Real Estate

Realtor agent sketchy bid situation?

  • Last Updated:
  • Jan 28th, 2022 1:09 pm
Deal Fanatic
Jul 3, 2011
6517 posts
3788 upvotes
Thornhill
otaknap wrote: What law forbids an agent to do so when there are competing offers? Is this real estate law or some other type of law? If real estate law, why can't they change the law to allow for more transparency?
This one!
Competing offers
26. (1) If a brokerage that has a seller as a client receives a competing written offer, the brokerage shall disclose the number of competing written offers to every person who is making one of the competing offers, but shall not disclose the substance of the competing offers. O. Reg. 580/05, s. 26 (1).

(2) Subsection (1) applies, with necessary modifications, to a brokerage that has a seller as a customer, if the brokerage and the seller have an agreement that provides for the brokerage to receive written offers to buy. O. Reg. 580/05, s. 26 (2).
https://www.ontario.ca/laws/regulation/050580
The rest of your post, as a result, is moot! If you have a problem with it, the province has for the last 7 years annually put out papers on the law for public consultaion. You can still submit your opinion today and at any timeas to what you think is wrong and what needs to be changed. Moaning about it or their compensation or whatever isnt going to changeanything. I think you're overpiad for whatever you do, your boss probably does too, but I have a choice - don't use yours service you or your employer provides. And your boss also had a choice to hire you or not and has a choice to pay you more or not.

The government does not and cannot regulate the compensation of any person it does not either control via a contract or by employment.

And if you don't like the cost of the system used by Realtors, don't use it! Just like Google, no one is forcing you use it over Bing or buy an iOS phone over Android OS and you're free to create your own just as Realtors 5 decades ago created this one.
Deal Addict
Feb 26, 2016
1465 posts
468 upvotes
Vaughan
licenced wrote: This one!

The rest of your post, as a result, is moot! If you have a problem with it, the province has for the last 7 years annually put out papers on the law for public consultaion. You can still submit your opinion today and at any timeas to what you think is wrong and what needs to be changed. Moaning about it or their compensation or whatever isnt going to changeanything. I think you're overpiad for whatever you do, your boss probably does too, but I have a choice - don't use yours service you or your employer provides. And your boss also had a choice to hire you or not and has a choice to pay you more or not.

The government does not and cannot regulate the compensation of any person it does not either control via a contract or by employment.

And if you don't like the cost of the system used by Realtors, don't use it! Just like Google, no one is forcing you use it over Bing or buy an iOS phone over Android OS and you're free to create your own just as Realtors 5 decades ago created this one.
I clearly touched a sensitive nerve, haha... Either way, thanks for sharing the above as I was not aware of these laws. This is part of the benefit of redflags - to get a bit more educated.

To me, comparing services were there are multiple options is very different than the real estate industry which is virtually monopolized but hey, I see your point! Again, I was not trying to make it personal. I was merely challenging why there isn't more transparency which is normally preached by most other professions. But I see, you've made it personal by claiming that you think I'm overpaid when you don't even know what I do. I was just merely expressing what most people (who aren't realtors) feel but hey, maybe I'm the only one that thinks they are overpaid.

And OP, apologies for getting side tracked on your thread where I know you were probably just looking for some support on your situation.
Deal Fanatic
Jul 3, 2011
6517 posts
3788 upvotes
Thornhill
Yes, you touched a sensitive nerve not because I am an agent but because it is trying to see people argue against somehing that they don't know about and promoting it as though it is factual.

In any case, you're welcome.
otaknap wrote: I clearly touched a sensitive nerve, haha... Either way, thanks for sharing the above as I was not aware of these laws. This is part of the benefit of redflags - to get a bit more educated.

To me, comparing services were there are multiple options is very different than the real estate industry which is virtually monopolized but hey, I see your point! Again, I was not trying to make it personal. I was merely challenging why there isn't more transparency which is normally preached by most other professions. But I see, you've made it personal by claiming that you think I'm overpaid when you don't even know what I do. I was just merely expressing what most people (who aren't realtors) feel but hey, maybe I'm the only one that thinks they are overpaid.

And OP, apologies for getting side tracked on your thread where I know you were probably just looking for some support on your situation.
Deal Addict
User avatar
Mar 14, 2006
4404 posts
809 upvotes
Did the listing agent disclose to you/your agent that they have offers from their own office (brokerage)? If not, that's something you can definitely complain to RECO.
Newbie
Jan 19, 2021
27 posts
17 upvotes
You don't need a real estate agent to sell property, most of whom are nothing but slipshod anyway. As they say, if you lie down with the dogs, you will get up with fleas.
[OP]
Member
Jul 25, 2010
473 posts
177 upvotes
Vindicated, a little bit... Complaint process done.

All they get is a warning and have to take a course, mark on the file. They walk away with an extra 30k in commission. Just the cost of doing business for sketchy realtors.

At least it's proof they did **** me.
Deal Addict
Jan 15, 2010
1513 posts
1868 upvotes
Toronto
Too bad there is no legal recourse.
Deal Addict
User avatar
Feb 12, 2006
1082 posts
814 upvotes
wjch wrote: Vindicated, a little bit... Complaint process done.

All they get is a warning and have to take a course, mark on the file. They walk away with an extra 30k in commission. Just the cost of doing business for sketchy realtors.

At least it's proof they did **** me.
scum bags gonna scum bag.... real estate agents need to go bye bye!!

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