On this podcast, episode 155, Adrian and Ariel react to a recent mini-documentary that CBC News uploaded titled: Real estate agents caught breaking the law on hidden camera (Marketplace).
Some real estate salespeople are breaching the law by pushing unknowing purchasers away from low-commission houses, according to a CBC Marketplace investigation. Placing themselves in the shoes of homebuyers and sellers, Marketplace investigated whether real estate brokers are participating in anti-competitive behavior, and discovered that some agents are fooling the very buyers they are supposed to represent in order to boost their own profits.
The Canadian Real Estate Association (CREA) and the Real Estate Council of Ontario (RECO) declined to comment on the probe when approached by Marketplace. RECO, however, issued a notice concerning guiding to the roughly 93,000 real estate agents, brokers, and brokerages under its jurisdiction shortly after learning of the findings, stressing that such behaviour violates the code of ethics.
When a buyer signs into a representation agreement with a real estate agent in Ontario, the agent “must tell the buyer of properties that satisfy the buyer’s criteria without regard to the amount of remuneration, if any, to which the brokerage may be entitled,” according to the REBBA. It’s called steering when you don’t do so.
All of that and more on KT Confidential – Real Estate Podcast.
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Episode Breakdown:
00:00 – Intro
5:43 – CBC: Steering Buyers
12:21 – Your house does not look nice
14:12 – Contracts and Compensation
19:51 – Difficulty working with private sellers
24:25 – Realtors negotiating decent commissions
25:39 – Every industry has its pros and cons
28:11 – Missing Variables
30:36 – Negotiating products/services
33:15 – Commission + Bonuses
37:57 – Buyer / Rental Agreement
43:52 Proper protection
48:15 Money and Value
50:09 – Outro
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
