“I would … say the overwhelming majority of realtors are all hard-working, honest people who want to do right by their client. Real estate is just like every other industry in our country,” Dustan Woodhouse, a B.C.-based broker, said. “There are a certain proportion of bad apples in every barrel. It’s good they are trying to more aggressively weed them out.”
It was announced earlier this month that a new superintendent will oversee real estate rules in British Columbia, ousting the B.C. Real Estate Council.
The announcement came a day after an independent advisory board recommended 28 changes aimed at overhauling the real estate industry, including increased fines for misconduct and a crackdown on dual agents.
For his part, Woodhouse doesn’t foresee any material difference in how the industry operates.
“I don’t really see any fundamental change, ultimately. Whether you’re self-regulated or regulated by an outside party, I think the challenge is the outside party sometimes has a more difficult time putting their finger on issues,” Dustan Woodhouse, a B.C.-based broker tells CMP. “On the other side, when you’re self-regulated the thought is you may not be doing enough. Will a government regulator take more action? Maybe, time will tell.”
He also provided comment on the end of dual agency – a move many agents argue is long overdue.
“The one material change that will come from it is the end of dual agency. It’s crazy. I say to clients all the time; this is like you walking into a court room to do litigious battle with somebody and you’re going to use your lawyer to represent you. Especially as a buyer, when you pay no realtor commission,” Woodhouse says. “I would suggest a skilled buyer’s agent would negotiate either a better price or more favourable conditions or ask questions that the novice buyer will not even know to ask that will far outweigh the half a commission that a dual agency commission might be kicked back to a buyer.”
A leading mortgage broker shares his views on the recent developments that will change British Columbia’s real estate industry