REALTORS® Are Fighting For You -- 3 Things You Should Know About The REBBA Reform In Ontario

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REALTORS® across the province are working together to try to better the real estate industry for consumers & we want to share the 3 that will most directly impact you, the consumer. We touch on a 🔮 Transparent Competing Offer Process, the possibility of 🚫Multiple Representation being banned & 🏚 non-professionals illegally trading in real estate.

The REBBA reform is long over due & consumers deserve a full review of this Act to bring organized real estate in Ontario into the 21st century! 🇨🇦
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- 5 Things Every Buyer or Seller Should Know - https://mailchi.mp/8cd9bb153d4d/2zswe4hnnk
We've got some more insights over on the blog, so come check that out too!
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📍 Serving Hamilton-Wentworth, Halton & Surrounding Areas

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There’s a lot of hate in the media for organized real estate lately & for anyone who’s worked with an unethical agent, we are so sorry.
We have touched on this topic before but as the Real Estate Business Brokers Act (REBBA) Reform nears it’s final phases, we want to take a moment to share how this will affect you the consumer.

🏛 The Ontario Real Estate Association (OREA) has made dozens of recommendations to the Ontario Government on how we can modernize this governing legislation that hasn’t been adjusted in over 15 years!
We don’t have the time to cover it all here, but we will touch on the 3 with the biggest impact for you…
✨ 1 ✨

Anyone who has lost out in a bidding war will be excited to know that REALTORS® have requested transparency when in multiple offer situations. ✍🏻Currently REALTORS® are entitled to know the number of offers, which REALTOR® is bringing the offer & if there are any adjustments to the commission which improves the terms for a Seller.

What we can’t find out is the one thing everyone wants to know… How much were the other offers for? How much did the winning offer pay to buy the home?

We are requesting that consumers be able to consent to transparency in the offer process. If everyone agrees, a transparent process could allow buyers to make their true best offer with confidence.Whether consumers decide to consent or not, they should at least have the choice & that’s what we are advocating for.
✨ 2 ✨

🚪 The concept of Mandatory Designated Representation came into effect last year & this provides the government the ability to enforce a “no double ending” rule. Double ending is when one Real Estate Brokerage represents both the buyer & seller in a transaction. The argument made was that it is unfair to other buyers when one Brokerage (typically one REALTOR®) knows all of the details & may coach their parties to choose their offer over another. 🏘The thing is, this has happened. I am not going to deny it. But what the media hasn’t shown are all of the ethical REALTORS® who are trying to make the changes necessary to protect consumers.

The solution should be removing unethical REALTORS® from the industry, not removing consumer choice.
If you want to use your REALTOR® who you trust & have built a relationship with that should also be your choice.
✨ 3 ✨

Address & redefine the term “trade” in REBBA. This one word has loopholes in the current Act that has allowed some unregistered individuals to operate outside of the law. These people are representing themselves as professionals in the industry & target new Canadian communities.

The definition of “trade” should be clarified & elaborated on to eliminate any grey areas.

🗝 Overall REALTORS® across Ontario are trying to adjust education, strengthen enforcement from RECO, address professional standards & ethics.

All of this to protect consumers & regain our professionalism because better REALTORS® means better service for you. 👏🏻Thank you so much for watching, we truly appreciate it.

Keeping it Genuine,
Your REALTORS®

The Edwards Team Of Todd Real Estate Ltd., Brokerage

Видео REALTORS® Are Fighting For You -- 3 Things You Should Know About The REBBA Reform In Ontario канала Rochelle Edwards - The Genuine REALTOR (Broker)