Comments on: Industry self-correction needed in the absence of a major sector overhaul https://realestatemagazine.ca/industry-self-correction-needed-in-the-absence-of-a-major-sector-overhaul/ Canada’s premier magazine for real estate professionals. Mon, 16 Sep 2024 17:20:48 +0000 hourly 1 https://wordpress.org/?v=6.6.2 By: David Davidson https://realestatemagazine.ca/industry-self-correction-needed-in-the-absence-of-a-major-sector-overhaul/#comment-20165 Mon, 16 Sep 2024 17:20:48 +0000 https://realestatemagazine.ca/?p=34285#comment-20165 Marty as retired real estate broker and a consumer do you think real estate fees are too high when compared with fees from other industries, such as legal or financial services, where pricing may be more transparent and straightforward and perceived as more equitable by consumers? For example, on a house selling for $500,000 the real estate fees could be as high as $25,000 to $30,000 based on the percentage real estate model (5-6%). So what might be a more equitable and transparent solution to pay Realtors today compared to the outdated percentage model?

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By: David Davidson https://realestatemagazine.ca/industry-self-correction-needed-in-the-absence-of-a-major-sector-overhaul/#comment-20164 Mon, 16 Sep 2024 17:18:53 +0000 https://realestatemagazine.ca/?p=34285#comment-20164 Marty as retired real estate broker and now a consumer do you think real estate fees are too high when compared with fees from other industries, such as legal or financial services, where pricing may be more transparent and straightforward and perceived as more equitable by consumers? For example, on a house selling for $500,000 the real estate fees could be as high as $25,000 to $30,000 based on the percentage real estate model (5-6%). So what might be a more equitable and transparent solution to pay Realtors today compared to the outdated percentage model?

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By: Brian Martindale https://realestatemagazine.ca/industry-self-correction-needed-in-the-absence-of-a-major-sector-overhaul/#comment-20161 Mon, 16 Sep 2024 02:11:37 +0000 https://realestatemagazine.ca/?p=34285#comment-20161 Greetings Marty and Trevor:

I’ve been retired for almost thirteen years. Marty, you may remember my numerous rants herein regarding the almost untethered-from-accountability reality real estate registrants/licensees enjoyed as too many of same preyed on unsuspecting first-time entrants—for starters—into the real estate market as buyers/sellers. Do I respect some real estate agents/brokerages? Yes. The key word in my self-directed answer is “some”. Do I respect virtually all medical doctors, dentists, teachers etc.? Yes. The key word in that self-directed answer is, of course, “all”. Why such a divergence in how I see things? Answer: The latter group has earned the right to be designated as highly regarded “professionals” due to extensive rigorous educational requirements and subsequent apprenticeship-type internships to be met and successfully served respectively by every candidate aspiring to those professions.

Many desire to become doctors, dentists or teachers as youths. I have never heard of any youngster desiring to become a real estate agent. Why the disparity? Answer: Perceived admiration, or not, for the “profession(s)”.

You guys have it right. Nothing has changed for the betterment of the so-called profession, and things will never change as long as the greed factor remains paramount in the minds of far too many who think, “Let’s give real estate a try! What the hell; eight weeks of courses and I’ll be a big-time Realtor vs many years before I might become a doctor, dentist or teacher/professor or some such other professional, and I can quickly make as much, if not more money, as those folks! That’s what the managers/brokerages all tell me. Where do I sign up?”

You guys know I’m right.

Good to see you’re still on the green side, Marty:-)

Brian Martindale

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