New Rules on how we sell and buy Real Estate in BC… coming soon!
These changes will take away a consumer’s choice of an agent that he or she has trusted, perhaps their whole lives. Where this is aimed at protecting the public, it has the ability to do more harm than good. Real Estate Boards and thousands of agents are asking for more time to adjust these guidelines so that they can be used in the correct way.
New rules for B.C. realtors are throwing a wrench in the rural market, says seasoned Trail agent Ron Allibone.
“The public has always had the choice of using the same realtor,” he said. “That has been taken away from them.”
As of March 15, dual agency, or limited dual agency will be prohibited.
What that means, is realtors can no longer represent both a buyer and a seller at the same time in any real estate deal.
“This is a huge change for both the realtor and the public,” Allibone said.
“It opened up a can of worms and yes, it will have an incredible impact on rural realtors like us.”
When new regulations kick in, long-term clients may have to be handed over to a realtor they have no relationship with, and this could happen in the middle of a transaction.
“There are circumstances where I may even have to back away from the party whose listing I have, if I have a relationship with the person wanting to buy it,” Allibone continued. “So in this situation, I can’t represent the buyer or the seller.”
The proposed changes stem from recommendations issued in a report to the Real Estate Council of BC in June 2016, which was prompted by allegations that some real estate agents were flipping homes multiple times before a deal closed, and driving up prices and commissions. This unscrupulous practice is known as “shadow flipping.”
To discuss how the New Rules may impact you, contact me here.