Thursday, November 11, 2010
Competition Bureau and the MLS System: What has Really Changed?
You may have heard on the news lately that the real estate industry is being challenged by the Competition Bureau to change some of its rules with respect to the Multiple Listings Service (MLS).Although the media makes it sound like many changes are taking place with the MLS system, this is simply not the case. Changes were made long ago in British Columbia. However, some provinces are playing 'catch-up' to our existing rules.
Nothing of significance has changed in BC. People who are not members of a Real Estate Board (i.e. "the general public") continue to be able to post their home for sale on the MLS system by going through a brokerage that belongs to a Real Estate Board.Low cost, "posting only" services have always served, and will continue to serve, BC clients. Such companies come and go.A few of them are popping up again now and are trying their best to leverage the attention the media has garnered through this topic.
The Real estate industry has always been a highly competitive industry.Over 10,000 agents in Metro Vancouver compete to market homes for their sellers and to sell the perfect homes to their buyers.At the same time, agents co-operate professionally on a regular basis to successfully bring parties together in negotiations and sell real estate.This tug-of-war between co-operation and competition can sometimes create opportunities for anti-competitive activities.
The Canadian Real Estate Association (CREA) has for many years had rules that all agents in the business are obliged to follow, or else face severe consequences, much like any professional organization:
1) Competing REALTORS® are not allowed to get together and agree to "fix commissions" (i.e. agents cannot collude to set a "standard commission")
2) Similarly, brokers and REALTORS® should also not refuse to deal with or boycott a discount broker because of that broker's low pricing or commission policy. (i.e. agents cannot discriminate)
3) REALTORS® must follow strict rules around advertising. For example, if the literal wording of the ad is accurate although the overall impression created by the ad is misleading a realtor will be disciplined by the Real Estate Council. (i.e. agents can't mislead)
These rules make sense and allow agents to work together in the best interest of their existing clients, but at the same time compete with one another for new clients.
"In order to comply with the Competition Act,real estate agents must follow three basic rules:
1) Don't Collude, 2) Don't Discriminate, 3) Don't Mislead"
Having competed in several Ironman triathlons over the years, and worked as a residential property developer for most of my career, competition is nothing new to me.Not only is racing a triathlon in itself competitive, but also there are thousands of companies competing to sell you products that promise to make you faster and perform better.
One thing that I have learned, both as a real estate agent and a triathlete, is that nothing beats integrity, (being true to yourself and others), hard work, and consistency.
Thursday, November 4, 2010
Check out my Mobile Search App
Categories:Check out my Mobile Search App
Anyone who knows me, knows that I love technology and gadgets. After I figured that I had waited long enough, I bought my wife and I matching Google Android Smart Phones - the Samsung Galaxy S. Although we had to get a land line because we couldn't get a signal in our home with the new carrier, the biggest drawback has been that they are continually 'freezing.' It has gotten to the point where it freezes at least five times a day. A new operating system may fix this, and is due to come out in November.
On the plus side, anyone with a smart phone can use my mobile home search app to find listings when walking a neighbourhood.
Categories: art and science of negotiation | Assessed Values Vancouver Real Estate | BC First-Time New Home Buyers' Bonus | BC Home and Garden Highlights | Better search engine than realtor.ca | Building a new home in Vancouver | Building on irregularly irregular shaped lot property vancovuer | Buy a New or Used Home in Vancouver | buying new construction real estate in vancouver | Buying re-sales vancouver real estate | Canadians invest in Arizona Real Estate Is now a good time to buy AZ Real Estate | Charity Donation | charity donation real estate agent vancouver | Check out my Mobile Search App | Chinese Influence on the Vancouver Housing Market | Chinese influence on Vancouver housing market | cigar-et smoke smoking strata bylaws | Common mortgage mistakes | Competition and the MLS System | Competition Bureau and the MLS System Changes | Condos | CRFS Contingency Reserve Fund Study Vancouver Real Estate | Depreciation Reports Strata Reports CRF Study Contingency Reserve Fund Study | Douglas park vancouver neighbourhood | downtown | Four Great Things about Laneway Houses in Vancouver | Green building, Building a green home in Vancouver, Live Green, Environmental Construction | Heritage Home Renovation | Home and Garden Show 2011 | Home building in Vancouver | Home buyers guide Vancouver real estate | Home buyers Guide Vancouver Real Estate Purchase | homebuyer's guide, home buyer handbook, purchasing a new home - the process | How is the Vancouver Real Estate Board Doing | How to make an offer on a home in Vancouver | How to purchase a home in Vancouver | Important words to know from CMHC when buying a home | laneway houses - cash from your property | learn about real estate mortgage options and mortgage insurance | market trends | Mortgage advice when buying a home in vancouver | New vs. old homes Vancouver Real Estate | Newsletter articles | Patina Vancouver High Rise YMCA | Real Estate Commissions | Real Estate Vs a Live Insurance Investment | Rescinding a pre-sale condo, Vancouver real estate | Search for Vancouver Real Estate | Southlands Country Fair Sunday Sept. 16th from 10AM to 4PM | Special Levies Contingency Reserve fund Studies | Statistics | The steps involved in purchasing a home in Vancouver | The Value of a REALTOR in Vancouver | Tips for selling a home during the holiday season | Understanding the data and stats | Ups and Downs of the Vancouver Market | Vancouver Most Expensive City | Vancouver Real Estate | Vancouver Real Estate Average Priced Home | What is keeping vancouver real estate prices high | Why it is better to use a buyer's agent | Win / Win Conflict Resolution