The Real Estate Audit for Sales Professionals
There are all kinds of audits. Usually, taxation by the Canada Revenue Agency (CRA) or Brokerage compliance by the Real Estate Council of Ontario (RECO).
This type of audit is somewhat different.
It is an audit of the actual sales professional in terms of legal compliance, and professional standards.
This means compliance with legislation, the Act and the Code, common law agency and contracts, tax laws and other legislation that might be relevant. It also means compliance with CREA, OREA and local board regulations.
The sales professional could make available all of their transactions, some of them or simply one or two by way of sample.
The result undertaken following the review by the Real Estate Auditor will only be as good as the terms of reference provided.
Essentially, the sales professional is asking a simple question: “how am I doing?”
The review should be undertaken by someone experienced in the field, perhaps a Broker of Record, or someone who can reasonably serve as a mentor in some capacity.
The purpose is educational, and to effect change. It is a report card that the sales agent keeps to themselves.
So, sales agents often employ coaches, this is very much the same, but this time it relates to “professionalism associated with the practice of trading in real estate”. After all, that’s the business!
Brian Madigan LL.B., Broker