Amid the negative reactions the provincial government received as a result of its new rules prohibiting a dual agency, one Kamloops realtor says it is an opportunity to bring more integrity and honesty to the industry.
“It basically means the public has a choice,” said Bobby Iio, the leader of the reputable Re/Max group Team 110. “It slows down the transaction in a way so that the client understands what’s actually happening in regards to terminology, roles, rules, and legal duties,” he explained.
Earlier this year on June 15, the Real Estate Council of B.C. implemented new rules that eliminated the dual agency, the practice in which an agent represents both a buyer and a seller. The new conflict-of-interest and dual-agency regulations were intended as transparency measures to help the public make more informed real estate financial decisions. However, realtors and representatives from the B.C. Real Estate Association voiced concern for the rules, as they represent barriers to industry’s established way of doing business. Iio agrees that there are fundamental flaws in the new regulations, as they were not designed by realtors, but maintains that steps towards transparency in the industry are always positive.
“Now that the public has a choice about representation, when they choose to be represented by an agent, there is expert advice involved in that and more grounds for protection,” Iio added, saying that governing and regulatory bodies, such as the Real Estate Services Act and the Real Estate Council of B.C., ensures agents are competent and knowledgeable.
“It should bring more integrity to the industry,” Iio said, speaking to popular surveys that rank real estate agents low on the integrity scale. “I don’t have that problem with my clients but the integrity of the industry is important to me so I hope the new changes will help the public see realtors in a much more favourable light.”