BC Government Limits Choices for Real Estate Consumers
Vancouver, BC – September 7, 2017. The BC
Government's announcement to ban the practice of limited dual agency
means that consumers can no longer choose the REALTORS® they want.
"Every day, REALTORS® help their clients understand real estate
transactions, so they can make informed decisions," said BC Real Estate
Association (BCREA) President Jim Stewart."Over my nearly 25-year career
as a REALTOR®, many long-standing clients have developed trust with me,
and now my clients have no choice but to start from the beginning and
build new relationships. Trust is a crucial part of what is often the
largest financial transaction in people's lives."
Limited dual agency occurs when a real estate trading services
licensee acts in a limited capacity for both the buyer and the seller.
The practice is especially common and important in small BC communities,
in which few licensees practice, and so BCREA is pleased to see a
proposed exemption for those situations. However, limited dual agency is
also used in cases where REALTORS® have established relationships with
buyers and sellers, in commercial transactions and in situations where
REALTORS® specialize in particular property types.
"Rather than working with licensees they don't know, we're
concerned people may decide to complete real estate transactions without
representation," said BCREA CEO Robert Laing."That goes against the
consumer protection mandate of the Superintendent of Real Estate and the
Real Estate Council of BC."
At the end of June 2016, the Independent Advisory Group (IAG)
made 28 recommendations aimed at improving the real estate licensing
system and the protection of consumers. For more than a year, BCREA has
urged the BC Government, Superintendent of Real Estate and Real Estate
Council of BC to carefully examine the IAG recommendation to eliminate
limited dual agency. The vast majority of BC's more than 22,000
licensees are diligent, ethical and trustworthy, and so BCREA has
recommended that limited dual agency should be allowed through the
express consent of consumers.
"We know consumers value the right to choose their own
representatives," said Mr. Laing. "Over the next few days, BCREA will
examine the draft rule changes carefully and consult with the 11 real
estate boards to determine our next steps."
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Quick facts:
In response to a July 2017 survey:
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67% of BC real estate consumers said it's very important or
somewhat important that they be able to work with the REALTOR® of their
choice,
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More than four-in-five BC homeowners (84%) used the services of a REALTOR® for their last property transaction.
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88% of BC homeowners who worked with a REALTOR® say they are very or somewhat satisfied with their services.
BCREA
is the professional association for over 22,000 REALTORS® in BC,
focusing on provincial issues that impact real estate. Working with the
province's real estate boards,
BCREA provides continuing professional education, advocacy, economic
research and standard forms to help REALTORS® provide value for their
clients.
To demonstrate the profession's commitment to improving Quality of Life
in BC communities, BCREA supports policies that help ensure economic
vitality, provide housing opportunities, preserve the environment,
protect property owners and build better communities with good schools
and safe neighbourhoods.
For more information, please contact:
Damian Stathonikos
Director of Communications and Public Affairs |
