Does the Canadian Real Estate Association, which owns the trademark MLS, want to move toward an auto trader setup? This is a valid question, considering the ease in which they let the competition bureau get its way. The latest news regarding this a la carte form of real estate takes the cake. CREA has approached the competition Bureau with the issue of brokerages not allowing salespeople to market the a la carte menu. Why would an organization protecting its members bring up issues for the competition bureau to investigate? What a relief the competition bureau has lost interest in this subject, and stated that they will not interfere with brokerages at this point. Is TREB moving toward
With the a la carte menu of service, agency can be averted in almost all scenarios except a couple; one of which is negotiating an offer. Therefore, realtors can become consultants instead of agents as long as they do not negotiate an offer etc. Of course, I write hypothetically. No Agency, what will RECO do? Will they have to shut down shop. Think about it, we can consult on home sales and avert all those pesky RECO rules.
The question everyone in the real estate industry asks is what is really going on? Who is behind these sweeping changes that want to abolish agency. Are the banks behind this movement? With agency out of the way, the banks can be consultants. They would not need to set up brokerages. They would not need to get their real estate licenses. The Banks wiggled there way into the insurance industry. Is real estate next on their agenda?
Whoever is behind this, the one thing for sure is that CREA has changed the face of MLS and RECO has not stepped in to protect Agency. Perhaps CREA wants to transform the MLS into the way the auto trader operates. Individuals can post their homes on the MLS and negotiate directly with each other. It would save the Toronto Real Estate Board hundreds of thousands. They would not have to put up with realtor issues, offer courses, offer free coffee and muffins etc. The Toronto MLS can generate major money this way, and move away from the non-profit organization they are. Of course, I am writing figuratively again. But, something is definitely up. You may not agree with my scenario, but I bet you agree that something is going on. The proof is in the way CREA folded with the competition Bureau.
As far as the general Public is concerned I have one thing to say: Caveat Emptor potential Buyers. Just like buying a car, when you buy it, there are no guarantees or accountability from the seller. No Agency equals no accountability.