New Real Estate Rules Welcomed by BC Northern Real Estate Board
Prince George, B.C. The BC Northern Real Estate Board (BCNRED) is taking a positive approach to the news the Provincial Government is putting an end to self regulation in the real estate sector.
We are continuously working on our professionalism” says William Lacy, President of the BCNREB “So anything that comes down the pipe that enhances professionalism and enhances the services we can provide to our clients and the public, we’re all for it.”
The Province announced it will adopt all of the recommendations from an independent advisory committee which reviewed the real estate sector. Those recommendations include hefty fines for realtors who break the rules, and establishment of a Superintendent of Real Estate to oversee the sector. “We would like somebody to be designated to look after real estate” says Lacy, “It’s always good when you have a watchful eye” but adds there is a desire that the person put in that position has some understanding of the sector and the difficulties faced by agents on a day to day basis.
The recommendations also call for an end to the practice of a realtor acting on behalf of the seller, and the buyer. Right now, that dual role is allowed as long as the buyer and seller sign off on a disclosure document which says they are aware, and accept that practice. Abolishing that practice could be difficult for realtors in smaller communities says Lacy ” We are concerned that may not work well for our smaller communities where there is a limited number of agents.” Lacy says there are still lots of conversations that need to take place “We will have to sit down with the powers that be and work out the details to ensure that we can still provide that service for our communities in the North.”
The BC Real Estate Association says it too looks forward to working with the Superintendent of Real Estate “The vast majority of the 20,000 realtors in BC do the right thing and we welcome a dedicated Superintendent of Real Estate to improve consumer protection in real estate transactions,” says BCREA President Deanna Horn. “Our livelihoods depend on our reputations and I know that almost every realtor in the province will be happy to see stronger penalties and enforcement for rule-breakers.”