Medallion Club teams must be registered as a BCFSA team to qualify for the program in 2023
Changes are coming to our Medallion Club policies for members seeking to qualify in the teams category.
Beginning in the 2023 qualifying year, any real estate team wishing to be eligible for the Medallion Club must be registered as a team with the BC Financial Services Authority (BCFSA).
New BCFSA teams rules took effect on April 1 that include changes to team registration, advertising and other requirements.
Under these new rules, all real estate teams must register with BCFSA. You are considered a team if you engage in any business practice as a group of two or more licensees from the same brokerage in a manner where your activities would imply an agency relationship with clients.
To be eligible for the REBGV Medallion Club team category, teams will need to be comprised of a minimum of two REBGV licensees within the same corporate brokerage, which could include different branch offices.
These new rules also remove the role of team leader. All REBGV Medallion Club teams will simply have a Team Name and Team Members. Team members will now only be eligible to qualify as a Team Member with their qualifying team. This means that team members can no longer qualify in the individual category nor accrue Medallion “years”.
If you’re on a team, or your business model involves assistants or other REALTORS®, we strongly recommend you read BCFSA’s teams guidelines. These guidelines provide practical information on how BCFSA interprets their new team rules. Please note that BCFSA now requires family teams to register as well.
In line with our existing Medallion Club policy for individual members, if any member of a registered team is found in breach of their professional responsibilities by either REBGV or BCFSA and suspended within the qualifying year, that team would not be eligible for Medallion Club status that year.
As part of this change, we will modify the way Medallion Club standings are presented. Beginning in the summer, you will see Medallion Club team rankings presented within a percentage range that ranks teams in intervals of 10. For example: 0-10%, 11-20%; 21-30% etc. Teams in the 0-10% range would qualify for Medallion status.
Read this FAQ to learn more about these changes to our Medallion Club teams policy changes.
We’ll share more information about this change throughout the year to ensure all members are aware of our new Medallion Club teams policy. Watch for new Medallion Club teams forms that reflect these changes, updated policies, and more instructions about how to manage these changes in the coming weeks.
If you have questions or feedback on this change, please email us at communications@rebgv.org.