I’ve got an opinion on everything, and for certain the only ones that are right are the ones that don’t contradict the love of my life’s opinions. I’m sure that’s like most relationships.
There is a new video available that explains agency relationship in Alberta. I want unbiased opinions on this video so I won’t taint everybody with my perspective. Let it fly good or bad, I promise I’ll bite my lip and take whatever comes.
On October 1st, 2008 Agency as we know in Alberta will change and Transcational Brokerage (TB) will come into effect. For those who don’t care Designated Agency came into effect and became an option for brokerages in Alberta on March 1st of this year. To my knowledge no brokerages in Alberta have signed up for designated agency at this point. Maybe it’s an agency of the future or its already in the past. Others will have to decide this.
This video was created by the RECA (the Real Estate Council of Alberta) to inform the industry and the public about TB. So please have a look and let me know what you think honestly.
Would this help you as a consumer? Is it too long or too short? Whatever the feedback let er rip.
I’m over a minute in and so far it’s just fluff.
Is this thing meant for training new realtors? Feels like something you have to sit through during first day training.
The summaries from the old gray haired guy were probably enough to explain everything. Some animated graphs and charts would have probably been even better.
I can’t imagine many people sitting through the full 20 minutes for a basic summary of the relationships between agencies/brokerages.
I watched the lengthy video and am wondering who the target audience is.
If it’s the buyer/seller who is supposed to watch this, then the implicit message seems to be “trust your agent to guide you, if you find any of this confusing”. Especially the introduction of the concept of Designated Agency versus Transaction Brokerage could have been clearer. A viewer’s eyes were probably glazing over, at that point. Also, Reimbursement versus Compensation could have been a bit clearer. I intentionally did not watch the video a second time to recheck that section.
If, on the other hand, this is a training video for agents and brokers, it might be teaching nice “bedside manners”. But it would be lacking a segment about the potential legal trouble a brokerage or an agent can get themselves into if they don’t inform their clients appropriately, or if they guide a client into a direction they know the client does not fully understand.
For myself, the video left open questions regarding the Buyer Brokerage Agreement:
- Will I have to sign one with the listing agent before I can view a house and don’t bring my own agent with me? If so, what happens if the house he shows me does not meet my needs. Do I then need to use him to find my dream house, elsewhere?
Or do I need to sign one with my own agent before he/she can show me a house listed by another agent? That would mean I will have to drag him/her through my lengthy search for the perfect house.
Or do I need to sign a Buyer Brokerage Agreement only when I am about to make an offer, and only for that one offer?
I am sure the answer was in the video, but – as I said – I did not view it a second time so that I can base my feedback on “first impressions”.
Having a printed copy would probably help.
Transactional Brokerage is all about disclosure and helping real estate buyers and sellers stay clear of conflicts of interests that may exist on the agent’s side.
Apparently, some Mortgage Brokers don’t seem to worry about conflicts of interest at all!
Here is an excerpt from this week’s article by Sharon Essington in the Real Estate Weekly:
“If you have been waiting for your chance to get into the real estate investment market then opportunity could be knocking on your door as we speak, but don’t miss out on this great program! Contact a mortgage broker today to discuss your eligibility to qualify for this PHENOMENAL PRODUCT before it becomes a story of the past.”
YES, she is referring to the 40 year Zero down mortgage !!!!!
Talk about this “consultant” being greedy until the last moment before the October 15th deadline.
The article, which rather reads like an advertisement, is clearly targeting people who are not financially sound enough to invest in real estate at this time, since she emphasizes that “Borrowers could potentially even arrange for an interest-only payment……”
I’m not reading the other comments until I check out the video. I’ll also put on my “SEO and social media guy-hat” and see what’s cookin’.
Here goes:
- I just opened the window and the video is in some weird player I’ve never seen before. Really, use youtube, and submit it using tubemogul. People trust youtube.
- 19 minutes?!? Are you nuts? I’m sure they could have done up a 30-45 second version, a 3-5 minute version, and the full version for training industry people.
- It’s way, way too quiet, and there’s no sound for 20 seconds or so.
- Using role-playing is useless. People watching this are looking for hard answers and definitions, not people gabbing. There’s no ‘story’ in this story.
- This might be useful in a training session where people can’t run away, but no one is going to watch it through in it’s entirety.
I couldn’t even get through the whole thing. It made my head explode. RECA just wasted their money if they’re trying to inform consumers or anyone who isn’t chained to a chair with their eyelids taped open.