“There are far too many agents out there who don’t specialize, who do just two or three deals a year. Would you use a part-time lawyer or a part-time dentist? We need to raise the bar.” So says a high-profile executive of a prominent Toronto real estate firm, and I agree with him.
More than 1,000 real estate agents and brokers gathered Monday for a general meeting of the Toronto Real Estate Board (TREB).
They came to discuss the current market conditions and to brainstorm. The executive was one of several speakers, but his words hit home.
Last year in Canada, there were close to 100,000 realtors, up from 77,000 in 1987. This is simply way too many. And the majority of these newcomers are part-timers. Some time ago, TREB asked the province to restrict real estate licenses for part-timers. The move was struck down by those who believed the board’s request was unconstitutional and restricted labour rights.
I did not agree with those who opposed TREB’s suggestion then, and I do not agree now. This is because I believe the business of real estate is far too important to you to have it handled by a part-time agent.
Real estate agents today are responsible for a whole host of laws and regulations on your behalf. These include provincial and federal laws dealing with issues of privacy, disclosure of property conditions, agency representation, banking and money laundering, to name just a few.
Changes to these laws take place very quickly, and part-time agents simply do not have the training or the incentive to stay on top.
Would you willingly go under the knife with a part-time surgeon? Or hire a part-time lawyer to represent you if you were accused of murder? Of course not. Then you should be just as wary of hiring a part-time agent to handle your most valuable asset in today’s troubled market.
The time for part-time real estate is over. Your family and financial welfare are at stake.
Please tell us what you think.
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