SANTO DOMINGO – In recent times, discontent has arisen among Dominican real estate professionals regarding the role of the master broker, who maintain that many fail to pay commissions to sub-brokers. Some small real estate firms have even reportedly gone bankrupt as a result, since their businesses relied on this model.
“I trust that the leaders of the major real estate brands, who manage most of the master brokers in the Dominican Republic, will act ethically and not jeopardize the work of their colleagues. I firmly believe that we are all here to support each other, since life is unpredictable and we never know what the future holds,” Luz Sarmiento, leader of Urban Group, responded when asked by El Inmobiliario about the issue.
The prominent real estate agent maintains, however, that it is possible that some agencies may have faced economic difficulties in the processes, which could have affected their ability to continue operating in the real estate sector.
He believes it is necessary for the bill currently before the National Congress to regulate this practice, but it is also crucial that those involved fully understand the processes involved. “Only then can we understand the waiting times generated by break-even points and the permits necessary to carry out real estate transactions effectively,” he points out.
Sarmiento explains that in the case of Urban Group, they have created a new division called “Urban Friends”, whose purpose is to provide constant support to allied real estate companies, ensuring that they receive accurate and up-to-date information on the status of their sales.
“As soon as we receive payment for a unit, we immediately notify the advisor involved, who must send the invoice with the corresponding tax value, and this is paid promptly,” he assures.
He adds that, in addition, Urban Group only shares projects on the Friends platform that have an agile process for commission payments.
Luz Sarmiento. (External source).
“We are aware that, in some cases, bureaucracy and trust companies can delay payments, leading advisors to perceive that master brokers are withholding their commissions, when in reality the funds have not yet been received.”.
He adds that in extreme situations, they have gone through processes that have taken up to two years to reach the milestones that allow them to get paid. “It is essential that master brokers identify these cases and explain the process to the agencies, so that they can decide where they prefer to conduct their sales,” he concludes.
