Professionalism in Real Estate
Professionalism in the real estate industry underlies the integrity of the system.
This issue becomes topical due to the elections for board members to serve RECO in 2013. In fact, due to its importance, it should always be an issue.
It is the role of the regulator, the Real Estate Council of Ontario (RECO) to ensure that the consumer is protected. That must be the primary objective.
RECO requires a strategy in order to achieve its objective. It must utilize various means at its disposal to ensure the integrity of the system.
Among the tools which RECO can use are:
· Code of Ethics
· Education requirements
· Continuing Education requirements
· Registration requirements
· Provisional and Permanent registration
· Specialization certification
· Limitation on activities
· Mandatory supervision
· Insurance assessments
· Compliance enforcement
While all of the above are possible, they are not all utilized by RECO at the present time.
What do you think? Should RECO increase its involvement in the regulation of the industry? Would this increase professionalism? Would this result in greater consumer protection?
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.