A whole new world!

A whole new world; A new fantastic point of view; No one to tell us no; Or where to go; Or say we're only dreaming

That's the chorus to the theme song for Aladdin and you're welcome for getting it stuck in your head all day. Actually, it's a pretty great song and the lyrics align perfectly with today's topic: The Real Estate Council of British Columbia's new rules, which effectively:

  • ban limited dual agency
  • improve understanding of agency and disclosure
  • increase transparency about commission.

Overall, the changes are very positive and aim to put consumers first, shifting real estate in BC from a sales-focused industry to a client-centered profession. The changes do handcuff agents though. Be prepared for some pretty awkward conversations at open houses, there are serious limitations on what we can and can not say, and council encourages you to zip your lip too.

It all boils down to the principles of agency. As a licensed real estate professional, I have four fundamental duties to my clients; 1. Undivided loyalty 2. Confidentiality 3. Managing conflicts of interests; and 4. Informed consent. My role is that of a trusted advisor with special expertise. I advise and inform, the client decides.

One thing that will never change - as an agent, I will always act in my client's best interests. That's no fairy tale!