Stricter Guidelines for Registered Brokers?

broker
dealer

#41

And to be fair, in context, that was posted as a reply and an example of the slippery slope, not as my actual opinion.


#42

I took it that way too - I just wanted to continue down that rabbit hole.

The point I’m making is, we don’t need to go around with the LH Broker police.

Allowing previous brokers to be trusted is going to discourage new opportunities.

Creating a wiki basically does the same thing. Now you’re even more of an outsider trying to get in.

There likely isn’t a perfect answer, but over regulating and overthinking this one is going to hurt the community in the long run.


#43

This post was originally made to essentially shed light on the fact that there is absolutely nothing from preventing anybody in the world with a computer from registering as a broker on this site and beginning to “act” as a lease broker.

Had there been some sort of stricter guideline in place where you needed more then just a website to become a registered broker then it would make it a lot more difficult for a scammer to come into play in the first place.

That was my main reasoning for this post but at the same token, if the state that the broker is operating out of has laws in place that says they need to have a certain bond or license in order to conduct business then I feel it’s important those laws are followed…


#44

I think that’s a fair point.


#45

Understood, and I think it’s great you posted this because obviously the community had some great thoughts on the subject as illustrated here.

This is exactly why we ask brokers to post deals in their marketplace threads (versus saying “I’m a great broker, PM me if you want a deal!”). It doesn’t make sense for brokers to introduce themselves without having any deals prepared. That’s why often times, you’ll see @trusted_hackrs, amongst others, specifically asking newly registered businesses to post sample deals, because that shows that they’re capable of structuring deals and actually have them ready to go.


#46

I totally agree with this. For example, take a look at @LeaseNYC’s post history, yet he’s a registered_business on here. :thinking:


#47

I agree and I feel that the trusted hackers are doing an great job at putting people on blast when need be but also consider how many PMs that could possibly be sent that other hackers have no idea about.

I would imagine if anything most would utilize the private message system more then the actual marketplace to avoid getting flamed by another trusted broker or hacker.

I also know that there are a bunch of very intelligent individuals on this website and I think realistically after closely watching deals for a couple of weeks someone could easily replicate another brokers deal in pursuit of trying to prove themselves to the community.


#48

Yeah well that’s exactly my point lol :man_facepalming:

This was more so to point out that the system is slightly flawed where as some brokers took it as a personal attack… was not what I intended but :man_shrugging:


#49

Some of our registered businesses are former new-users-turned-brokers. Some were new users in 2017 or 2018, created a hobby out of it, and decided to monetize. Those who don’t monetize are the losers that we call “trusted hackrs” :wink:


#50

Here’s my unsolicited opinion:

Im going to piggyback a bit off of @Bostoncarconcierge & @Benedetto

Can anyone sign up to become a registered business? Yes.

Hypothetically, can they be scammers? Yeah, sure. BUT how many people do you think they’ll be able to scam before being blasted and banished from the forum, I would like to think not more than one!

One of the reasons why this forum is so great is because the community has natural checks and balances in place! If someone comes on here looking to make a quick buck they’re quickly called out.

Reviews and previous deals are also vital in establishing brokers credibility on this site! I think we’ve seen people come on here with average deals/bad attitude and seen they haven’t had much success!

It is on the broker and dealers to prove credibility (reviews, deals, etc) and it is on the consumer to vet the company they are working with!

Regarding charging a fee to start working with a client - I like to provide price ranges for the vehicles they’re considering and if they’re okay with those then I’ll go ahead and ask them to fulfill our retainer (where they also read through our terms of service) it can be extremely frustrating when you’ve put together 6 different deals with entire breakdowns for a customer only for them to get your deal beat by a dollar, or to cut you out.

The current system encourages competition - competition is good for better deals!

You have a point but, I don’t think its a problem for this site currently (obviously this isn’t my decision to make this is just an opinion)

Hopefully, my rambling made sense! Feel free to PM me if you have any personal questions or qualms with me :slight_smile:


#51

I’ve said it before and will repeat again - every registered business must have a mandatory review thread. This will allow users to make an informed decision to go with someone with 0 reviews or 50, with mostly good reviews or mostly bad, if they choose so. Enforced policing will only work to a certain degree.


#52

I don’t hate this notion.

I also think that “policing” will consume vast resources which are in short supply. It costs time (aka money) to vet things.

Not sure what other solutions play well, but great discussion.