Special offer
Gene Fennelly (Allison James Estates & Homes - Gene Fennelly & Associates) Real Estate Agent

RAINER

18,241

Gene Fennelly
location_on Nashua, NH — Allison James Estates & Homes - Gene Fennelly & Associates
Get to Know Gene Fennelly
ABOUT US Allison James Estates and Homes® is a revolutionary innovator in the real estate industry. We are now considered the" Number One Internet Based Real Estate Brokerage in the Country". Our top producing Realtors® conduct business from their home offices, keep 100% of their commissions for a small monthly fee, and are truly independent contractors who conduct business in the highest possible ethical manner. THE VIRTUAL CULTURE We believe Allison James Estates and Homes® has found a formula that works in today's environment. Our Realtors® make 100%, our Brokers are all profitable, because they have no expenses after they reach 30 Realtors®, and because we consolidate all day-to-day operations out of a single corporate center, we keep our overhead low, thereby also making a profit. The formula is a Win-Win for everyone.On top of that, we truly believe in, and operate Allison James Estates and Homes® for the benefit of the Realtors®. All in all it's been a challenging three years and an exciting three years. Our Virtual Culture and business model is the wave of the future. REALTOR® ASSOCIATES We realized early on that our Realtor® Associates are our true customers. We support them every step of the way - from lead capture all the way to writing their checks at the closing table, we are behind them 100%. We provide our Realtor® Associates with all the tools and services they used to have in a brick and mortar office and more ... virtually. BROKERS Our state Brokers oversee the Realtor® Associates in their state, making sure that all compliance matters are strictly enforced. They review all files and contracts. REGIONAL BROKERS Regional Brokers have the responsibility of recruiting Realtor® Associates for their territories, while the corporate office handles all the back office operations. BACK OFFICE OPERATIONS We have the back office procedures down to a science. "Over our three years in business, we've been able to build a back office operation that's the envy of the industry," says Crumbaugh. With the assistance of state-of-the-art technology, we manage the collection of all files and contracts, the supervision of all files and contracts, the oversight of all files and contracts, and the storage and maintenance of all files and contracts. The robustness of the back office operation has made the task of reviewing files and contracts by the Broker as easy as it can possibly be made, thereby allowing the Regional Brokers to concentrate on recruiting and the growth of Allison James Estates and Homes®.
Certifications

10 QUESTIONS ON COMPLIANCE IN A VIRTUAL WORLD

1.Can you give us your definition of what compliance means to the Realtor® and to the broker?Compliance means basically the same thing to both the Realtor® and the Broker, because compliance is a national and state regulated part of the Real Estate Industry. Both parties are held to the same standard with the Broker also being responsible to ensure all licensees under his or her license are also 100% compliant. There is no such thing as 90% compliant. You are either compliant or you aren't.


2.How does a broker feel confident that his agents are in compliance when he may actually never see them physically?This question really doesn't address reality in today's environment. Years ago Brokers saw their Realtors® virtually every day, because the Realtors® needed to come to the office to use the fax, phone, copier, etc. Most Brokers in today's environment rarely see their top producers because top producers don't use the office for the following reasons: They consider the office a distraction - inexperienced Realtors® want their time; office gossip saps their energy, etc.

Compliance is making sure that all paper work, contracts, etc. are property filled out, monitored, reviewed, and stored for the statutory period of time. Some states still hold the Broker responsible for anything the Realtor® may say. With Brick and Mortar or Virtual, a Broker still cannot physically be with their Realtors® 100 % of the time. This is where training comes in. Just yesterday we did a webinar with a trainer for our Realtors®. The trainer loved it, it was her first webinar, and after the webinar, she said that it proved to her that she no longer has to travel hundreds and thousands of miles to train.

3.Where does compliance "begin" in the Virtual World? In other words, what is the first step for your virtual agent/broker to be compliant?
Compliance begins the second a Realtor® has contact with a buyer or seller. This does not change either in a Brick and Mortar or Virtual environment. Training teaches this.

4.Are there different rules in each state? Since you are a national brokerage, how do you deal with the differences in compliance in each state?
Yes there are different rules in each state. Probably 90% of all laws are of a national requirement, 8% are at the state level and maybe 2% are at a local level. Each of our Brokers is held 100% responsible to update the corporate office monthly on all national, state and local laws, rules and regulations that affect both the corporation, the local Broker and the Realtors® under their license. We are aware of the laws in a particular state prior to the opening of a new state. The Broker is responsible for addressing all laws affecting their state and local municipalities.

5.Who maintains the actual files of the transaction in a Virtual World?This depends on the state in a lot of cases. The corporate office maintains a complete set of files and contracts on every offer, sale and listing. The Realtor® maintains a hard copy and where the Broker is required to maintain a hard copy they do as well. Most states now accept electronic storage of documents.

6.How are you able to collect all these documents in your Virtual World?EASY!!!! Realtors® don't get paid their commission until the Broker has signed off on the file, stating that all required documents are in the file. The Realtor® scans all pertinent files to the corporate office. The corporate office maintains a highly trained and experienced Administration Document Supervisor for every 200 Realtors® to review the files. The Broker also is required to review said files during the transaction. If a document is missing, our back office system flags the Realtor®, Broker and the corporate staff. We have found this system to work better than the typical brick and mortar office where a single manager reviews the files. We use three sets of eyes for every review. That's an extra level of protection.

7.Do you have to make all these documents available to an auditor, should that ever occur, and if so, how do you do it?Our Realtors® and Brokers have access through our secure system to access all documents, paperwork and contracts 24/7 and can access any file immediately. The files are cross referenced by Realtor®, state, address, date, and broker. These files while only required to be kept for three to five years in most states are kept for eternity with AJI®.

8.Have you ever had a problem with any of your agents or brokers NOT being in compliance? If so how do/did you address that issue?
Yes we have. We have a zero-tolerance compliance policy. We immediately terminate any Realtor® for the slightest offense. We have terminated Realtors® for not submitting a picture into the MLS - a very minor offense. We have terminated a Realtor® for not changing his address with the state in a timely manner. When we say zero-tolerance, we mean it.

9.Do you have a "compliance officer" in your corporate headquarters? What is his or her function on a daily basis?
That is an excellent question. I have offered our current California Broker a future position at the corporate level as our national compliance officer. He is a former marine and police officer and he is the best I have ever met at compliance. This is a position that will be filled within another year or two depending on growth.

10.Lastly, what would you say to someone who is considering joining you, and has most of his objections or fears based on "virtual compliance" issues, that would make them comfortable enough to join?Allison James Estates and Homes® once again takes compliance to a new level. We are contracting with top Real Estate attorneys around the country. These attorneys will do a 1 hour compliance seminar once a month. When a Realtor® in a particular state joins Allison James Estates and Homes® they will be required to attend the webinar by that attorney in that state within the first four weeks of joining Allison James Estates and Homes®.

format_quote

Allison James Estates and Homes’® revolutionary Business Model is to the Real Estate Industry, what the Jet Engine was to the aviation industry. It is a quantum leap into the 21st century. Alli