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Selecting a REALTOR®

First of all, what is a REALTOR® and how do they work?

Real Estate Brokers and Sales persons are licensed and regulated in Ontario by the Real Estate Council of Ontario and maintain their license and a level of professionalism through mandatory continuing education. Brokers and Sales people have the option to join Organized Real Estate Associations. In order to have access to an MLS® service, being a member of an organized real estate association is essential.  Local Boards and associations operate and maintain MLS® systems.

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A REALTOR®, by definition, is a member of Organized Real Estate and is guided by a code of ethics and standard of business practice implemented by the Associations.  These codes and standards are  designed to protect the consumer and maintain a standard of conduct in the profession.

It is up to the individual Broker or Salesperson to seek out how they want to run their business, what Brokerage they want to work for (i.e. Keller Williams is a Brokerage), and how they maintain their professional development beyond the minimum requirements.


Real Estate is an industry paid on contingency... commission.  If the Broker/Salesperson sell property, they get paid. Brokers and Sales Representatives costs for running their business comes out of their pocket...not the Brokerages.  Therefore, Brokers/Sales persons run a high risk business.  High risk investment usually equates to a higher reward.  Hence the commission rates charged.   That's the nature of the contingency fee arrangement.   The industry has seen many changes recently, due to consumer demand and technology.   Industry business models are changing too to meet this demand. You will find several business models and a la carte offerings in the market place today.  

 

 


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