According to a recent report,
the Canadian Real Estate Association and the federal Competition Bureau have
reached an agreement that real estate agents helping homeowners find buyers for
houses listed on the Multiple Listing Service (MLS), will have to be paid for
their efforts. The CREA board ratified the agreement.
largest “for sale by owner”company Propertyguys.com, is posting custom
listings through an
broker and offering real estate agents a $1 finder fee. It is, at the same
time, encouraging customers to negotiate commissions with those who find them
buyers.
A broker can now get a flat fee from homeowners who want to
list their home on MLS. With the new agreement, sellers opting for flat fee
listings can also provide their contact information by adding a link on the
multiple service listing. The agreement also stipulates that the home sellers
must offer a fee to the real estate agent who finds them a buyer. MLS listings
can only be posted by licensed real estate brokers. The regulations for real
estate brokers are somewhat similar to those that apply to a mortgage broker.
Competition Commissioner Melanie Aitken hailed the
agreement, saying that it provides Canadians many service model options. She
added that Canadian homeowners will enjoy the freedom to opt for the services
of their choice from real estate agents while the agents can now offer
customers different services at prices that meet customer requirements. The
agreement also ensures that brokers posting MLS listings for a flat fee can
conduct business without any interference at least for the next ten years.
