The Real Deal New York

Broker title hell: Agents scramble for new monikers after ruling

November 14, 2013 10:30AM
By Hayley Kaplan

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From the November issue: Richard Steinberg is in what he describes as “broker title hell.” After 22 years at Warburg Realty, Steinberg had worked his way up to the rank of executive managing director. Then last spring, literally overnight, he became simply a “licensed associate real estate broker.” [more]

  • Eric M Lustgarten

    Hold your horses people. It was supposed to be the opposite. ” sales assiciates ” did not have to say that. It is demeaning. Whatever the truth. It simply implies a lack of longevity in the biz. Or laziness on the part of perhaps good ” Agents” to get their hours in and deal with the hours and paperwork. No judgements. As a holder of multiple Broker/ A and / C in good standing for over 20 years I recognize the importance for good producing people who wrk hard to not be pegged as ” juniors “. Many have come from prestigious areas in other lines of work. It is important for them NOT to have the ” bottom of the card ” designation of ” Licensed Sales Associate”. Same holds true with Regard to Richards situation. Just in reverse. case in point… ” Executive ” Managing Director implies a legal definition. Peters understands this. It implies a direct and contractual interest in the fortunes of the corporate entity… Executive may mean both Indepenant Contractor and a legal and fiduciary interest in the firm as a whole. While it is true that it sounds lovely on a card or pitch sheet…it has little bearing in reality to the corporate structure and it’s ownership beneficiaries. There is no equity distribution. Aside from incentives. No legal voting rights. Most importantly, if the you know what hits fan…no direct legal ramifications. Find another nifty title that allows those like mr Steinberg to feel good about. The clients who who use him could care less. EML