Realtors and the regulations they follow protect homebuyers
The May 12 opinion article in The Vancouver Sun, “Regulations need to protect consumers, not real estate agents,” demonstrated the intense competition that exists within the real estate profession. The author set out to distinguish his company from his competition.
Every day, thousands of realtors and hundreds of real estate companies in the region do the same, competing for your business. They offer a diverse selection of online and in-person products and services at different costs to help you in your next real estate transaction.
What the opinion piece failed to recognize is that having professional representation from a realtor is a fundamentally important step to help ensure that you are informed and protected throughout your homebuying or selling journey. In its public resources, B.C.'S real estate regulator, the B.C. Financial Services Authority, points out the risks involved in being unrepresented in a real estate transaction.
Like in the legal or accounting professions, professional representation is available at every step of the real estate transaction. How much or little representation you require depends on your knowledge of real estate, the amount of time you are prepared to dedicate to the process, and your risk appetite, keeping in mind that realtors are insured to help protect you.
The cost you pay for these services is between you and your realtor. Whatever the amount, your realtor will communicate it to you in writing in a disclosure of remuneration form. This is a required document within the extensive regulatory framework that realtors follow today.
When you work with a realtor, each stage of the transaction occurs in front of a well-regulated backdrop created over many years to protect the public.
Above anything else, your realtor is there to protect your interests at all times. That is their legal and professional responsibility.
What services and expertise you need, who you work with, and what costs you pay is a choice for you to make.
Jeff King, CEO, Real Estate Board of Greater Vancouver