As a real estate agent it can be hard enough to try and make a living. \there is to constant promotion of yourself and your services. Not to mention spending your dyas, and often evening, driving around with buyers and hoping that the next house will be the one they are going to buy. But it is even worse if your wake up one morning only to find that your real estate broker has gone out of business.
That is exactly what has happened to a group of agents at a Vaughan real estate company. The company has recently declared bankruptcy and now several of its real estate agents are without a home.
On the outside it may look like not such a big deal since many real estate agents are independent contractors. That basically means that they work for themselves. So you could be forgiven for thinking that they could just go back to work. The problem is that without a broker they cannot sell real estate.
An agent’s license to sell property is tied to their broker. under the law the real estate broker is the only person that is allowed to trade in real estate. So when an agent gets a sale representative license the need to work under a broker. They are basically selling properties on behalf of the broker.
As bad as it may seem the good news is the must real estate brokers are always looking for more agents. With any luck they should all be able to find a new office to work from soon and pick up from where they left off.
