterly responsible for all the REO business that ever came in to this firm. She traveled to all the conferences, went to all the parties, wrote some amazing blogs and even was on television a couple times being interviewed by Fox News, CNN Money and Fox Business. She was and is the face of REO for this brokerage. In fact, her broker often jokes that without her, his business would have failed because all they do now is REO.

Jane Doe called me today in horror. Her Broker took over her role as Team Lead, confiscated all her files and called all her Asset Management companies and told them she had been fired due to unlawful business practices while convincing these Asset Management companies that they had nothing to worry about with their listings because he was in charge and working the files.

Yes, you heard me correctly. This Broker, destroyed Jane’s career, took over her listings and thwarted her ability to start over from crash in less than 4 hours.

Her attorney is telling her, she has no real recourse because she is an “Affiliate Broker” and these listings, contacts, relationship don’t belong to her, they belong to her Broker.

So, why would a Broker do this, why would a Broker turn on their money maker?

Well, they are in a highly competitive market and just this last year, sales are down 72%. The Broker was going to have to close his doors and shut up shop so, he got rid of her and took it over himself to reduce cost.

Make no mistake my friends, you best make sure you got your relationships squared away in writing and you better make sure you now that as an Affiliate Broker, your business isn’t your own.

Just to add insult to injury. This Broker contacted Equator and RES.NET and was able to reset her passwords and accounts and locked her out.

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Jesse Gonzalez is a highly accomplished and respected real estate professional with a wealth of experience in the industry. With a career over 15 years, Jesse has established himself as a leading real estate sales and marketing expert.

As a licensed real estate agent since 2005 and a broker since 2008, Jesse has a comprehensive understanding of the complexities of the market. In 2013, he founded his firm, Liberty House Realty, LLC demonstrating his entrepreneurial spirit and commitment to delivering exceptional service to his clients.

Jesse's expertise extends beyond traditional real estate transactions. He obtained his Registered Appraisal Trainee in 2019, providing him with valuable insights into property valuation and market analysis. Although he decided to focus primarily on sales, his appraisal background gives him a unique advantage in understanding the intricacies of property values and trends.

With a dedication to excellence, Jesse consistently achieves outstanding results for his clients. Last year alone, he closed over $20 million in sales and received the prestigious Sapphire Award from his local association, recognizing his exceptional achievements in the industry.

Beyond his successful career in real estate, Jesse is passionate about education and personal growth. He is completing his undergraduate degree in Forensic Psychology, with plans to attend Law School in the fall of 2024. Jesse's ambition is to become a real estate litigator, focusing on real estate consumer protection law and advocating for the rights and interests of homebuyers and sellers.

As the owner/operator of the nation's largest social network for REO professionals, <a href="http://www.REOProNetwork.com">www.REOProNetwork.com</a>, Jesse has positioned himself as a thought leader and industry influencer. Through this platform, he fosters collaboration and knowledge-sharing among REO agents, attorneys, asset management firms, and other professionals in the field.

With a commitment to professionalism, integrity, and providing a personalized experience for his clients, Jesse Gonzalez is a trusted advisor and a driving force in the real estate industry. Whether assisting clients with buying or selling properties, he consistently goes above and beyond to exceed expectations and ensure successful outcomes.

