Are You A Blindfolded Home Buyer?

she burns

Thanks to recent press coverage and social media campaigns, you’re probably well aware of the lack of competition in our communications industry, which is one of the most expensive in the world.

But you may not be aware of a recent revolution in another industry, despite the fact that changes in this industry have far more of an impact on your pocket than any cell phone bill.

I’m referring to the real estate industry, which is undergoing important changes that can affect the way you buy your home. Most of these changes are good for you—provided you know of them.

If you don’t, and if you insist on using a real estate agent, you risk signing away important rights. You also risk disclosing personal information and paying more money than you should.

When the time comes for you to buy your resale home, I want you to be able to make a well-informed decision, one that will let you keep more of your hard-earned dollars where they belong—in your pocket.

This is why I have blogged before about the exclusive representation agreements that real estate agents try to get homebuyers to sign. I have also blogged about the federal Competition Bureau when it opened up the MLS system to homesellers without them having to pay huge commission rates to real estate agents.

Today I’d like to direct your attention again to Ellen Roseman’s latest column for the Toronto Star. In it, Ms. Roseman answers to many FAQs about a homebuyer’s relationship with an agent.

For example: in terms of buying a resale MLS home, do you know the difference between being a “client” and being a “customer”? Do you know if you really have to sign exclusive contracts with a real estate agent?

In my experience, a lot of people don’t know the answers to these questions. And that’s just the way many real estate agents like it.

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