BC Gov needs to slow or stop the Real Estate changes meant to start June 15, 2018
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Your right to choose who you work with is being taken away, and explained as a measure to protect you.
Realtors don't even know how this will roll out and it's less than 6 weeks away.
From our understanding of agency, there are opinions going around that may be the implications of these changes on March 15th, 2018. As of today, we still don’t know how to do our jobs when it happens.
If the opinions so far are on the mark, rural BC will be affected the most. In the cities there are lots of choices of Realtors to work with, in small towns this could lead to problems as Buyers scramble to find a Realtor that doesn't have agency with the Seller.
Agency survives a deal - If I've worked with you, we have agency.
If I helped you buy a house a couple years back and now you want to sell it, great, let's get it listed. Hopefully none of the Buyers I've been showing properties too want to write an offer, because what will happen then is that Buyer gets referred to another Realtor. Further to that, then I'll have to also refer the Seller to another Realtor, dual recusal, because I can't work for the Seller having worked with that buyer previously, despite the fact that they're writing their offer with another Realtor.
Agency survives a deal.
That Seller is now having to work with someone who likely doesn’t know the property, has no rapport or built trust with this new Realtor stepping in.
What if there are only 5 or 6 Realtors in town, or worse, 1 or 2? My Seller previously worked with a couple of the other Realtors in town, so those Realtors may not be able to represent a Buyer.
There are suggestions that we will have to refer our clients to out of town Realtors that don’t work in our area of service. This is unsettling for me and many other Realtors in rural BC.
Imagine having to get an out of town Realtor to write your offer: They haven’t been to the property, and can not comment to anything related to it. They don’t know the market in the area, can’t advise on price or terms so you’re competitive with your offer. They don’t know the local zoning bylaw, history, intricacies of stratas and developments. Disclosures of all kinds could be missed. They can’t even point to the sky on a cloudy day and tell you how the sun will track in summer over the property.
Would you as a Buyer feel like your best interests were being taken care of?
The Clark Gov's political posturing prior to the last election threw us Realtors under the bus in an attempt to placate the public outcry over the real estate market and affordability. We don't control the market, and we don't create more housing.
The media cooked up some terms, “shadow flipping” which is the completely legal practise of assigning a contract. The Clark Gov latched onto the media sentiment and ran with it. The public is being deceived. You will not be better protected in rural BC if Limited Dual Agency goes away.
If this change happens, BC will be the only Province in the country that doesn’t allow Limited Dual Agency. There is no precedent to follow, there’s no information being shared with us Realtors on how we’re meant to do our jobs in less than 6 weeks.
Just today I received a notification that someone from the Real Estate Council will be at the Vancouver Island Real Estate Board AGM on March 9th to explain, that does not leave us enough time to re-educate, new courses won’t be ready until at least May/June. We don’t know how we’re going to continue to provide the best service we can for the public.
Write your MLA and ask that they slow down the implementation of these HUGE changes. Find their contact info here: https://www.leg.bc.ca/Pages/BCLASS-Search-Community.aspx?PlaceFirstLetter=A&
There's nothing wrong with Limited Dual Agency, it can and is done well by many Realtors. Most of the "bad apples" we see being disciplined are from the lower mainland, yet these changes could have a bigger negative effect on rural BC.
No one HAS to sign a Limited Dual Agency form, you can say no and find another Realtor to represent you. At least you have a choice.
Please sign this petition asking the BC Government to slow down and rethink what they’re about to do.
UPDATE February 9th, 2018: They have decided to push off implementation of the new rules until June 15th, 2018. Petition title has been changed accordingly, we still need info and for these rules to be thought out more.
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