Agents earn vote of confidence from industry peer

by Justin da Rosa15 Jul 2016
A leading mortgage broker shares his views on the recent developments that will change British Columbia’s real estate industry

“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.”
 

COMMENTS

  • by 7/15/2016 11:38:33 AM

    Perhaps Real Estate Agents should be more concerned about their clients best interest instead of having them try to outbid for the property, to pad their own pockets. That's the main reason agents are getting buyers to waive home inspections and financing clauses. God forbid you would want your client to be well informed of all issues or potential issues with a property prior to making probably the largest investment of their life. Its not the home inspectors that are the whiners, its the uninformed real estate agents that are oblivious to anything but their overpaid commissions.

  • by Greg V 7/15/2016 12:29:09 PM

    @anonymous that is just an ignorant comment. I'm not a Realtor but the reason buyers are putting themselves at risk with overtaking prices and condition free is desperation. Before they write an offer they know it is multiple offer and thus in this short supply are effectively entering into an auction. As such they could do their homework upfront and get an inspection and appraisal before writing. The agents job is to help them get a property. All that has nothing to do with commissions or how much a Realtor makes. If you feel Realrors make such an excess amount you should get your license. It is dead simple and anyone can do it. For that reason alone , making a living and staying out of court is a totally different issue.

  • by Mike 7/15/2016 7:27:12 PM

    You know the funny thing about eliminating limited duel agency is that we are going back to a system that failed 20 years ago. Real Estate isn't law, it is not like having a litigator working for both sides in a transaction.

    Double ending deals will not disappear. The public will always call the name on the sign. Our sellers will be upset if we do not show our own listings. It would like a consumer going to ford to buy a Volkswagen . Instead what will happen is that we won't be able to represent both parties. We will only represent the seller. So who will represent the buyer then?...

    the answer is no one.... and so buyers will buy without anyone looking out for their interests

    sure increase fines to keep the agents in line but how is creating a system where no one is looking out for the buyers interests going to make the general public safer. I mean at least now with limited dual agency the agents are personally liable but soon they won't be. Really!!?

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