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Comments

  • My goodness that sounds like a horror story. And the birth of the 100% transaction companies thrive on. A cheater never prospers.
  • Well I nhave to tell you. 21 years with the same company and my broker does the split on my commissions and nothing else. Also, I brand myself and the company benefits from that branding as well as me benefiting myself from the companies reputation. I feel fortunate. I keep all of my contact info private and the broker doesn't want to know anything about it. As long as it's legal and doesn't compromise the company reputation all is fair game.
  • Very sad, but I know you will rebound. Good luck!
  • Wow, That reminds me of that saying "He who has the gold makes the rules."
  • Jesse, let this associate broker know that there were changes in the NAR Code of Ethics, and at the very least, she may well have a good ethics complaint to file with the local board. How low, how curde. A money grab. I hope someone locally will take this agent in or partner with her to help her start her own business.
  • I will name names, All should know this name ROBERT JONES, Kansas City. He will resurface out there some where in some state and do it again. He Lied and brought me on with a team of nine and an agreement IN WRITING that we could not refuse. I learned too late His main objective was to make me chase him down to get paid to anger me to leave his office and so he could steal my business via his Broker God status. I did not get paid for 6 weeks and had to chase him down to collect the bad checks he wrote, and he sent out a letter to all my clients claiming he had to let me go because it was not working out and that he was a KING in reo and to let them know their properties were still being serviced. You bet it was not working out when I had to chase him down and or he would hide behind a locked door as the coward he is. The result, they did not bellieve him and stayed loyal to my performance. Regardless of request to cancel the listings he hung on to them without the ability to work them through automaited systems. After having to involve the MLS for assistance they cancelled them for him. 52,000 is what he was allowed to steal from me by the KS and MO Real Estate commissions as they don't deal with $ issues only ethical issues. Good Grief, is it not always $ that makes it an ethical issue? I think it is crap that Brokers are allowed to do what they want and steal your money too because they are a Broker should comje to and end. Currently he is on the run from the Missouri State prosecuting attorney for an estimated 280,000 in bad checks to his employee's, agents and consumers protraying himself as a general contractor. He paid people from the hood to remove debris from one house to another and collected huge fee's from his own bank clients as well as his wife becoming the queen of cut and pasting documents and got away with it. He called Countrywide with his story and was allowed to keep 16 properties in a pending status. Never trust any Broker, ever. They are not the procurring cause of your business or pay your REO debts and few have any education in the industry but will want the business in the end regardless of the Karmic debt they create when they steal it. Become your own.
  • I will share my experience, so you all know what I did in a similar situation.
    I was with my 1st Broker for 6 years. Things started to go array, I did have him sign me up to a number of websites, etc. But I kept the passwords, the accounts were in my name. I did not give him access to much, but then he decided he was going to do a BPO business, while I was interested more in REOs. So, I made an agreement with him, you keep your companies and I will keep mine, verbal of course, but I was much busier than him, I am talking doing about 50 BPOs a week myself. So I was okay. Until I had REOs. He had none. But our relationship came to a halt when he was trying to charge me for fees that I had nothing to do with, and I quit. Meanwhile, he tried to contact all the companies he knew I was working with, mind you, he didn't know all, and tried to bad mouth me and ruin my reputation, I have written proof also.
    Well, I got him, and I got him good. I had 8 listings at the time I left. What everyone fails to realize here, and Jane Doe included, is that the listing can go with the Agent, due to the relationship you create with the AM. I had all my listings terminated with my 1st company, and transferred with me to my new company, with no hassle, I explained my situation and they all gladly gave me the listing at my new company....needless to say, Broker 1 is now working for someone else, and my REO business has expanded......there are ways to handle things, and there are ways to make sure you are protected, which I think I have done quite well. Now, at my present company, I make it known, to my Broker, Manager and staff, I do not want my calls yelled out if I am there, I do not want discussions of what banks or companies call me, because, I must say, I don't want to share who I do what for to anyone, and I stay private about it. If I get BPO checks or REO reimbursements, I drive them directly to our Bookkeeper who doesn't care 1 bit who they are or where they are from, and that way I keep them out of the hands of others who might betray me.....so protect yourselves, reach out to the AMs and tell the truth, it will be on your side everytime!!
  • ...and I though buyers were not loyal!. Arrest him and demote him to transaction coordinator!
  • Oh WOW that reeeally blows!!! I have a similar situation where the broker ruined my REO business. Because the broker's personal finacial situation is in the toilet he decided to change the name of our co. and remove hiself as the broker and put everything under his daughter in law, whom also is a broker. My partner and I have had a very good relation with Equator and PAS for the last 3 years managing about 50 listings and any given time. I know thats not huge but it paid the bills and then some. Because of the changes, we had to change our info with both companies. When this happened they both deactivated us with no questions asked. They allowed us to complete the assignments we had but we will not receive any more. My last one closes 3/3/10. I have been trying to reinvent myself for about 6 months.
  • I believe there are real estate companies out there in our world where this would never happen, because the companies core values are about their people. It is our responsibility to make sure we are with one of these companies in these challenging times. Nothing is perfect but there is always the the good and the not so good.!
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