Watch the video to find out!
When I became a Realtor, it boggled my mind as to how and why is one Sales Rep able to represent both the Seller and the Buyer for a given property .... soon enough THAT is all I heard in the market - "double ending" deals. The question still lingered in my mind - with my current listings, would I be able to honestly and with integrity also bring in a buyer and look out for his best interest too??? The feeling to me seemed like being stuck between a hard place and a rock! Why would I put myself in a situation like that ? Of course I know why! 5% is always better than 2.5%!!!!
What do you think? Should REBBA allow Realtors to continue to be able to "double end" deals or should there be a law - under the code of ethics - that will not allow that? Would you rather pay that extra 1% so that you get the highest price in a short time for your property from a buyer who is represented by another Realtor? Or would you rather your Listing agent bring in a buyer so that you are able to get a break on the 1%? Seems like a win-win strategy when you can get a break on the commission you offer and the listing agent too earns more than the 2.5%.
Things are about to change....here's what the word is....
Last week, RECO submitted its response to Phase 1 of the REBBA review. Consistent with our January 2017 letter to the Minister, RECO supports:
CHANGES TO MULTIPLE REPRESENTATION: A new Mandatory Designated Representation requirement at the individual registrant level should be established – with limited and specific exceptions. Designated representation will allow a brokerage to have multiple clients in a single transaction, but each will be represented by a different salesperson or broker.
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