Search Results for: deregulation of mls
A survey of Royal LePage salespeople and brokers says that 86% of real estate professionals worry that severe deregulation in the real estate industry would erode standards of customer service for Canadians who are buying or selling a home. The online poll of 1,726 Realtors by Royal LePage says that proposed changes to the Multiple Listing Service will do little to improve an already competitive industry.
In the survey, Realtors were asked to comment on the potential impact of ‘unbundling’ real estate services and limiting the extent to which accredited real estate professionals manage the MLS system. Eighty-six% of agents surveyed said they are “concerned that the push to foster increased competition in the industry will result in lower customer service standards.” When asked about the state of the marketplace currently, 76% of respondents said the industry is “highly competitive.”
“Our company was founded on principles of client service and consumer protection. Our agents welcome competition in the industry, but are very concerned that the severe deregulation of the residential real estate brokerage industry would hurt, not help, Canadian home buyers and sellers,” says Phil Soper, president and chief executive, Royal LePage. “To state that there is a lack of competition in the Canadian real estate industry is simply incorrect. Every day, the 100,000 men and women in the profession compete vigorously with each other and with unlicensed, unregulated alternatives. The range of services available from licensed Realtors is vast, with fees on the low end that extend downward to a small fraction of one% of a home’s sale price.”
When asked how often they help clients avoid financial or transactional mistakes, more than 88% of Realtors surveyed said “very often” or “often.” The poll also found that real estate agents’ primary consideration when advising clients is to optimize and protect clients’ financial well-being, says Royal LePage.
“Entering into a real estate transaction is often the largest financial decision a person or family will make, and government regulators and we in the profession have a responsibility to Canadians to ensure that the marketplace has proper safeguards in place,” Soper says. “The critical elements in maintaining a fair and efficient real estate market include the need to ensure Realtors meet ethical and educational standards, to protect our clients’ sensitive personal data, and to ensure the integrity of listings information.”
While almost all advisors surveyed use the MLS system (98%), they commonly use other tools to promote listings, including an open house (90%), newspaper advertising (89%), and their website (87%).
“We surveyed our agents’ opinions on these important issues because we feel it’s critical for those in the profession – real estate professionals from across Canada working with home buyers and sellers every day – to have a voice in this matter,” says Soper.
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