New agent demand on sold data

by Olivia D'Orazio08 Apr 2015
If you can’t beat ‘em, join ‘em – at least, that’s the sentiment of some agents threatening to become FSBO consultants if sold data isn't better protected.
 
“If all of the sales stats were made readily available for free, I would seriously consider starting my own FSBO company,” wrote Peter Barbati in the REP forum. “(I would) essentially use the sales stats and my experience to offer a ‘consulting service’ to sellers at a much lower final cost than traditional Realtors.”
 
Barbati says he was writing tongue-in-cheek, but argues TREB’s potential inability to keep sold data private could push a lot of agents in that direction.
 
“If they give away all of our tools, and now they’re taking our dues to help the competition,” he says. “(Starting a FSBO) would be one possible reaction. I don’t want to (do that). FSBOs aren’t regulated, they’re very dangerous to the consumer. They don’t have fiduciary duties, they don’t need to be insured. There is a lot of potential for damage to the buyer or seller.”
 
That frustration is shared by many sales reps, who are increasingly anxious about TREB’s upcoming tribunal hearing with Canada’s Competition Bureau in May. The two organizations have been in and out of court since 2011, arguing about real estate sold data, which the Competition Bureau claims is anti-competitive.
 
“We pay professional dues to ensure professional standards are maintained,” Barbati says, echoing the predominant Realtor train of thought. “But if the competition bureau does this, they should be fair across all industries across Canada. I think they’re picking on Realtors because we’re a disorganized lot.”

COMMENTS

  • by RICHARD RENAUD 4/8/2015 12:14:41 PM

    I AM IN FULL AGREEMENT WITH YOU. I WONDER HOW THE LAW SOCIETY WOULD LIKE IT IF THIS WOULD BECOME AN ISSUE TO THEIR LIVELYHOOD FOR EXAMPLE. THIS IS BECOMING A SERIOUS PROBLEM TO OUR PROFESSION. I HAVE STOP PAYING TO MY DUES TO MY INTERNATIONAL REPRESENTATION TO THE FACT THEY ARE DOING NOTHING TO OUR CAUSE. CREA AND OREA OR ANY PROVINCIAL BODIES ARE PAYING THEMSELVES NICE SALARIES ON OUR DUES AND FRANKLY I DO NOT FEEL THEY ARE GIVING US THE FULL SUPPORT . I AM SERIOUSLY CONSIDERING BECOMING A FULL CONSULTANT WITH A INCORPORATED NUMBER , AT LEAST I WOULD HAVE SOME PROTECTED STATUS UNDER THE INCOME TAX ACT.. AS FOR LIABILITY INSURANCE, THIS CAN BE OBTAIN UNDER BECOMING A INCORPORATION OR A LIMITED REGISTRATIONS. IF THEY DO NOT WAKE UP SOON ENOUGH THIS WILL BECOME REALITY AND CREA AND ANY PROVINCIAL BODIES WILL NOT BE ABLE TO DO SOMETHING SINCE THAT CAN OF WORM IS ALREADY OPEN...

  • by Cally 4/8/2015 12:50:33 PM

    I can't imagine that the Privacy Commissioner wouldn't be disturbed by us posting private financial information about our clients and their property without the client's specific permission by way of a separate signed agreement. Yes, some people want to boast about their sale price to their friends around the dinner table, but to make that information public to the many low life types that would find a way to misuse the information is, in my opinion, not a service to the people we serve.

  • by 4/8/2015 12:57:10 PM

    I have been a Realtor since 1981. I have sold likely over 2000 homes. I currently carry 30 listings. My team will sell over 100 homes this year. When I sell my home, I do not go by owner. I listed my home on MLS and offered a great selling commission to the selling agency. I of all people should be able to sell my own house. We work with buyers with exclusive buyer service agreements. When a client says to me to send them all the solds in their neighborhood, I do. This is not my value. When I meet with sellers, I sometimes ask them if they wish to sell it themselves or would they consider just a mere posting for $755 and they do the rest themselves. As long as they feel they can net more themselves , on their own, let them go. We offer to credit their fee if they turn over their home to us to market at a later date. So sell it themselves? A resounding "NO" comes out of their mouths as to date 90%m/l want full service according to my stats. 90%m/l do not want to sell their homes themselves. A lot of sellers do not see your value because a lot of Agents don't know how to show/sell their value or the power of the systems that has been available to them. Sales stats or evaluations are not your value. Can you show them how to get the last $5000 out of their home and save them every dollar on their buy? Do you review with them possible terms and conditions that could better protect them in their purchase contracts? Do you take professional photos and send in a stagger on all your listings? Do you supply access to trades to help them get their house ready quickly to get the TOP Dollar. Do you just post it on Realtor.ca or multitudes of sites? What is your value? I was just asked to sell 3 rental homes for a couple. I asked what they wished to do themselves? They want me to do it all and even break the news to the tenants and meet with the tenants and are willing to pay me extra to deal with it for them. How are you different? What value do you bring? Commissions are negotiable. Thank goodness they are.

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