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QT4Investments says: (6 years ago)
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Hello, my name is Tom Harmon. I am the representative for Fidelity Flat Fee of California's Riverside Office.

I'm sorry you feel poorly. Allow me to provide a rebuttal; There were no negative audits. Here is a copy of one of the letters sent to you...

My Dear Fidelity Clients,

ATTENTION! “6%” agents and brokers are forcing our brokerage, along with other flat fee offices throughout the State of California, out of business!

MLS systems do not like flat fee brokers and neither do the “6%” rip-off brokers. It is my opinion that the real estate industry is in collusion to price fix… a violation of the Sherman Anti Trust Act.

Agents and brokers have recently rallied together to force flat fee brokers to provide “Full Service” even when the service is not requested or desired by the flat fee client. California agents are focused on this. Of course this does not seem right or just. However, we do not posses the financial means to fight this battle, which has been brought about through members of the National Association of Realtors (NAR)…. a billion dollar organization.

FACT: Flat fee brokers rely on the MLS as the major part of their service. In order to be an MLS participant, one must be a member of the National Association of Realtors, adhering to the Code of Ethics (their rules – not “ethics” per say).

We believe that the NRA and“6%” have recently focused an assault on flat fee brokers by uniting all “6%’ brokers together to report violations of the Realtor Code of Ethics, which are really unjust rules to govern agents the 6% way. Here are the sections of the NAR Code of Ethics they are focused on reporting violations…


Article 1 REALTORS® protect and promote their clients’ interests while treating all parties honestly.

(6% brokers claim that Flat Fee Brokers are shirking their (Article 1) duties by letting the public do their own transaction, hence not protecting their client’s interests.)


Article 3 REALTORS® cooperate with other real estate professionals to advance their clients’ best interests.

(6% brokers are insisting that the Flat Fee Brokers deal directly with them, regarding offers, escrow and closing, and are refusing to deal directly with the owners of the property.)


Article 9 REALTORS® make sure that contract details are spelled out in writing and that parties receive copies.

(6% brokers are insisting that the Flat Fee Brokers review and participate in writing offers, counteroffers and addendums. They are also insisting that offers from buyer agents be presented directly to the Flat Fee broker)


Article 12 REALTORS® paint a true picture in their advertising and in other public representations.

(6% brokers are insist that Flat Fee Brokers are often NOT painting a true picture in the MLS because they never physically visited the property).


It should be obvious to anyone that this is collusion to “Price Fix”.

In any case, because of the overall apparent size of our brokerage (we host quite a few listings), Fidelity Realty Network has been a big target for discrimination by “6%” brokers. Due to this discrimination we have received reprimands and fines by the Association of Realtors on several recent occasions - simply based on the fact that we let you DO IT YOURSELF. This has resulted in the canceling of our MLS memberships in many MLS systems throughout California.

Because we make very little profit, if any at times, we do not have the ability or financial resources to refund listing fees. Thus we are working diligently to assign your listing to another broker who will be able to accommodate your listing and desired listing changes through to the end of your listing term.

We are doing all we can to seek out a current licensed California broker who would be willing to take over my listings and service our current clients. Please be patient. Again, your listing is still active on the MLS.

We do ask that you work with us in providing us with enough time to transfer your listings to another broker. Of course you may cancel your listing any time allowing you to move on, if that is your desire.

We’ll keep you informed.

Sincerely,

Thomas Harmon
Fidelity Realty Network of California
(Fidelity contract review)


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