Real estate professionals often seek to weigh in on legislation that will affect their profession and operations. In Ontario, the Ontario Real Estate Association (OREA) is the group which represents real estate agents in the province. OREA is considering a campaign to urge the government to allow a transparent bidding process for home sales in order to improve the industry’s ethics and reputation.
This news comes from an OREA discussion paper which details the ongoing efforts of organizations toward higher standards. The goal of this is to improve Ontarians’ trust in real estate professionals. The current consumer concerns stem from unscrupulous practices during the recent period of competitive real estate activity in the province.
Those who advocate for transparency believe it would curb mistrust and protect consumers. The proposal suggests am auction-like system wherein all prospective buyers can know what other parties have offered. OREA acknowledged many challenges to implementing such a system, including the difficulty of getting sellers and all bidders to agree with such personal information being disclosed. OREA is also considering other proposals that may require less of a radical change, including a more user-friendly registry of Ontario realtors and requiring salespeople who work for developers and builders to be registered as realtors.
OREA’s discussion paper has identified major challenges in the trust level of consumers when dealing with real estate agents. Those who are victimized by unethical practices should reach out to an Ontario lawyer immediately for support. A lawyer can also help to protect buyers and sellers from legal disputes later on in the transactions.
Source: The Globe and Mail, “Ontario real estate agents seek increased transparency in home sales“, Jill Mahoney, Feb. 1, 2018