Beware! You Need to Know the Dangers of Unregistered/Unlicensed Real Estate “Professionals”… And How to Spot Them!
Property Management Brokerages (like Drummer Realty & Property Management) are licensed by RECA (Real Estate Council of Alberta) to offer property management services. Therefore, they are held to RECA’s rules and regulations when conducting any business and are subject to harsh penalties for any infractions. Unlicensed Real Estate entities are not…
If the Real Estate “Professional” you are working with is unlicensed, not only is it possible they have little to no experience , but there is no regulatory body monitoring them or protecting you! The likelihood that these “fraudsters” will try and swindle you is very high, as they are known for taking advantage of those who are either inexperienced (real estate-wise) or financially vulnerable.
So always check before you engage the services of a Real Estate professional! Every Property Manager requires a license to show property and collect rent, so they and the Brokerage they work for should be registered and searchable.
You can do so on RECA’s website (link here).
Young couple consulting with financial adviser at home.
The following has been borrowed from PostMedia News’ Article (link here).
The Real Estate Council of Alberta has issued a warning about a former real estate associate the group says is offering property management services without holding a license and registration.
The council said in a news release Tuesday that Samantha Myles is advertising using her former real estate brokerages’ names “to mislead consumers into thinking she is a licensed property manager when she is not.
“This has resulted in consumers being charged for services they did not receive,” the council said.
The council issued a $25,000 administrative penalty to Myles in December for unauthorized practice.
Albertans can verify the license status and authorized practice areas of people working in the industry by using the council’s “find a professional” search tool and checking that their status is listed as active.
“RECA also reminds consumers that only brokerages can receive payments for any purpose in a real estate transaction, including for commissions,” the council said.
“Licensed real estate and property management professionals are not permitted to accept any payment directly from a consumer.”
Using a licensed industry professional ensures consumers are protected under the consumer protection fund in case of fraud or breach of trust, the council said.
There are 56 Property Management companies in Calgary (according to listings on Rentfaster.ca, link here), before renting from, or even paying a deposit to, any of them check to see if they are registered with RECA!
Again, you can do so on RECA’s website (link here).
