- Joined
- Oct 22, 2007
- Messages
- 1,188
I hear a lot of moaning and groaning about realtor commissions and the MLS monopoly, so I would like to point out some facts – as I see them in this three part posting series.
The Competition Bureau claims the MLS system has to open up further and the emotional claims about a realtor monopoly and unrealistic commissions are heard everywhere. So I want first to address the MLS system.
The MLS system started about 54 years ago and was brought onto the internet some 10 years ago and is in part available to the public. The creation of the MLS software and database did cost millions that were paid for by the membership of CREA (Canadian Real Estate Association) of which close to a hundred thousand realtors are members. Not all realtors are members but most who sell residential real estate are. The success of MLS as a marketing tool is undeniable and consequently a large percentage of people think that they should have access to it as well. It is their right they claim. Really??
You can market your properties outside MLS, there is Craig`s list, Kijiji and just plain personal websites. Many REIN members sell without realtors or they only use realtors part of the time. Tony Peters finds renters-to-own via an extensive marketing campaign. Mark Loefler uses the find-tenant-first strategy; only once he qualifies his tenants he contacts a realtor (to save time and money) to help the tenant select the RTO property. But when he sells to his tenant there is no realtor.
Anybody heard of Ron Le Grand? Yellow letters? Excuse me, that is buying and selling without a realtor. And guess what? How many learned the hard way that yellow notes cost a lot of money and sweat and even... police calls. How many REIN members placed classifieds or send around newsletters to sell their properties? Is that for free?
The Competition Bureau claims the MLS system has to open up further and the emotional claims about a realtor monopoly and unrealistic commissions are heard everywhere. So I want first to address the MLS system.
The MLS system started about 54 years ago and was brought onto the internet some 10 years ago and is in part available to the public. The creation of the MLS software and database did cost millions that were paid for by the membership of CREA (Canadian Real Estate Association) of which close to a hundred thousand realtors are members. Not all realtors are members but most who sell residential real estate are. The success of MLS as a marketing tool is undeniable and consequently a large percentage of people think that they should have access to it as well. It is their right they claim. Really??
You can market your properties outside MLS, there is Craig`s list, Kijiji and just plain personal websites. Many REIN members sell without realtors or they only use realtors part of the time. Tony Peters finds renters-to-own via an extensive marketing campaign. Mark Loefler uses the find-tenant-first strategy; only once he qualifies his tenants he contacts a realtor (to save time and money) to help the tenant select the RTO property. But when he sells to his tenant there is no realtor.
Anybody heard of Ron Le Grand? Yellow letters? Excuse me, that is buying and selling without a realtor. And guess what? How many learned the hard way that yellow notes cost a lot of money and sweat and even... police calls. How many REIN members placed classifieds or send around newsletters to sell their properties? Is that for free?