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Rule Changes, What They Mean for You

by Kirat Chung on July 3, 2018
Rule Changes, What They Mean for You

The way we do things have changed- for the better! New rules are in place to protect you – the consumer! Our British Columbia Real Estate Council has put new rules in place t ensure that you are protected and represented in real estate transactions.

In the past, prior to the rule change, realtors were allowed to represent both the buyer and the seller in a real estate transaction, as a client or customer. This is referred to as a dual agency relationship or “double-ending”. This would be under the circumstances where there was no existing special relationship between the agent and either of those parties. Although this was allowed, it’s a practice that many ethical realtors – including myself – avoided.

The reason why many realtors avoid dual agency is because it is very difficult to look out for both clients’ best interests when you know personal information and confidential information such as their negotiating positions and motives. There’s a lot of room for error and at the end of the day it is just better for everyone to have their own realtor to represent them to avoid any conflict.

The new rules however do not allow this. The new rules allow realtors to only represent either the buyer or the seller. I love that these new rules are in place and that a change is being made. It is in the public’s best interest and it forces you to seek representation. Being represented in a real estate transaction is important and poses a lot of value. Realtors exist to look out for you and protect you in what might be the biggest transaction you are going to make in your entire life.

If you are in the market for a new home, here’s what you need to know.

If you don’t have a realtor – find one! Make sure you are represented.

If you do have a realtor, make sure they attend open houses and showings with you.

If you have a realtor but they can’t accompany you, you can still ask questions about the home but do not share any personal information about yourself, your intentions to buy or reveal your motives to buy and what you’re looking for.

If you’re curious about how being a realtor provides value to you and what exactly realtors do check out my “why do I need a realtor” blog.