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Consumer Guide to Managing Broker Responsibilities

Consumer Guide to Managing Broker Responsibilities

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These FAQs will outline how a managing broker will address concerns such as late deposits from buyers, concerns around use of your confidential information and issues arising out of your agency relationship with your agent.

My real estate professional mentioned they have a managing broker. What does a managing broker do?

Every real estate professional in BC is licensed to provide real estate services (including sales, rental property management, and strata management) through one real estate brokerage (sometimes referred to as a real estate agency). Every real estate brokerage must have a managing broker licensed to it who is in charge of ensuring the brokerage and all the real estate professionals who work for it are following the laws set out in the Real Estate Service Act (RESA). The managing broker is also responsible for ongoing training of their real estate professionals and staff.

Should a problem arise between you and your real estate professional, contacting their managing broker is the best place to start to resolve the problem. You can find out who the managing broker is on BCFSA’s website here and by entering the brokerage name and city into the search field.

My real estate professional told me that my personal information is kept confidential from all other real estate professionals at their brokerage. Does that include the managing broker?

No. While some brokerages operate under a business model which requires them to keep their client’s information confidential from other real estate professionals at their brokerage, the managing broker will be privy to that information as they need to ensure that the transaction and paperwork are drafted in a way that best protects your interests and follows all laws.

I am purchasing a home and have been advised that the managing broker for my real estate professional is also representing the seller in the transaction? Won’t they take the seller’s side if there is a dispute between us?

In a case where your real estate professional’s managing broker is representing a party to the transaction you are involved in, they will have designated a broker delegate to act as the managing broker when it comes to overseeing the transaction. The broker delegate will be an experienced real estate professional who is also licensed to that same brokerage.

Should an issue arise, the broker delegate will be a neutral third party who will help resolve the dispute.

I have listed my home and the buyer is supposed to deliver a deposit to my real estate professional’s brokerage. How do I know if it was not delivered or if the cheque bounced?

Real estate legislation (RESA) requires the buyer’s real estate professional to let their managing broker know immediately if a deposit is not received. That managing broker will then notify your real estate professional’s managing broker who will get the message to you.

For more information on what to do if a deposit is not received or honoured, please read the Deposits Consumer Guide.

I am having a problem with my real estate professional. I was told that the managing broker was away and there was a broker delegate available to help me. What is a broker delegate?

A broker delegate is an experienced real estate professional appointed by the managing broker to oversee the day-to-day operations of the brokerage when they are not available. This can happen when a managing broker goes away on vacation or is otherwise not able to adequately supervise or stay in contact with their real estate professionals.

I am having a problem with my real estate professional and their managing broker was not able to resolve it or is part of the problem. What do I do?

If the managing broker is unable to assist you with the problem, you can file a complaint with BCFSA.