The Last Piece of Pie is For Me!
The writer is a Vancouver mortgage broker. He is an expert in bad credit mortgage applications. He is also pretty good with a skill saw.
Realtors have not only begun a war with the Competition Bureau of Canada but now they have begun a war amongst themselves.
A media campaign by ReMax has been initiated against part time realtors. In the past, realtors were mostly full time due to the rigors of the business and in some cases due to regulatory requirements.
Those requirements were loosened in the 90’s when is was difficult to maintain a living. No high on the hog commissions in those days, the majority of realtors needed another source of income.
The move by ReMax is in response to two challenges on the horizon. The recent move by the bond market has forced lenders to increase fixed mortgage rates. The interest rate move will continue into the future due to the rise of inflation. Secondly, the impact of the opening up of the MLS system will force realtors to modify their service offering.
Any modifications of the realtor service package will likely impact commissions. If the car market is any indication, over half of the vehicles sold are in the private market, the opening up of the MLS system will impact the available listings pretty dramatically.
Unfortunately, the recent market has caused consumers to lose sight of the value of a realtor on the sell side and buy side of a transaction. Negotiating a half million dollar sale and the major asset of your life time is difficult; throw in the emotion around the buy & sell and you have a recipe for big mistakes and law suits.
The real estate industry is about to become a lot more interesting.
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Tags: around-the-buy, business, competition, emotion, mortgage calc, Mortgage rates, opening, real estate, realtor, vancouver, Vehicles
