Tom Wright
By Danny Kucharsky
The real estate profession has a bright future despite the fact consumers can find more information than ever about the housing market on their own, says Tom Wright, the outgoing president/CEO of the Real Estate Council of Ontario (RECO).
Wright is retiring at the end of June after almost 17 years at RECO, the last 12 as president/CEO.
Real estate agents will play an increasingly valuable role by helping clients navigate through the vast amount of information that is out there, he says. He says the real estate market is unique and “there will be the need for someone to assist in getting involved in that kind of transaction.”
He adds that real estate agents “are in many ways the last true entrepreneurs out there. They’ve got to be creative and they work so hard. Anyone who thinks they’re going to work 9 to 5 and be a success, it’s simply not the reality.”
Wright, who has been at RECO for almost its entire existence, says the organization has grown and changed substantially over the years and has increased consumer awareness, “which is not necessarily the case in every organization.”
Some of the changes along the way include developing a code of ethics, mandatory continuing education, mandatory errors and omissions insurance, consumer deposit protection and commission protection.
Such measures as a code of ethics and insurance create a foundation of trust about the industry and “provides the ability for consumers to feel they can work with a real estate professional and do so with confidence. Trust is the essential part of any professional relationship.”
The regulator’s role as a source of neutral real estate information provides comfort to consumers “because the consumer sees that RECO’s just there to provide information. We’re not selling anything. It makes a difference.”
Wright says after the new real estate act was introduced in 2006, RECO took the approach that “good consumer protection can be achieved through having knowledgeable practitioners.”
He notes that in recent years RECO has introduced a new online continuing education program while reducing the overall mandatory requirements. “People now have more choice in terms of what they feel they need in terms of continuing education. As a regulator we saw that as a significant step.”
Wright says miscommunication is at the heart of many complaints that RECO receives about agents.
But for the most part, he says the industry has made great strides in the way it is viewed by the public. For example, surveys find a substantial majority of people say they would use a real estate agent again. And he notes RECO is well perceived by agents as indicated by the last registrant satisfaction survey in fall 2013.
Wright denies a suggestion that some agents who have been the source of complaints might hold the view that RECO is out to get them. “We’re not in to play gotcha. We’ve got a job to do and we’re required to do it. Unless we do it properly, that trust factor is not going to be there.”
A recruitment process is underway to find a replacement for Wright, who plans to travel, read and spend more time at the cottage after he retires.
“My time at RECO has been an absolute pleasure,” he says, adding, “There’s a saying ‘the time to leave is when they don’t want you to.’ It was the right time for both myself and the organization.”
