Buying a house especially for many young households is one of the biggest investments they will make in their lives and this process calls for a lot of financial spending. For many who find it difficult to go hunting for homes, they instead find a trustworthy real estate agent that can get the work done for them.
In Ontario, real estate agents play a very important role in the housing market as they serve as a link between buyers and sellers and also fast track the home buying process. Annually, Ontario agents make possible about 200,000 residential home dealings.
For real estate agents, their main goal is to foster a long-term bond with consumers in the housing market and naturally, they are very cheerful and positive individuals but this buoyant nature of agents is taking a turn as many of them are irritated by the fact that there are few agents that want to tarnish the image of Ontario housing agents and for them, this negative trend has to be stopped entirely.
To achieve this, the front runners in the real estate profession are doing all they can to maintain the existing standards of the profession. This suggestion was brought forward to the Premier Kathleen Wynne and she noted that the topic was one that should have being dealt with a long time.
This decision called for an alteration in the real estate profession that agents believe is quite necessary. Agents propose three major changes that should be made to make Ontario the best in the sub region.
Foremost, agents suggest that the city should make it a requirement that all agents acquire and maintain their real estate license. In the past, it was very much easier for people to get a real estate license but given the current market situation in Canada, real estate agents need to have standard license. Furthermore, the standards for obtaining a license should also be increased. The outdated education program provided by the industry regulator, the Real Estate Council of Ontario is far below the requirements of the profession.
Also, the profession needs to emphasize on its code of ethics which highlights all of the rules and duties of an agent and how they should relate with consumers. For agents that claim to be experts in commercial real estate condos, they should go in for longer license courses as this will increase on the confidence of consumers to know they are dealing with professional agents.
Lastly, Ontario needs to take strict measures on agents who violate the code of ethics of the profession. The present penalties against defaulters is quite lenient and so this should be increased to cut down on the rate at which agents are taking matters into their own hands. Also agents should also be made to fund consumers who lost money in finding homes. Ultimately, the real estate profession should all together remove agents who do not want to abide by the regulations entirely out of the housing market.
In the present housing market with the rising home prices, consumers need to be sure that they are putting their money to trustworthy professional real estate agents that will provide professional services.