Tag Archives: Tim Syrianos

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Real Insight: TREB Working With Province to Ensure Greater Efficiency

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Real Insight: TREB Working With Province to Ensure Greater Efficiency

TREB is demonstrating its commitment to consumer protection and efficiency for real estate transactions in meetings with the Ministry of Government and Consumer Services. TREB has met multiple times with Ministry officials to provide input on their ongoing consultations regarding potential changes to the Real Estate and Business Brokers Act, 2002.

We are happy to work with the Province to ensure that the rules governing the real estate industry are modernized and adjusted to ensure consumer protection and an efficient marketplace for real estate professionals and the public. We also believe that consumers deserve to be treated with fairness, honesty, and integrity when purchasing a home, often the biggest financial decision in most people’s lives.

Phase One of the current provincial review is focusing on issues associated with multiple representation situations, consumer understanding of real estate transaction agreements, and penalties for unethical behaviour.

TREB supports, in principle, the proposal to move towards a mandatory designated representation model. This approach is consistent with numerous other Canadian jurisdictions, and we believe that it will allow for the efficient operation of the marketplace, while ensuring consumer protection.

Under Mandatory Designated Representation (MDR) that the government is proposing, where a circumstance arises that a buyer and seller are represented by the same real estate brokerage, the brokerage would be required to designate different representatives from that brokerage to represent each client. A salesperson/broker within a brokerage would be prohibited from representing both the buyer and the seller, or more than one buyer, in the same trade with limited exceptions such as a private arrangement between family members or there are a small number of registrants in areas serving a small market or community.

However, TREB is advocating that there should also be provisions (transactional representation) to allow for consumer choice in how and by whom they are represented when working with their brokerage and licensed representative. Transactional Representation will be an option when a representative is representing both a buyer and seller in the same potential transaction with their consent. Three options will be presented to the consumer: unrepresented; represented by another representative for that transaction; or Transactional Representation.

Transactional representation eliminates the ability for a representative to represent both clients by restricting the services they can offer to both a buyer and seller. If they consent, the representative becomes an impartial facilitator.

The vast majority of TREB Members are ethical and comply with the Real Estate and Business Brokers Act. There should be a review for consistency in enforcement and disclosure of fines and penalties. Any actions in this area should be evidence-based. With this in mind, we look forward to continuing to work with the Province on all aspects of this and other important issues such as raising educational standards and requirements.

Tim Syrianos is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him At TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

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h_oct2017_real_insight_fi

Real Insight: Changes To Act Will Benefit Consumers

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Real Insight: Changes To Act Will Benefit Consumers

TREB working alongside government to modernize Real Estate and Business Brokers Act

The Toronto Real Estate Board (TREB) is demonstrating its commitment to consumer protection and efficiency for real estate transactions in multiple meetings with the Ministry of Government and Consumer Services to provide input on potential changes to the Real Estate and Business Brokers Act, 2002.

We are happy to work with the province to ensure that the rules governing the real estate industry are modernized and adjusted to ensure consumer protection and an efficient marketplace for real estate professionals and the public. We also believe that consumers deserve to be treated with fairness, honesty and integrity when purchasing a home, often the biggest financial decision in most people’s lives.

Phase one of the current review is focusing on issues associated with multiple representation situations, consumer understanding of real estate transaction agreements and penalties for unethical behaviour.

TREB supports, in principle, the proposal to move towards a mandatory designated representation model. This approach is consistent with numerous other Canadian jurisdictions, and we believe that it will allow for the efficient operation of the marketplace while ensuring consumer protection.

The mandatory designated representation that the government is proposing, means that when a circumstance arises that a buyer and seller are represented by the same real estate brokerage, the brokerage would be required to designate different representatives from that brokerage to represent each client. A salesperson/ broker within a brokerage would be prohibited from representing both the buyer and the seller, or more than one buyer, in the same trade with limited exceptions such as a private arrangement between family members or if there are a small number of registrants in areas serving a small market or community.

However, TREB is advocating that there should also be provisions (transactional representation) to allow for consumer choice in how and by whom they are represented when working with their brokerage and licensed representative. Transactional representation will be an option when a representative is representing both a buyer and seller in the same potential transaction with their consent.

Three options will be presented to the consumer: unrepresented, represented by another representative for that transaction, or transactional representation.

