Drama in Calgary unfolds as more than $1 million in commissions is still owed to at least 70 real estate agents for homes sold before it caught the attention of the council last month.
The company reportedly shut down recently, failing to pay it’s former agents – an act that some industry insiders believe left a gap in real estate regulation in Alberta.
Ibrahim Elhage, a former Discover Real Estate agent who has recently refinanced his own property in order to stay afloat, expressed his concerns by saying “It’s disgusting. It’s theft.”
Elhage reported that the brokerage still owes him $122,866 in commission for his services. However, he is still hanging.
Ibrahim has been a top realtor with the company for over 10 years.
The 33-year-old managed to stay on his feet despite the economic slowdown in 2015, and said it was a great year for him. However, after several delays in commissions by the company, Discover, he knew something fishy was going on.
“They’ve always been a little bit slower to pay commissions,” Elhage said. “It would be two weeks, three weeks, sometimes a month. But in the last year or so it got more out of hand. It got worse because you’d stay there hoping to recover some of the money.”
In an attempt to ensure he got his fair share of the deal, Elhage arranged a meeting with owner of Discover, Graham Mayny – a popular figure in real estate within the region. Three other agents reported the same thing in an interview with CBC News.