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.
