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B.C. to end self regulation of real estate industry after damning report

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Canadian Realestate Magazine | 29 Jun 2016, 05:07 PM Agree 0
British Columbia is ending the self-regulation of the real estate industry in a move Premier Christy Clark says is aimed at protecting consumers
  • Gilbert Cantin | 29 Jun 2016, 05:51 PM Agree 0
    Eliminating an agent to act for both parties will do nothing good. I bought using the seller agent because I could buy at a lower price by telling the agent to reduce his double commission to meet my offer on the price. Forcing someone to have an agent is wrong. We are in a free country. Let the market work it self out. When peoples have no more money to spend the offers over a million for a house will stop. Nothing good will come from a government intervention.
    • Klinckify | 29 Jun 2016, 06:09 PM Agree 0
      Amen brother.
    • Elias | 03 Jul 2016, 04:41 PM Agree 0
      It does do good Gilbert. It is an agent's job to obtain the maximum sales price when representing the seller, or obtain the lowest purchase price when representing the buyer.

      These objectives obviously contradict each other and it is impossible for one agent to therefore represent each party involved properly.

      This has become a huge issue where agents are persuading people to sell their homes for much less then they should, taking a commission, and then turning around and selling the home at a higher price. Sellers are being tricked out of their money because of greedy agents and investors.

      This is a good move for the industry.
  • Francis Dryden | 29 Jun 2016, 06:16 PM Agree 0
    I have been a Realtor for 35 years and I don't and never have liked "double enders" but not for the stupid and untrue reason of lowering the commission (think about that Gilbert... Why would someone want to "double end" and give away the commission. The reason is as stated and that is that it is very tough to properly represent two clients simultaneously... Lawyers try with a conflict of interest agreement which in essence says that if there is ANY conflict... Neither has a lawyer.

    I have always endeavoured to keep problems down in a Real Estate transaction but it is bloody near impossible... Hence I will NOT represent both parties... Not even friends.
  • Ian Hocking | 29 Jun 2016, 07:55 PM Agree 0
    I totally agree with Francis, the liability position stretches well beyond what the public usually thinks about. I'm a Broker in Ontario where it is presently legal for the same person / brokerage to represent a Buyer and Seller on a contract. However we almost always try to have someone else in the brokerage handle the client on one side so there is at least one degree of separation and we always insert a Buyers and Sellers lawyers review condition in an offer if we are doing both ends. As for reducing the commission, the work is the same and if I have a Buyer that Buyer is under a contract to pay 2.5% even if the Seller isn't obligated to pay, the work is the same (I.E. one buyer and one seller not some hybrid) and the risks are elevated if you are representing both parties. The Sellers agents commission is ALL the commission, the Sellers agent agrees to share a piece of his commission with the Buyers agent if he places it on the MLS (Rules of the MLS). The Seller is signing an agreement to sell the property, it's the agent that decides to share his commission.

    I don't blame the public for not understanding this because it's between agents, but it is a fallacy to think that the commission offered is somehow a part of the Buyers purchase price negotiation. For the record I would support the Real Estate Council of Ontario instigating a policy that stated the same Sales Representative could not provide client services to both the Buyer and Seller.
  • Matthew reed | 03 Jul 2016, 07:29 PM Agree 0
    I also agree with Francis . Also want people to stop shadow flipping. It not just the Asian but also the south Asians too it happened too me . I sold my house it got flipped while I owned it . This government is doing nothing I can't even buy a place with acreage with 170 000.00 down wtf in my own country . This is crap I know I'm not voting Crusty Clark to be in government !!!!
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