To assess the impact of the new Rules and prepare for future changes coming from Council and BC’s Superintendent of Real Estate (OSRE), FVREB and REBGV have established a new Broker Advocacy Group.
The group, made up of sixteen Brokers from around the Lower Mainland (including members of FVREB’s Brokers’ Council) and senior staff from both boards, had their first meeting on June 27. The group aims to develop timely messages for Council and the OSRE and ensure there is a formal mechanism to deliver that information.
Brokers discussed how the new Rules – in place for almost two weeks – have most affected them and their REALTORS®. In answer to, what are you hearing that needs immediate attention from Council? Some of the top responses were:
- Need for more clarity on ‘implied agency’ – REALTORS® are afraid to speak to visitors at open houses; they don’t know if they can share general market knowledge with past or prospective clients without making them first sign a Disclosure, etc.
- Council needs to provide their own legal ‘hotline’ – After contacting Council for help, some representatives are being told to seek independent legal advice
- Council needs to do a public advertising campaign – Consumers don’t know about the changes/new form requirements and are taken aback
The intent is to share key feedback from this first advocacy meeting with BCREA in advance of their July 10 meeting with Council and July 12 meeting with the OSRE. If you or your licensees’ have a story or situation to report regarding challenges with the new Rules and would like us to send it to BCREA in advance of their meetings, please email, communications@fvreb.bc.ca.
Regarding potential future Rule changes, the Broker Advocacy Group is planning to meet again to discuss and develop specific recommendations for Council, OSRE and government. One will be with regards to Council’s make up. Council members are are appointed by the Lieutenant Governor and out of the 12 positions currently, only two are REALTORS®. Brokers will be advocating that 50 per cent of Council members be industry members, as recommended in the IAG Report.
Lastly, a warning to all Brokers to alert your representatives that there have been reports of “secret shoppers” – most likely reporters from the media – attending open houses in the Lower Mainland taking notes and in at least one case, attempting to record the conversations between consumers and the REALTOR® on duty. Council assures members that this is not them. Their aim is to educate and support licensees through these changes.
Council has asked boards to allow them to take the lead on all training and interpretation of the new Rules. One of their most helpful resources is Council’s Knowledge Base and Brokers are encouraged to direct their members there.