What happened in Real Estate?
Buying or selling since January 2024 is a new game – the rules have changed and to be successful in either, we need to know our long-held and once helpful perspective may cost us money.
In January 2024 the Ontario government dropped the new Trust in Real Estate Act (TRESA) – and how have always done real estate, our perspective and beliefs, can easily work against us if we don’t stop, and really think about how we perceive the industry. There are new laws, not just new data like market statistics. The new laws can protect you – if you incorporate them into your perspective, and if you don’t you may lose. Is it really true your perspective is protecting your own interests by doing as you always have? In a word, no.
Buyers Beware!
One of many examples of this new landscape is the impact on buyers. Being a buyer and casually shopping for homes as we have always done can easily work against you under the new legislation. Under the new law – you WANT to be retaining a professional, upfront – to not do so is causing many purchasers to experience regret. This is a big shift in perspective for most of us. Thera are too many stories with sad endings since January – don’t be one of them!
Exclusive Listings are a new beast!
Another example is Exclusive Listings – which, under the legislation has extreme marketing restrictions. In the ‘good old days’ if I had the perfect house for you I would get an Exclusive Listing, and bring you over – if I was right, we would write up an offer and BOOM! everyone was happy. Simple ad seemingly clean – but it has its issues you may not have considered without reading a ton of fine print. Today if I know that perfect house and it is not listed, and perhaps the owner was struggling with the idea of selling, or never thought about it – the process is reversed. The buyer wanting to be the one protected in the transaction, puts the agent under contract which protects all parties in differing ways, and when ready we write the offer and the Buyer’s Agent presents it to the seller. It’s all seemingly backwards and it’s a new perspective for success. We need to stop, consider an age old process differently and integrate what we can learn from how this law informs a new perspective.
Where Can I get and Overview?
You can get a brief overview from the pamphlet attached (which if you are in any discussion with any REALTOR® they would have already shared to protect you. (We are required to do so mostly at first contact.)
Being successful in a real estate transaction means being able to examine your own perspective on the process, and to be successful, we need to consider new perspectives to transact effectively and safely.
Stay in touch, stay informed, and we can navigate this new landscape together. After all, with 12 years under my belt as a Captain navigating some of the world’s finest mega yachts – I know a thing or two about navigating tricky waters!
