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Agents earn vote of confidence from industry peer

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Real Estate Professional | 15 Jul 2016, 08:15 AM Agree 0
A leading mortgage broker shares his views on the recent developments that will change British Columbia’s real estate industry
  • | 15 Jul 2016, 11:38 AM Agree 0
    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.
  • Greg V | 15 Jul 2016, 12:29 PM Agree 0
    @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.
  • Mike | 15 Jul 2016, 07:27 PM Agree 0
    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!!?
  • jeff | 16 Jul 2016, 11:23 AM Agree 0
    eliminating dual agency is a huge mistake being foisted on the buyer and seller in order to fix something that may not be broken.

    Imagine this, I have an agent I have used a couple of times before, I trust that agent with all my real estate transaction, he does a great job, and I have have never had anything go sideways....but now if the recommendations get passed I can't use my agent to purchase that perfect house I have fallen for, if my agent happens to have listed the place. that sucks.
    My agent is going to tell me to go find an other realtor to write the offer, maybe someone in his office, someone I don't know, that;s just dumb.

    also many buyers want to use the listing agent, for what ever reason. maybe they feel they can get a better deal price wise because of potential reduced commission, maybe they feel the listing agent knows the house best. maybe it's their costum. For what ever reason, taking the option away from the consumer to use the same agent as has the sign out front only hurts the buyer, maybe the seller.

    maybe the solution is simply, better stops and checks to ensure proper disclosure to both the buyer and seller of the property

    if I remember correctly this discussion all started because of a few agents flipping properties between clients for huge profits before closing dates, and higher commissions in a couple of hot markets. ultimately short changing the original seller.

    so is not the answer simply better informed buyers and sellers though better legislation, disclosure and paper tracking of transactions to avoid flipped properties where one party is the loser.

    I as a consumer do not want the government or any other body to tell me who I can use as an agent and who I can't.
  • Barry Brown-John | 17 Jul 2016, 06:09 PM Agree 0
    The Real Estate Council was and is an easy political target. I sat on Council when it was regulated and met with the then Superintendent on matters concerning Council...and we were basically told work it out! On the outside Real Estate seems fairly simple and straightforward, though it is often fraught nuances and requiring critical decisions, so that many consumers require professional guidance. Getting rid of Limited Dual Agency is NOT the answer, having Council members without Real Estate backgrounds is NOT the answer! Actually broadening the scope of Council, so that it has the mandate to rule on ethical questions (Code of Ethics) rather than only ruling on infractions against the Real Estate Services Act would bring many more Realtors into the their purview. Strengthening penalties and raising the bar for entry may also help, but wherever you go, be it the RCMP, Bankers, Lawyers, Accountants etc., there are those who will ignore all legal and ethical rules. Making it easier for the Public to make a complaint may be an idea, however those complaints will still have to be substantiated within the "Rule of Law." The Industry will survive, no matter what as Housing and the business of Real Estate is essential to the majority of Canadians. I really believe the Council needs the support of Government, but I am not sure "being regulated" will make a huge difference!
  • Roberta | 21 Jul 2016, 04:55 PM Agree 0
    I agree with Jeff. In isolated geographic locations, with maybe only one realtor, eliminating dual agency will NOT help the buyer. They will either end up representing themselves or have to call on a realtor who knows nothing about the area. If the objective is to protect the public, in many cases this will not do it. Increased fines for infractions, complaints process made easier - these types of things may hit those not doing a professional job (and so it should) but will not touch the majority of realtors, who are honest and hard working. Eliminating dual agency however, will hurt lots of honest, hard working realtors who have managed for years to work successfully with satisfied sellers and buyers in this dual agency situation.
    I believe this will create a new layer of risk for buyers, floundering without support. Calling another realtor or referring to another realtor in the cities is easy with large numbers to choose from but that is not the case in much of rural B.C.
    Time will tell. I for one, do not look forward to it.
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