Google reviews!Leaving the Brokerage you are currently working with can be confusing at times. Please find answers to some commonly asked questions. If you have questions about parking your Real Estate license once you have terminated your contract with your current broker, please read the FAQ here.
Q. What do I need to do, to terminate my agreement with my current Brokerage?
Q. What happens to my firm deals?
Q. What happens with my Listings or Buyers under contract?
Q. What do I need to do, to terminate my agreement with my current Brokerage?
A. First of all, you need to check the agreement that you are working under. Generally, there is no notice necessary, but you should always check the wording in your contract. The termination letter that you submit to your Broker/Manager should include the following information:
- Your Name
- The Brokerage Name
- The Broker/Manager's Name
- The date you are writing the letter
- The effective date for your termination
You can see a sample letter here.
*** Remember, you will need a copy of this letter to submit to RECO to transfer your license.
Q. What happens to my firm deals?
A. Any deals that you have that are firm would be payable to you directly from your old Brokerage. Even if a deal is "firm", nothing is closed until the check is in your hand. Your old Brokerage would likely deal with anything that came up between your termination date and the closing of the deal, but you might not want to leave it to chance. If you will be referring business back to a Sales Rep at your old Brokerage you could offer them a small referral (they might not have to do anything) to hold the client's hand until closing. If something comes up (like the final walk-thru inspection or small amendments that need to be done), the client will be looked after and you can decide if you like the way the Sales Rep handles your referrals. One would hope that the Sales Rep would be doing their best for you, given that you may refer them future business.
Q. What happens with my Listings or Buyers under contract?
A. Any active listings or buyers will have to be referred to an active Sales Rep. Since you've already done the difficult part of closing them (good for you!), you may be able to negotiate a higher referral split with the Sales Rep/Broker that you refer them to. Again, pointing out to the Rep/Broker that you will be referring future clients will likely make them much more receptive to a good referral rate.