Brokers process associate and associate broker transfers through myRECA.
If a licensee wishes to transfer to another brokerage, they must provide written notification to their current broker, and work with the potential brokerage to complete the application and submit the transfer fee.
The transfer process:
Review the tutorial on Transferring an Associate within myRECA.
If a licensee is working with clients who have active service agreements when they plan to transfer brokerages, there can be confusion around which brokerage has the relationship with the client.
Under the Real Estate Act, written service agreements are made between the client and the brokerage.
To avoid confusion when transferring brokerages, and to ensure consumer confidence in the industry, licensees must:
Licensees cannot simply replace the brokerage name on an existing service agreement, or leave the brokerage information blank, in order to take clients to the new brokerage.
Remember, acting with honesty and integrity builds both consumer confidence in, and cooperation with, the real estate industry in Alberta.
To transfer clients from one brokerage to another, the clients’ current brokerage will need to agree to end the clients’ written service agreement before the clients can enter into a new service agreement with the new brokerage.
If the clients are involved in an active deal at the time of transferring brokerages, the licensee will need to ensure any monies held in trust are transferred to the new brokerage’s trust account, the other party’s trust account, or somewhere else as directed, and agreed to in writing, by the clients.
Either broker involved in the brokerage transfer can contact a RECA regulatory compliance advisor for confidential advice should any issues arise.
All advertising is brokerage advertising and must be done in the brokerage’s name. Licensees transferring to a new brokerage must ensure that all advertising under the previous brokerage is updated or removed immediately. Failing to remove or update advertising would place the licensee and the brokerages in contravention of Real Estate Act Rules s.42(g) and 49(b), respectively.
Keep records of all your advertising, including where all advertisement is placed (e.g. bus bench location, social media platforms), the date your brokerage approved each advertisement and the expiry date of any advertising contracts.
Remember the small stuff like business cards, email signatures, online classified ads, notepads, and even your voicemail recording will likely have your brokerage on or in it. These will have to be changed, too.
Make a plan before you transfer to adjust advertising contracts, use up old stationary, and have advertising with your new brokerage developed and be ready to go once you transfer.
Take action immediately to update your advertising materials once you transfer brokerages, if the brokerage transfer occurred suddenly or with little notice.
Get creative. If your brokerage transfer occurs in the middle of an advertising contract, you may be able to cover portions of the old advertisements or just pay the cost of new materials. Talk to your advertising agency about options.
Talk to your broker about advertising. You should review the brokerage policies and procedures manual to make sure you understand your responsibilities and requirements for advertising.
Keep in touch with your former broker as well. Double-check that all advertising with your name as a representative of your former brokerage has been removed.
Either broker involved in the brokerage transfer can contact a RECA regulatory compliance advisor for confidential advice should any issues arise.
