Mere Postings Toronto Real Estate
Everyone has read about the settlement between the Canadian Real Estate Association (CREA) and the Commissioner of Competition. It basically allows a seller to “merely” post a listing on the MLS for a flat fee. The broker or salesperson who takes this listing has chosen or agreed not to provide services to a seller other than submitting the listing for posting on the MLS system.
So, just because it’s allowed, doesn’t mean that professional real estate sales people will participate. In fact if they are professional and bring value to the transaction, rather than just acting as a sellers gateway to the MLS, they won’t participate.
In fact they would be crazy to take a mere posting. The Real Estate Council of Ontario (RECO) is the industry watch dog and enforcer. According to a recent publication, they have reminded us that regardless of the terms of the Consent Agreement, all persons registered to trade in real estate in Ontario must comply with the Real Estate and Brokers Act, 2002 (REBBA) and its regulations including the Code of Ethics.
If a Realtor takes a mere posting they are obligated to verify the information before posting on the MLS and are responsible for its accuracy. They continue to be bound by the requirements under REBBA, which is a very intense set of rules and regulations that guide our industry and PROTECT the consumer. Which is why a professional Realtor can’t take a listing and agree not to provide any service, our real estate licence actually prohibits it.
As the saying goes, ” If it looks like a duck, quacks like a duck and walks like a duck, it’s a duck” and if you act like a Realtor you have to provide the services of a Realtor. However REBBA doesn’t guide real estate commission, that would be anti-competitive, and I get that. Realtors can charge whatever commission they like, based on the value of their service. Consumers are free to choose who to work with, and what fee they are willing to pay for the service. Trust me, real estate is highly competitive.
It all comes down to value. I get paid to produce a result, not to merely post a listing. End of story.
Check out the details of the consent agreement: Real Estate Council of Ontario.