The news this week has made me sick. Apparently the State Insurance Commissioner has found a business practice by Title Insurers giving kickbacks to builders, brokers and developers for referring large volumes of business to the Title Company.
What sickens me is the broad stroke the statement takes. The listening public hears real estate brokers and kickbacks. I want to make it perfectly clear, that is not MOST real estate brokers. IN fact it is probably only a very few.
Upon hearing this I went to my broker to try and figure out how this was done. We don’t receive kickbacks for referring business. No not ever!
We make referrals on the basis of providing good professional service. We work with a variety of business professionals. If we find that a company (or it’s staff) is not on the ball, we don’t use them. Conversely when we are provided with excellent, reliable service we come back and we bring our friends, clients and family!
That’s how it should work.
So kuddos to the Insurance Commissioner. If he finds wrong doing, make it right. Homeownership is getting priced out of reach for far too many people. If the big fat rich builders/developers/brokers are found with their hand in the cookie jar, slap them good!
Kuddos to First American Title for stepping up to the plate with $24 million and paying back the homeowners who have been overpaying. FATCO is taking responsiblity and exposing the practice. It cost them, but it will turn out ok in the end.
There are just too many honest ways to make money. Like working for it.
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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Kristal Kraft
