The Competition Bureau and CREA ratify an agreement.
In February 2010, after three years of failed negotiations, the Competition Bureau of Canada filed a complaint against the Canadian Real Estate Association (CREA).
The Commissioner of Competition determined that CREA's rules restrict the ability of consumers to choose the real estate services they want, forcing them to pay for services they do not need.
Selling a home is one of the largest financial transactions that most Canadians make in their lifetime," said Melanie Aitken, Commissioner of Competition. "
Consumers should be able to choose which services they want to buy in order to facilitate that transaction, including lower-cost options.
By October 2010 the Competition Bureau and CREA ratified an agreement.
What does this mean for you?
Home owners can now utilize a real estate agent for the sole purpose of posting their property on the Multiple Listing Service and the real estate website Realtor.ca. Home owners would then manage the rest of the sale on their own without assistance from a real estate agent.
This provides another great vehicle for home owners to sell their property without the burden of high commission fees. BC Island Homes is pleased to be able to offer this service to you through our broker affiliate.
BC Island Homes has some of the best rates on the internet today!
Homeowner rates - $499 for six month posting.
Not all MLS posting offers are created equal.
When you are researching which 'for sale by owner' company to advertise with and you want an MLS posting as well, make sure the company you are considering is a member of your local real estate board - either the Real Estate Board of Greater Vancouver (which covers Bowen Island, Gambier Island, Keats Island, and the Sunshine Coast), the Victoria Real Estate Board, or the Vancouver Island Real Estate Board.
Why does this matter? When you purchase an MLS posting, not only is your home advertised on the website Realtor.ca but all the realtors within your local real estate board area are notified about your home for sale. And you want all these people to know of your home for sale and working for you! If the company you are considering is not affiliated with your local real estate board you are throwing your money away. BC Island Homes is pleased to work with a real estate broker who is a member of all three real estate boards on the West Coast.
What is the difference between an MLS Listing and an MLS Posting?
An MLS Listing is a full service contract with a real estate agent. The agent markets (including signage, advertising, MLS , and Realtor.ca), negotiates, and sells your home in exchange for a commission (usually 7% on the first $100,000 and 3% on the balance of the selling price).
An MLS Posting is an advertisement only displayed on the Multiple Listing Service and Realtor.ca by the real estate agent for a fixed fee. The home owner is responsible for marketing, negotiating, and selling the home themselves.
The comments contained on this website are for information purposes only and do not constitute legal advice.