The release of sold prices and other real estate data gathered by the Toronto Real Estate Board has been benefiting real estate websites in Toronto, Ontario, and the GTA. As TREB lost their legal battle in August, they have now provided the information to the public that they tried to get their members to keep private. The case began back in 2011 when the Competition Bureau sued the board, believing TREB’s practices were anti-competitive.
Originally, in 2016, the Competition Tribunal found the Toronto Real Estate Bureau to be withholding data, confirming the truth about the anti-competitive practices. While TREB was then ordered to release the information they withheld, they continued to fight the ruling.
The Supreme Court declined the bureau’s request for an appeal to not release the data this year on August 23rd.
A Boon for Real Estate Agents
Now that REALTORS® have access to this data, buyers and sellers have an increased variety of service options they can use via real estate websites. Ontario is Canada’s largest real estate market which means the more information available agents, the easier it is to target demographics and generate leads.
Not only does it benefit real estate agents, but this ruling is favorable for consumers as well. The Toronto Real Estate Bureau was trying to keep data out of the public eye, creating uneducated and uninformed clients. This data release provides consumers with information they can take to properly and actively use when they plan to purchase or sell a home. They can set better offers that benefit them and the market instead of trying to throw darts at a board of dollar signs.
TREB said the information includes sold, withdrawn, expired, suspended or terminated listing information. Such a wide swath of data immediately impacted a variety of real estate websites even just a day after the ruling was made.
Real Estate Websites Impacted by Data Release
It’s difficult to say exactly how the TREB data is affecting every broker and company right now. The release is so fresh that it will take some time to compile the benefits to this now public information. However, some companies have already expressed how this has increased traffic to their sites and the plans they have for the future:
1. A brokerage in the Greater Toronto Area that uses artificial intelligence to estimate residential listing values claim that they saw an eight-hundred percent increase in their site traffic when the ruling was announced.
2. An online real estate broker says that he saw a two-hundred percent increase in his homepage traffic and new account sign-ups on the August weekend after the ruling.
3. A large brokerage announced that they will be setting up all-new websites with auto-modulation built in for agents and brokers across their four-hundred offices around the country.
4. A real estate company says that they plan on using the data to create different tools that would help agents. An option they’re considering is an online database that shows an agent’s sales volume and the properties they’ve sold.
As you can see, this data has already started affecting real estate agents, companies, and consumers for the better. Once more of the information is inspected, we will most likely see further increases in lead generation, client engagement, and, the main goal, sales.
TREB Sold Data in Real Estate Website
Every agent needs to take advantage of this data and see how it will benefit you. Use it to create targeted campaigns with greater success, generate useful leads, showcase accurate sales numbers, and provide up-to-date information to new and returning clients.
With an Incom real estate website, we provide agents with the perfect tool to display in displaying the TREB data through Virtual Office Website (VOW) subscriptions. All real estate agents get access to these features when they’ve signed up for a website with Incom.
These features allow our web designers to upload all MLS listings onto your website automatically. This provides your customers with increased access to MLS information. Sold data, house history, and withdrawn offers are all now available for your clients at a moment’s notice.
You’ll be prompted to go to the sign-up page once you enter the website. It asks for your contact information in exchange for access to exclusive information; property history, sold, withdrawn, expired, suspended and disputed data. The website generates a personal account once this data has been provided. It is password protected, of course, and can only be accessed by the user who created the account.
This tool will help you see a noticeable increase in your lead generation, as long as you have an Incom website. Don’t have one yet? We can help.
Build the Perfect Real Estate Websites
Incom is the web and e-marketing service for REALTORS® and real estate lead generation. We provide a wide range of real estate marketing services to real estate agents, brokers, and companies. With our built-in lead generation, capturing, and research tools, you’ll see a significant boost in online exposure and target traffic.
If you want to grow your real estate business, contact a member of the Incom team today via 1(866)883-8951 Option 1.
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