Transactional representation eliminates the ability for a representative to represent both clients by restricting the services they can offer to both a buyer and seller. If they consent, the representative becomes an impartial facilitator.

The vast majority of TREB members are ethical and comply with the Real Estate and Business Brokers Act. There should be a review for consistency in enforcement and disclosure of fines and penalties. Any actions in this area should be evidence-based. With this in mind, we look forward to continuing to work with the province on all aspects of this and other important issues such as raising educational standards and requirements.

Tim Syrianos is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

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Condo Real Insight

Real Insight: Treb Working With Province To Ensure Greater Efficiency

Latest News


Real Insight: Treb Working With Province To Ensure Greater Efficiency

TREB is demonstrating its commitment to consumer protection and efficiency for real estate transactions in meetings with the Ministry of Government and Consumer Services.

TREB has met multiple times with Ministry officials to provide input on their ongoing consultations regarding potential changes to the Real Estate and Business Brokers Act, 2002.

We are happy to work with the Province to ensure that the rules governing the real estate industry are modernized and adjusted to ensure consumer protection and an efficient marketplace for real estate professionals and the public. We also believe that consumers deserve to be treated with fairness, honesty, and integrity when purchasing a home, often the biggest financial decision in most people’s lives.

Phase One of the current provincial review is focusing on issues associated with multiple representation situations, consumer understanding of real estate transaction agreements, and penalties for unethical behaviour.

TREB supports, in principle, the proposal to move towards a mandatory designated representation model. This approach is consistent with numerous other Canadian jurisdictions, and we believe that it will allow for the efficient operation of the marketplace, while ensuring consumer protection.

Under Mandatory Designated Representation (MDR) that the government is proposing, where a circumstance arises that a buyer and seller are represented by the same real estate brokerage, the brokerage would be required to designate different representatives from that brokerage to represent each client. A salesperson/broker within a brokerage would be prohibited from representing both the buyer and the seller, or more than one buyer, in the same trade with limited exceptions such as a private arrangement between family members or there are a small number of registrants in areas serving a small market or community.

However, TREB is advocating that there should also be provisions (transactional representation) to allow for consumer choice in how and by whom they are represented when working with their brokerage and licensed representative. Transactional Representation will be an option when a representative is representing both a buyer and seller in the same potential transaction with their consent. Three options will be presented to the consumer: unrepresented; represented by another representative for that transaction; or Transactional Representation.

Transactional representation eliminates the ability for a representative to represent both clients by restricting the services they can offer to both a buyer and seller. If they consent, the representative becomes an impartial facilitator.

The vast majority of TREB Members are ethical and comply with the Real Estate and Business Brokers Act. There should be a review for consistency in enforcement and disclosure of fines and penalties. Any actions in this area should be evidence-based. With this in mind, we look forward to continuing to work with the Province on all aspects of this and other important issues such as raising educational standards and requirements.

TIM SYRIANOS is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

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h_sep2017_real_insight_fi

Real Insight: Realtors Provide Expert Advice And Guidance

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Real Insight: Realtors Provide Expert Advice And Guidance

New TREB president looking forward to an exciting future for real estate in the GTA

I assumed my role as president of the Toronto Real Estate Board on July 1 and I am excited for the year ahead. I am also honoured to be working with, and representing such an esteemed group of professional TREB member realtors. We’re listening to our members who in turn serve the best interests of their clients.

TREB’s board of directors are an elected group of volunteers who represent over 48,000 Greater Toronto Area realtors. As an organization, we are collectively representing a strong voice for the profession and industry to the public and decision makers.

The board’s top priority for 2017/18 will be to continue to provide members with the tools and services they need to best serve their clients. TREB members have access to more than 100 tools and services, which involves providing members with leading technology, cutting-edge industry knowledge and quality professional development opportunities.

Simply put, the goal is to ensure that TREB members continue to be the expert resource, with access to the tools and services that give them the skills necessary to guide clients through one of the largest financial decisions they will ever make. This is key to providing clients with the confidence they need, whether you’re a buyer, seller, or renter.

If you have questions about the GTA housing market, talk to a Toronto Real Estate Board Professional member realtors.

TREB members possess the knowledge and skills that enable them to help buyers, sellers, and renters alike navigate the GTA marketplace with confidence.

Tim Syrianos is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

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