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519-649-2834

We have been proudly serving the mortgage and financial needs of individuals in London, Ontario and all across Canada for more than a decade.

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Welcome to Our Blog, where you'll find the latest news and gain insight into a variety of mortgage-related topics.

Real Estate Agents' practices to be challenged

Mike De Sousa

I read an article about the  competition bureau challenging the way in which Realtors list and market homes in London, Ontario.  For a consumer, gaining access to the MLS system means paying realtor fees up to 6%.  The trouble is that quite a few realtors give the industry a bad reputation because that's all they do for the consumer is simply list the property on MLS and hope for the best.

Any client is capable of uploading information about their home to the web, but the MLS system restricts the consumer from accessing it for personal listings.  Even if realtors provided a simple listing fee to list a home, (which would make the competition bureau a bit happier), most realtors will not show a home that is not listed with another realtor unless they are "duble ending" their own listing.

What I see coming out of this is realtors being forced to innovate further on their systems and processes and marketing plans for their customers.  "If you want to sell my home, prove to me what you will do apart from listing it on MLS" says the consumer!I have seen some really good, innovative realtors who help clients make one of the biggest purchases they will ever make so much easier and risk free.  However, I have seen some who don't.  There is good and bad in every industry and what increased competition can do is elevate the industry for the good of the consumer and the realtor.

There is nothing wrong with more competition, and this will set the superior real estate professionals apart from the mediocre ones who make a living by selling homes on MLS and praying for a sale!

Real estate association’s rules challenged by federal competition watchdog
THE CANADIAN PRESS
OTTAWA — The Competition Bureau says it’s challenging rules imposed by the Canadian Real Estate Association, a body that represents more than 98,000 real estate brokers, agents and salespeople.

The federal agency says the association’s rules limit choices for consumers and force them to pay for services they don’t want, also stifling innovation in the market for residential real estate services.

The Competition Bureau is challenging association rules imposed on agents who list properties on the association’s Multiple Listing Service, also known as MLS.

The agency says most real estate transactions in Canada make use of the MLS system, which includes information available only to association members.

But under association rules, according to the Competition Bureau, agents are forbidden from offering consumers the option of simply paying a fee to list a home on MLS.

END.

There is another article that tries to explain both sides at The Globe & Mail.

I would appreciate comments on both sides of the story.  If you're a realtor and have unique selling processes and have insight as to how consumers are at a disadvantage left on their own, write about your experiences.  If you're a consumer who has experienced good realtor service or have been given mediocre service for a high fee, write here too!

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671