My Way to Realty 7: Questions & Answers

Do agents pay monthly desk fees?

No. That means, that when they don’t have activities, they pay absolutely nothing.

I do not live in Toronto, can I still join your brokerage?

Yes, as long as you are licenced in Ontario. We are a cloud agency, so it doesn’t matter where you live – in Toronto, Windsor, Ottawa or somewhere else in the province.

Your conditions sound fantastic, but how can I be sure that I will not lose my existing clients when I switch from my famous franchise brokerage to Realty 7?

Your clients are doing business with you because they trust you. They are not doing business with you because you are working with a famous brokerage. Your clients most probably do not remember with which company you are working. Please test your client’s memory and ask them what the name of your current brokerage is. There is a good change that they will not even understand what you are talking about – many people don’t know that agents must be registered in a brokerage. Also, ask your current clients if they are going to stop doing business with you if you change your brokerage.

Realty 7 is a virtual brokerage. That makes sense in our Internet era. But don’t agents need to work under an office roof sometimes?

Agents used to come to an office previously, when they needed to use a special software, installed in brokerages’ computers. But today everybody use the Internet application, accessed through a browser – it’s a fantastic application, which no more has the limitations, which previously forced agents to sit in the office. If you visit any brick and mortar brokerage in our days, you find it empty of agents because, during the last few years, almost all the agents switched to the work-from-home mode. So, if you join such a brokerage, you will work in exactly the same way as if you would join a cloud brokerage, but participating in financing the accommodation (no matter whether the brokerage owns or rents its physical office), which is not the case with effective contemporary-styled virtual brokerages.

What if I will want to meet my clients in an office?

We can arrange meetings in an office, for which you will pay a small fee (hourly rate). It’s a special business centre with separated rooms, rented out hourly.

Do you have the appointment desk service?

Of course – showings are booked and confirmed like in any other real estate brokerage. Our appointment desk service is working 24/7, 365 days a year. As soon as you receive a message, showing confirmation and/or showing request to one of your listings, our appointment desk will immediately confirm the showing after contacting the seller and will forward the full details to your cell phone / email.

Is the appointment desk service free?

Yes.

Do you have a physical address to deliver deposit cheques?

Yes. Even though we encourage direct bank transfers to facilitate agent’s life, we understand, than many brokerages are still working in the “old school” way, so Realty 7 has a physical location in North York to receive any paper artefacts.

Apart from the dues what hidden charges are there?

There are no hidden charges.

Does Realty 7 have a commission trust account through which commission are paid?

Yes. We have all bank accounts, this includes an insured commission trust account to protect your commission.

How can I protect my commission if I am not a TREB member?

All salespersons/brokers who are a board or association members and non members, must have The Confirmation of Cooperation Form signed by all parties, to protect their own commission.

Where do I access all of the required forms (buyer agency, waivers, amendments, etc)?

You can access all forms through WEBForms. Upon your request, we will email you all the forms, type the offers and listings with all related documents free of charge. If you are not a TREB member, upon your request, we will email you all our own forms, type the offers and listings with all related documents free of charge, and you will receive the same assistance for all clauses that you might need. Also, if you wish, we will review all documents before you submit to your clients for signature, free of charge.

How can I be updated with RECO regulations?

We will email you all the updates regarding any recent changes that are relevant to the real estate regulations, procedures and practices as soon as they are published.

If I have some commission due after I resign from my current brokerage, what will happen if the deal is done, but the closing will be on a later date?

Each brokerage is obligated to keep the commissions in the Commission Trust Account. As soon as the brokerage receives the balance of the commission after the transaction is completed (Deal Closed), the brokerage is obligated to pay the sales representative/broker his or her commission as per the “Independent Contractor Agreement” between the brokerage and the sales representative/broker, even if he/she moves to another Brokerage.

If I have currently one or more listings with my current brokerage what will happen?

You inform your clients that you have been transferred to another brokerage and get the listing cancellation signed by your clients and by your current broker of record/manager. Then submit a new listing agreement with your new brokerage to be signed by your clients.

Are there any penalties, should I require cancelling my employment with your company?

No penalties of any kind, you can leave any time with a 5 business days resignation notice and all your pending commissions will be paid to you as soon as the deals are closed.

Can I just pay my local board or association fees and do not pay CREA fees and OREA fees?

No, if you choose to pay your local board or association fees, then you have to pay both CREA and OREA fees as well, otherwise your local board or association will suspend you.

Are you a discount brokerage?

Our model is based on dues and deal fees, not gross commission. All of our salespeople have the freedom to compete and we are always advocate that the cooperating brokers commission should adhere to industry norms.

Can I decide what commission rate to charge in the marketplace?

Yes you can. As an independent contractor you always have the right to determine what commission is to be charged on any transaction without the need to get your brokerage approval.

Can I email you the transfer forms that have a future transfer date?

No. RECO do not process any transfer forms that have a future transfer date, please make your termination date on the transfer form and your effective resignation date on your resignation letter, having the current date (today’s date), to join our brokerage without unnecessary delay. If your licence renewal date is approaching, it will be faster and easier to transfer your licence to our brokerage before the expiry date of your licence. If you apply to renew your licence with your current brokerage, and in the same time, you apply to transfer your licence to our brokerage, you will face a long delay up to one or two months because RECO computers will get confused.

How long does it take to transfer my license to Realty 7?

Just one business day.

If you are interested to join Realty 7, please contact the Broker of Record to get more information and set up an appointment:

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