A new opinion letter from the New York Department of State about the misuse of corporate titles by real estate agents has drawn a muted response from the city’s brokerages.
The one-and-half-page letter said the use of titles such as “vice president” was dishonest and misleading, amounting to prohibited false advertising unless the holders of real estate licenses actually were corporate officers.
Boston-based CondoDomain, a Web-based discount real estate brokerage, is now a member of the Real Estate Board of New York, offering offers a VOW (Virtual Office Web site), reports the Real Deal. That means that customers who log onto the company’s New York site can browse through the listings in REBNY’s database, which is far from comprehensive.
CondoDomain founder and told the Real Dealthat the appearance of VOWs in New York City has opened the floodgates for new companies like his to penetrate the lucrative New York City market.
“The VOW will lay the groundwork for companies like ours to come in and compete,” CEO Anthony Longo told the publication. Continue reading →