Risk Management Issues ~ Non-Disclosure and Miscommunication
As many of you know, I have offered to let my name stand as a candidate for election as a Director of the Real Estate Council of Ontario for a three year term commencing in June 2013.
Let's look at an issue which I believe is topical for the 2013 election?
There are several matters that arise in terms of risks. Here are the top 2 causes of loss according RECO arising in both urban and rural areas:
Since these matters are fairly basic, I would suggest that RECO emphasize and address these matters through both education and enforcement.
I would support further education in the Pre-Registration Courses, Articling Courses and the Continuing Education Courses dealing with the issues giving rise to the greatest number of claims. Ultimately, it will save on insurance payments and that is a saving to the membership.
Enforcement is another tool available to RECO to manage risks. The problem here is often "too little.... too late". The concept of enforcement must be used not only for correctional purposes in respect to the offending registrant, but the penalty should be communicated such that it acts as a deterrent to other registrants.
Here's the political promise: if I am elected I will support increased education and increased enforcement as effective tools to manage the risks that predictably materialize in the practice of real estate.
The effect in my view will be "increased professionalism" on the part of all registrants through improved education and enforcement.
Brian Madigan LL.B., Broker is a candidate for election to the Real Estate Council of Ontario Board of Directors, Region 1, election 2013, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.