Unauthorized Property Management Concerns the Main Issue in Real Estate Council’s Warning
Alberta's Real Estate Council earlier warned the public about a former real estate associate who is going around using the names of the former agencies she worked with. Calgary Herald pointed out that this associate was "offering property management services" even with her license and registration went.
The statement released by the Council identified Samantha Myles, the 'former associate', who is using her past real estate brokerages' names in an effort to dupe and 'mislead consumers.' This is with the intention of presenting the illusion that she is a licensed property manager when, in fact, she is not connected with any real estate agency anymore.
The Council meted out a $25,000 administrative penalty earlier in December for Myles' unauthorized use of her former agencies' names as well as for practicing without a license. This deception has led to consumers being charged money for services which they did not even receive.
Samantha Myles has picked a perfect time to dupe unsuspecting customers as the Canadian real estate market is likely to enter further correction within the year. Financial Post cited higher interest rates are to be expected, as well as some stress tests, which will continue to weigh in heavily and shackle investors, according to analysts.
From a double-digit hike in key markets, the Canadian real market entered a periodic decline in 2018 after home sales activity cooled. The market went down 12.6 percent as the Canadian Real Estate Association said that November's decline will continue right into 2019-marking the lowest it's been in nine years.
One of the prevailing concerns is that interest rates will remain tight. However, banks have since been optimistic that the worst is over, and rates will level out. It has predicted that levels will flat out slowly, but will gradually improve, as 2019 moves on.
As for Myles' case, the Council advised people to seek professional help. It has since then released information about the verification of an agents' license and authorization. The Council has a website where the public can access information about an agent through the "find a professional" search tool, including their current agent status.
The Council added the reminder that brokerages can and will receive payments for real estate, including commissions. The payments are for any purpose. They are also reminding the public not to relay payments to any agent, whether they are listed as active or not on the list.