Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Sold data is public in this Canadian city – and agents still exist

Notify me of new replies via email
Real Estate Professional | 06 Apr 2015, 09:55 AM Agree 0
Toronto-area agents bemoaning the pitfalls of public sold data might take a page from one Canadian market where public data is already a reality – and where, in fact, the sky hasn’t fallen.
  • Peter Barbati | 06 Apr 2015, 11:32 AM Agree 2
    I believe you are missing a main-point here. The concern is not that allowing the sale of information will cause buyers and sellers to omit agents but that making this information readily available for free will give FSBO companies more ammunition to sell their services and essentially devalue licensed agents.
    If all of the sales stats were made readily available for free, I would seriously consider starting my own FSBO company, essentially using the sales stats and my experience to offer a "consulting service" to sellers at a much lower final cost than traditional Realtors.
    My services would be offered within the "legal" envelope and I would not have to carve professional dues, insurance dues and others out of my pay-cheque nor would i have to deal with FINTRAC and hold onto deals for years to accommodate board and council regulations, as the offers would not be prepared by myself.

    Seems "our" boards and regulators are trying to make life easier for all but the people that pay their paycheques. Go figure.
  • Rob | 06 Apr 2015, 11:34 AM Agree 0
    I am an agent in DT Toronto. I find in many cases when you walk the client through the interpretation of the data and how it relates to the market and market conditions at any given time, there is sometimes both a willingness to accept and also to draw their own conclusions. I think as agents, it's our responsibility to educate the client on the possibilities of the effect of how the data is interpreted. By doing this, it demonstrates the knowledge and expertise that comes across as value.

    It's like saying, any agent can stick a sign on the front lawn, but a professional will actually give you a good analysis of the market and how to present and price the house based on the competition.
  • Greg | 06 Apr 2015, 11:41 AM Agree 0
    FSBO's attract a specific demographic. Publishing data won't help them compete with Realtors anyway. Most large FSBO companies are already licensed Realtors, or have them employed to extract the sale info as well. FSBO's have been around for a long time. They don't worry me as a Realtor, or affect my business much anyway.
  • | 06 Apr 2015, 11:58 AM Agree 2
    Sold data is available in Vancouver through BC Assesment after a sale completes - it's not through opening the MLS system, it's through a Government body, and that government data base.

    That info is likely many months old when it shows up.

    You are missing the point all-together. The real estate industry doesn't have a problem with outside groups publishing this data - it just infuriates us that that government is suggesting we open our data base to the public. We built it, we maintain it, we are liable for its accuracy and it should not be required that we give it up for free.

    If FSBO companies want to compete they should start creating their own data base and publishing their data on their own "MLS". Why should my work be public domain?

  • | 06 Apr 2015, 12:05 PM Agree 0
    Why we continue to comment on Olivia D'Orazio's clearly biased articles is beyond me.
  • Lyndsey | 06 Apr 2015, 12:14 PM Agree 0
    I have to agree with the people who think its an issue. We are supposed to be an invaluable resource for our clients, offering services and information that your average Joe doesn't have access to, which justifies why they can't successfully sell their own homes. This is another piece to the puzzle that FSBO's will now have, which I think does devalue us. Especially when a lot of them want to complain about how we are over paid and the amount of discount brokerages we have. Admittedly I am a newer agent, so I find its difficult to find business because I don't have a reputation compared the "big guys". Justifying my value to potential clients will be more difficult for me compared to those more established especially when FSBO's now have everything they need to do the job themselves. At least before we could count on them over pricing their homes based on Seller priced current listings. We wont have that anymore. The "big guys" will continue to thrive, but I have to admit I worry about the future of my career.
  • David | 06 Apr 2015, 12:50 PM Agree 0
    The point is those data has be compiled and collected by the members who pays to use them. I would not oppose it to be available to public but not free.
  • Norm Rousseau | 06 Apr 2015, 01:27 PM Agree 1
    I am surprised at the results that I am reading about SOLD data available to the public. I am not sure how accurate the data is especially trying to estimate the FSBO count. As realtors all we have left is the SOLD information and the knowledge to interpret the data to the public. Once we lose that information it will change the way realtors do business. I am strongly against giving away our only advantage in a tough business.
  • Bill K | 06 Apr 2015, 01:27 PM Agree 1
    Whatever, enough of this BULLSHIT debate.

    Sales data is proprietary to real-estate agents. It is their own record of all of their sales and they have invested in a system that records, maintains, updates and interprets this data in a readily-accessible manner. They have paid to create this system and they pay to use it.

    Real-estate agents have a right of ownership to this data same way as any business owner has a right of ownership to the goodwill of their business.

    If the real-estate board of a particular city wishes to make this data pubic for free, that is THEIR decision. Case closed. Government or public have no right to force them or to tell them what they should do. It is solely the decision of the majority of the memeber of the real-estate board.

    I can't believe there is even a debate about this. The public does NOT have any rights in this matter, nor do any individual agents.

