LAW: Real Estate Brokers Are Marshaling Opposition
By Lou Hirsh
Industry opposition is likely to be huge, but Jason Hughes is pushing for California to go a step further when it comes to dealing with the practice of brokers representing both landlords and tenants in the same real estate deal — by banning it altogether.
The CEO of San Diego’s Hughes Marino Inc., a tenant-focused commercial real estate services firm, was among the backers who helped craft legislation recently introduced by Assemblywoman Lorena Gonzalez Fletcher, D-San Diego, seeking to ban the practice known as dual-agency representation.
Assembly Bill 1059 was recently referred to the Assembly’s judiciary committee, but as of press time was not likely to be formally reviewed in a public hearing until January or February 2018 at the earliest.
Like most states, California has moved to require disclosures prior to deal closings that a broker represents both sides, but has not banned the practice outright.
Jason Hughes is chairman, CEO, and owner of Hughes Marino, an award-winning commercial real estate company with offices across the nation. A pioneer in the field of tenant representation, Jason has exclusively represented tenants and buyers for more than 30 years. He writes about topics in commercial real estate from a tenant’s perspective on his blog, Downtown Dirt. Contact Jason at 1-844-662-6635 or firstname.lastname@example.org to learn more.