Real Estate in Markham, Unionville, Stouffville or anywhere else in Ontario is confusing to consumers and CREA's recent changes in response to the Competition Bureau is only one of things that's wrong. Here's the list of reasons (in my opinion) of what's wrong in real estate today:
Top Ten Reasons why Real Estate in Canada could be better:
10. Too Many Agents
9. Industry is not well regulated.
8. Consumers believe 'commission' is the biggest issue in Real Estate.
7. The Real Estate industry has not educated consumers well enough to help them make an informed decision in their real estate transaction.
6. Myths, about how to buy and sell real estate are rampant. i.e. biggest buyer myth, 'deal directly with the listing agent' rather than have your own representation.
5. Many consumers and even some realtors, believe in the 'old school' tried and true approaches to buying and selling homes. Real Estate has changed dramatically in the last five years. If, you're selling your home and using the same marketing techniques and strategy in the sale of your home (an agent who has not kept up with current marketing trends) you may as well say good bye to at least $10,000. and possibly as much as $100,000. in the sale of your home.
4. Consumers need to ask the right questions, in order to find the right realtor. What's important are the skills the realtor brings to the table. i.e. Pricing your home is important; but, equally or more important is attracting a large number of buyers to your home. How this is done has everything to do with the skill your realtor has in marketing your home. i.e. Is Your Home Fit to Sell?
3. Consumers fail to recognize that selling a home at a higher price is more important and will put more money in their pocket than paying a lower commission rate.
2. Consumers tend to have a herd mentality. They flock like sheep, whether it's to the 'realtor' who sells many homes, or to the realtor who has the lowest commission rate, without evaluating what's important in the sale of their home.
1. The Trump Mentality - more consumers should have it. In his book, Trump Style Negotiation, George Ross, suggests that Real Estate tycoon Donald Trump and his skilled team of negotiators, lead by George Ross, believe that the expertise of the Real Estate Sales Representative or Broker, should be well compensated because in the end, they are looking out for your best interests.
Getting rich in real estate has more to do with having the right people looking out for you, who can advise you (good/bad investment) than trying to pinch pennies by avoiding real estate fees.