Some contracts go a step further than a basic “term” and include non-compete provisions. Often, contracts allow agents to cancel early “for cause”-meaning that the broker did not do what it said it would, as stated in the contract. The enforceability-and application-of the period of time a contract requires an agent to stay with a particular brokerage will depend on the provisions of her contract.
Some of these contracts even include non-compete provisions that prevent an agent from working for any other brokerage in the area. Many brokerages require that agents sign contracts with a defined term, often one year. What if I’m under contract and what if I signed a non-compete? Such communication crosses the line, however, when the agent suggests ways to convince the existing brokerage to cancel a listing agreement.
Indeed, it would be unprofessional for an agent to vanish without communicating a move to a new brokerage to a client.
TRANSFER NEVADA REAL ESTATE LICENSE TO ANOTHER BROKER HOW TO
It is unlawful for any person, licensed or unlicensed, to interfere with the contractual relationship between a licensee or registrant and a client by counseling a client or another licensee or registrant on how to terminate or amend an existing contractual relationship between a licensee or registrant and a client.īut this provision does not prevent an agent from announcing to clients the agent is moving to a new brokerage. The LREC rules say agents basically cannot “coach” a client on how to “get out” of a listing agreement: Although clients are entitled to make such an assertion, agents must take care not to give a client advice on how to convince a brokerage to cancel a listing agreement. Brokerages generally won’t allow agents to take those with them, so most agents choose to “close out” any pending deals before making a move.) What do I tell my clients?Įven the most inflexible brokerages are often reluctant to enforce a listing agreement with a client who has expressed the desire to “stick with” his agent. (One exception is often for listings currently pending/under contract. Athena Real Estate’s policy, for example, is generally that agents can take their listings with them if they leave the brokerage. Reputable brokerages, therefore, ordinarily make it a policy that agents can “take their listings” with them if they decide to move to another Louisiana real estate brokerage. In practice, however, many brokerages do not want to enforce listing agreements with clients who want to work with their agent-not the brokerage he happened to be with when signing the listing agreement. Technically, what this means is that the brokerage has all rights to listing contracts and can prevent an agent from taking a listing with her. See LREC Rules and Regulations (“LREC Rules”), Ch. These agreements shall be signed by the broker or by a sponsored licensee acting under written authority of the sponsoring broker. Listings and other agreements for real estate brokerage services must be solicited under the name of the broker corporation or supervising broker. In this regard, the Louisiana Real Estate Commission’s rules say: Under Louisiana law, a listing agreement must be between a client and a broker-not an individual agent. This article will walk Louisiana real estate agents through the process of transferring to a new real estate broker. But the logistics of a transfer-and the rules that govern-aren’t really as complicated as they may seem. With potentially numerous listing agreements in place, deals under contract, ongoing relationships with buyers, and contractual obligations to a current broker, there is certainly a lot to consider. Louisiana real estate agents considering a move to another real estate brokerage may find themselves intimidated by the process.
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