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- Oct 24, 2007
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- 2,289
See the weekly RECA case summary here. page 5.
http://www.reca.ca/Flash-Case-Summaries/February-6-2012/Default.html
This guy was licensed, but because he didn't run his rents through his brokerage he was fined. He complied and did everything they asked but they still fined him.
I post this for two reasons:
1. Make sure the PM firm you hire to manage your property in Alberta is licensed, and is practicing according to RECA regulations. If they aren't and they get shut down you will be left cleaning up the mess and holding the bag.
2. If you are doing rent to owns, a la carte management for another investor or are actually illegally doing property management without a license then think of the risks you are running by doing so. If they fined an industry member $10k it is my opinion they won't hesitate to push for criminal charges (fraud) on an unlicensed person making money this way. They need to do so to uphold the integrity of the industry and be onside with the people who pay for them (industry members through licensing fees)
http://www.reca.ca/Flash-Case-Summaries/February-6-2012/Default.html
This guy was licensed, but because he didn't run his rents through his brokerage he was fined. He complied and did everything they asked but they still fined him.
I post this for two reasons:
1. Make sure the PM firm you hire to manage your property in Alberta is licensed, and is practicing according to RECA regulations. If they aren't and they get shut down you will be left cleaning up the mess and holding the bag.
2. If you are doing rent to owns, a la carte management for another investor or are actually illegally doing property management without a license then think of the risks you are running by doing so. If they fined an industry member $10k it is my opinion they won't hesitate to push for criminal charges (fraud) on an unlicensed person making money this way. They need to do so to uphold the integrity of the industry and be onside with the people who pay for them (industry members through licensing fees)