Starting tomorrow, new rules will be put in place that will change the dynamics between a realtor and their client.
One of the changes is a ban on limited dual agency where a realtor can no longer represent more than one party in a real estate transaction.
This occurred in situations where there was more than one interested buyer, a buyer, and a seller or a landlord and a tenant.
Doucette Realty Mortgage Broker, Bob Quinlan is happy with the announcement and explains what this means going forward.
“In our discussions around our office and the industry, this will ultimately clean up the people who are taking the shortcuts and now the Real Estate Council of BC will check up on different situations and will be auditing offices to make sure they have done the right things at the right times.”
Quinlan adds while this hasn’t been an issue during the 27 years he’s been involved in the real estate game, it will be good to take out all the shortcuts and allow everyone to make an informed decision.
“We haven’t had any complaints that I can think of in the time I have watched real estate grow and change but we do have some people whether it be the agent or the client are focused on getting the deal done and forget to take a step back.”
“I was never a believer in the limited dual agency, I think this is the best way to go and I think the government has come around and listened to us especially up in the north where we have difficulty due to having fewer agents covering a larger area.”
Consumers can also expect realtors to make more disclosures on the commission they receive.
This means everytime an offer or counteroffer is made to a seller, the realtor will be required to explain how much remuneration the brokerage will get.