CREA has just announced that THE COMPETITION BOARD has decided that the rules of the Real Estate Industry are NON COMPLIANT and may be in violation of the competition act.
They are suggesting that there is no fair competition in the real estate market place. I don't know what market place they are talking about, but where I sell there is plenty of competition. Agent that advertise "Total Commission 1%", Agents that routinely "cut" commission to get listings and every other scheme possible. Many of them are misleading the public, yet no one calls them on it or "goes to RECO" because the process is so long and time consuming.
THE COMPETITION BOARD also says that the Public should be allowed to list their property on the MLS system because most of the properties in the country are sold by that media. Of course that is the case, the Real Estate Industry has spent millions of dollars building a VIABLE and RELIABLE method of informing agents and buyers of properties for sale. Why should this valuable tool, created and paid for by members of the Real Estate Industry be made available to people who have not "paid their dues". This would be totally unfair.
Can you imagine the chaos if the general public was allowed to list properties on the MLS system without a REGISTERED REAL ESTATE PERSON vetting the information provided. We all know that SELLERS have a tendency to exaggerate the features and information on their homes as it is. What lunacy would follow. If this scenario happens, I would be in favour of shutting down REALTOR.CA completely.
THE COMPETITION BOARD also says that "DISCOUNT BROKERAGES" and ALTERNATIVE MODEL BROKERAGES are being unfairly treated by the Real Estate Boards. Why does any organization have rules and regulations that "members" are required to adhere to, it is mainly an effort to protect the public and create some level of consistency within the organization. What's wrong with that ?
I think that ORGANIZED REAL ESTATE should fight the COMPETITION BOARD on these issues "tooth and nail". I think the existing rules have worked to protect the public just fine and should be left as is. That's just my opinion.