With all the hoopla, misconceptions and fear mongering, here is the Consent Agreement between the Compettion Bureau and The Canadian Real Estate Association (CREA).
I think we will see brokerages doing business different than the past and I am sure that there will be discounters and the weak who will be discounting with fervor.
Over the course of a few months I feel that those who develop a new real estate model of fees and representation will do quite well.
Ty - some may change while others likely will not ..... I suspect there will be a few who try the bare bones route for an upfront fee but I suspect the only ones who will do well over the short haul have already partnered with a FISBO Company.
Over the long run we already have discount brokers and have had for several years with little impact on the full service model.
I do think some people will be in for a shock when they want the discount model but have to pay upfront and pay even if the property does not sell. The models I have seen so far are all based on upfront fees.
Ty, I would love to see a contract and disclosures on a transaction. Most enlightening. Perhaps I could so the same for your CA clients purchasing in FL. So many differences. Well, FSBOs. That is such a mistake for buyers. Due to our down market, they need us now.
Barry, I believe some of the public will be shocked as well and I can see a lot of litigation work for lawyers. I may add a clause or two to my Buyer Agency Agreement, The Purchase Agreement and The Listing Agreement.
Ty
Janice: There should be no adverse effect for your profession at all and if a seller does want a low fee, it would behoove them to hire a stager as they will need help to sell their home.
Ty
Marcia: I will send to you a basic listing agreement and a buyer agency agreement for your spare time reading! lol.
Overall, as we are into the 3rd day of 'what if's' and the news media construes the facts and imposes the journalist's opinion and not a balanced objective perception, time will tell.
Ty
Ty,
Thanks for posting this. I was curious to see the fine print before commenting.
Brian
I should also mention that it has now been reported that one brokerage in the GTA is offering to list for "free".
And, I thought the low end would have been $99.
Brian, yes knowing the facts before commenting is prudent. As to the "FREE" list on MLS, I would like to refer back to a post I made about Free MLS listings and the negative comment from a reader and her subsequent rant about facts and Free MLS.
Ty
Comments(9)