No more double-ending for Ontario Realtors? Now that IS BREAKING NEWS worth talking about!!
I feel like a pariah in my own industry, but I was also not “born and raised” in this industry. I “grew up” in the business of fashion, working in the executive ranks of major Global companies spanning from Canada, to Germany, New York to Italy and Brazil.
And here’s what I know I know. I was not, nor was any ONE INDIVIDUAL, ever allowed to represent a retailer who wanted to purchase the wholesalers’ wares for THE lowest price and best margin possible AND to represent the wholesaler, whose mandate was to sell his wares at the HIGHEST market price with optimal margins needed for company growth, AT THE SAME TIME!
So when I started my career in Real Estate, I was amazed that Real Estate agents were even ALLOWED to enter into such an ethically questionable/potentially disaster filled transaction. How in god’s name do you put the interests of BOTH parties first, at the same time? And especially parties whose price goals are OPPOSITE?? It’s like a divorcing couple deciding to hire the same DIVORCE LAWYER (with the hopes of saving on the “billable hours”???) despite the fact that the soon-to-be exes are hoping for THE OPPOSITE in financial outcomes. Why on earth would anyone “hire the coach from the other team” in order to “win the game”???
I’ve been practising Real Estate now for over a decade and in all those years, the number of times I have represented both buyer and seller, I can count on one hand…with room to spare! I tell my sellers why I don’t like to double end, I give them options to my representing both parties and let them make the decision from there. Sometimes they prefer that I stay on board and stick handle both sides, and I do serve at the pleasure of my client; however, I warn them about the potential pitfalls. (oh, and in a couple of cases, where I’ve been in multiple bids, my own buyer has NOT won the day…so please don’t think just because you are being represented by the seller’s agent that it’s a “slam dunk”. Cuz it ain’t!
I am announcing that my NEW FREE BOOK FOR BUYERS will be available to the public early this fall and I have dedicated a substantial amount of space on just this subject and why BUYERS SHOULD NEVER HIRE THE SELLER’S AGENT TO NEGOTIATE for them! You do NOT get a better deal, in ANY sense of the word. But I’ll let you read the book so as not to create my own “SPOILER ALERT”! Then you can call me and we’ll chat about how you can be represented with ONLY your goals on the front burner! (My book for SELLERS is pictured here and you can get it FREE on my website.
I, for one, am very pleased that RECO is re-vamping this situation which can be, and has been, a “swamp that truly needed to be emptied” in terms of how easy it is for the “ethically challenged” to stand upright. You will recall a television report last spring on how the multiple representation scenario was being seriously abused by some agents. There are more like them to be sure; however, they do NOT represent the majority of agents by any means. That said, there is enough room for potential “larceny” to cast a very black cloud over the entire industry and this proposed change by RECO will go a long way to lifting some of those black clouds, in my opinion.
I have made it a practise never to confuse my ethics with my income. And the majority of good Realtors whom I know, like and trust are not ethically bankrupt either! This is just one more source of Caveat Emptor we can take off the table for the consumer and I see that as a good thing!
This link to the Toronto Star’s report will give you their insight: http://bit.ly/2s5kryr
What do YOU think? I’d LOVE to hear your comments about this “breaking news” issue. Nice to have Breaking News that will break in your favour….non?
Take a quick look at my VIDEO BLOG (VLOG) on this subject I did almost 2 years ago!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.