  • More Agents!!! | 06 Apr 2015, 02:36 PM Agree 0
    Billy,

    Sound a little agitated or something!!?? Interpreting(Normy) the data do u mean how can we protect your Monopoly and Free Ride Commission structure for being tour guides?

    The Competition Bureau will send out a reality check on the monopoly soon enough. I still think ur value is worth 1000-2000 per transaction. Homes have inflated in price and the Ego of the agent ..but I don't see anything different in what a agent provides? They look up comparables on their monopoly info,taxi and tour service...hasn't changed in 40 yrs!! Consumers are seeing how easy it is with lots of discussions and info online!! People want efficiency at a realistic rate...they want to keep their money for their own bills

    agents invented Bidding wars and were happy with it but when they see commission wars they get fickle,agitated,egos show -up,stomp their feeties,..I recommend some yoga!!
  • | 06 Apr 2015, 07:05 PM Agree 0
    Geez "More Agents!!!", you are quite the bitter individual. Why do you care how much anyone makes and who are you to decide the value of any profession? People buy value. If there is no value, there is no sale. You don't see the value, that's fine but unless you are the protector of something that is not readily transparent in your rants, not sure you have to worry so much about others or protecting other Consumers.
  • exhausted | 06 Apr 2015, 10:03 PM Agree 0
    More agents - it seems to me that you need to get your "cheap" real estate license and see how easy it is too make a dollar in this business. I am not sure what you do now besides make the same taxi cab tour guide comments on every post you can find. Why not join the "monopoly" - if it is so easy to make a ton of money in this industry why not just get your license and prove it instead of attacking honest, hard working realtors that work around the clock and are never guaranteed a pay check but are guaranteed to have thousands of dollars of expenses every month. I dare you "more agents" to put your money where your mouth is and try it!! Your comments are based on assumptions of what it is you think it is we do, walk a mile in my shoes and then you will know for sure that there is a lot more to this profession than you think.
  • Tommie Mouse | 06 Apr 2015, 10:26 PM Agree 0
    If Coca Cola, Kentucky Fired Chicken, Popeye Fried Chicken or McDonald could be forced to release their secret menu, we have no choice. Before that, we, as professional real estate practitioners, we have to defense our territory we paid and maintained for decades.
  • D Neto | 07 Apr 2015, 12:47 PM Agree 0
    The Article states B.C. Assessment is providing the Sold data not Vancouver MLS. In Toronto sold data is available via the Land Registry and MPAC and they are public sites and they are free to publish data as they wish. TREB MLS data is private and should remain so.
  • Terry | 07 Apr 2015, 01:37 PM Agree 0
    Post some comments made from Vancouver agents voicing the opposite position so we can make a decision based on both testimonies!

    Signed, Not a Toronto or Vancouver Agent
  • Oscar Vidal-Calvet | 07 Apr 2015, 02:43 PM Agree 0
    Sound a little agitated or something!!?? Interpreting(Normy) the data do u mean how can we protect your Monopoly and Free Ride Commission structure for being tour guides?

    -In my humble opinion "More Agents" has a hidden frustration and he/she is taking it on "REALTORS"

    The Competition Bureau will send out a reality check on the monopoly soon enough. I still think ur value is worth 1000-2000 per transaction.

    -If you knew, the Competition Bureau is not an organism to "fix rates" it is all the opposite, to create an "Open Market"

    Homes have inflated in price and the Ego of the agent ..but I don't see anything different in what a agent provides? They look up comparables on their monopoly info,taxi and tour service...hasn't changed in 40 yrs!!

    - If you had a little more info, our current MLS is not over 25 years old, and the current system is the most open that could be, respecting the "Business and Brokers Act," us realtors go by our "RECO" code of conduct, and Toronto our TREB Code of Ethics, rules and regulations.

    Consumers are seeing how easy it is with lots of discussions and info online!! People want efficiency at a realistic rate...they want to keep their money for their own bills

    - I do Agree with your above statement.

    agents invented Bidding wars and were happy with it but when they see commission wars they get fickle,agitated,egos show -up,stomp their feeties,..I recommend some yoga!!

    - You are wrong, it is the free and open market that dictates prices based on Supply and Demand, also other factors like bank's interest rates, Government incentives (RRSP's for first time buyers), minimum downpayment (5% nowadays, against 25% of 25 years ago), internal and growth of the population, etc, etc,.
  • Realitry | 07 Apr 2015, 07:43 PM Agree 0
    Wasn't asking the competition Bureau to fix rates just open up what they feel/consumers should be public..SOLD UNITS...

    Previous Stock share prices/info are easy to obtain...Just like stock brokers realtors can't predict the future...you offer some guidance,taxi service ,tour service...how can this be worth 4-6% !!!!! My accountant does 10 times more and I don't pay him 40,000!!!! Please tell me what you do that is Rocket science ??

    Stick to being a realtor and not a Phycatrist. I think there si place for realtors but not at those inflated prices. The voices are speaking and this applies to many industries out there
Post a reply