JUNE 15 IS A BIG DAY FOR THE REAL ESTATE INDUSTRY IN BC!
June 15th is a very important date for Realtors and you if you are planning on doing Real Estate. After that date Realtors will no longer be able to offer Limited Dual Agency. Now that may not mean much to you but it does really impact how Realtors will be able to assist customers and clients in Real Estate. Like it or not it is here and will affect you. Up until now (June 15) you’ve been able to approach the listing agent and ask for information about the listing and arrange a showing and if interested deal directly with the listing agent and make an offer. The Realtor would then offer Limited Dual Agency to both Buyer and Seller and act impartially to both parties and hopefully be a facilitator to a sale.
How to Strike a Deal
It has been extremely practical in many respects to strike a deal in this fashion. Unfortunately some (a very few) Realtors in a few high profile transactions in Vancouver did not act in anyone’s interests but their own so a largely political response has now eliminated Dual Agency and we are all to suffer the consequences. I say suffer because while on the surface it seems that the consumer should be better protected with having independent representation, there are a myriad of situations or circumstances where the Dual Agency served the interests of both Buyer and Seller the best. So how do we move forward after June 15th? In practical terms a Buyer should seek out a Buyer Agent who specializes in working with Buyers. If a Buyer independently approaches a Listing Agent about a house they have listed or advertised they will be told that they should seek out their own Agent for representation and/or referred to one. After a long discussion about the pitfalls of not having independent representation the Listing Agent may offer to assist you with No Agency. Imagine going to a new housing project where the Listing Agent gives you an information package but then says he or she only represents the Seller.
The Ideal Way
The ideal way to buy a house will Be to find an agent you like and trust to help you buy a house or property. That agent will get to know you and your situation better than anyone and will work hard to get you the best deal possible with no divided loyalties. The termination of Dual Agency will require more communication and understanding as well as education which should have been here by now for Realtors and consumers alike. The middle of June is less than 2 months away! Sorry for my rant.
Alternatively, if your situation, particularly as a seller, warrants having a highly skilled Realtor in the mix to match Buyer and Seller together unencumbered by the new Rules call me ASAP. We’ve got 2 months and the market right now is incredibly under supplied and as hot as I’ve ever seen! Feel free to call me to chat if you have any question on any of this or want to discuss your Real Estate. Read more at https://globalnews.ca/news/3863585/bc-real-estate-dual-agency/