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Mortgage Broker News | 23 Mar 2010, 12:00 AM Agree 0
Following the Canadian Real Estate Association announcement of new rules that would allow agents to post a client's listing on MLS for a flat fee, the federal Competition Bureau hasn't changed its position that the CREA's rules are restrictive and deter competition.
  • gail | 25 Mar 2010, 02:49 AM Agree 0
    it is about time, commisions on a sale are indencent..take Vancouver for instance, the realtor is making $30000.00 listing commisions and it is even a stretch to have them return a phone call. Talk about robbery!!!!
  • DanP | 25 Mar 2010, 03:25 AM Agree 0
    If MLS was designed as a public tool, then the public should have full unobstructed/unconditional access to that tool. If an access fee is imposed, so be it. One should not forget however that, an individual who searches for real estate agent representation, is not doing so just for the MLS listing, they are looking for the suite of professional service offered by a RE professional. I cannot believe that, by allowing MLS access at large, that this would change market needs that drastically.
  • Matt | 25 Mar 2010, 04:44 AM Agree 0
    MLS was not created to be a public tool, it was created to be a way for REALTORS to share information and work together in selling properties. MLS/REALTOR.ca is simply the forum for advertising these listings to the public. I do agree though that the majority of sellers still want full service and are willing to pay for it, after all, there are already plenty of discount brokerages who are offering flat fee listings but most sellers do not go this route.
  • Laurie | 25 Mar 2010, 06:11 AM Agree 0
    Who is going to be responsible to ensure the integrity of the MLS data as this information is being used by mortgage insurers and realestate appraisers? The Realtors are under very stringent rules and who is going to monitor this if the public is allowed access without a realtor? What about the liability issues just to get started?
  • James | 25 Mar 2010, 07:52 AM Agree 0
    No system is perfect. Why are people so cheap. People do not understand. Good luck home owners and buyers without the Realtors. The first reason why people need agents is because they are to emotionally attached to their home and I can just imagine the negotiating between buyer and seller at the table together. Not to mention even worse when there is a language barrier. Second is who will be reasonable to ensure all the due diligence is done on each and every deal and will the buyer be trained before hand on how to navigate this on his own? Will the seller accept legal liability if they do not correctly present all the facts? Will the buyer ensure that his deposit is refunded if he is unable to get a loan? Will the buyer know what other conditions should be in the offer because it changes on every different deal. Who will ensure the that both parties are getting a fair deal? Who will pull all the records on the house to ensure no grow operation was ever in the house? Who will accept all the legal liability?.. Geez ... anything to save a buck hey.. Until the normal everyday guy gets screwed on a purchase or a sale.. to funny..
  • Victoria | 25 Mar 2010, 07:53 AM Agree 0
    As a former Realtor, I believe that the general public still wants to have the experience and knowledge of a professional Real Estate Representative and their circle of business partners (Home Inspectors, Lawyers, etc) at their service when they buy or sell their biggest asset. With so much fraud and misrepresentation, using a licensed Realtor is the way to go. Let the Private seller try to explain how the HST will affect a buyer, or why they deserve the same price as the person who is willing to be represented receives for their home.
    A select few try to sell their homes themselves, but remember someone is going to save the commission and the buyer sure isn't going to let it be the private seller. What's the win!
  • Duke | 25 Mar 2010, 08:13 AM Agree 0
    Negotiating is the most powerful skill for both sellers and buyers. Never pay the full commission a realtor asks for. If you're firm, they'll always lower their rate for you. If not, there's plenty of other "licenced" professionals hungry for your business. It's like buying a new car. If you go in armed with information and are willing to haggle, you'll get a better deal. Period. Residential real estate is an emotional sale for buyers and sellers. Most realtors just plop your listing on MLS and place a few ads in the local papers. They're out of pockit for their time, listing fees and other documentation. No one should ever pay more than $15k maximum in commissions for ANY sale unless it's something extremely complicated.
  • Natasia | 26 Mar 2010, 07:01 AM Agree 0
    Not sure how many industry members are aware, but many banks have restrictions on private sales, or they will not finance them at all. This is because the general public cannot be trusted with information provided about their home. Everyone has the right to sell their own property, but if the banks don't trust them, why should we give them the same access to the mls as realtors?
  • Matt | 26 Mar 2010, 11:24 AM Agree 0
    I also wanted to clarify one thing that the media and public seem to be misunderstanding. The public will not have some sort of direct access to MLS without a REALTOR. The changes will simply mean the REALTORS will be allowed to negotiate different services involved in selling the property separately from each other....one of these services will be listing the property for sale on MLS (others would include marketing, negotiations, etc.).
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