In my 33 years of working in this business community, these are the most exciting times I have ever seen. We are on the verge of so much change, so many new concepts and such potential for everyone in the industry that I wonder if we will recognize this business in five years.
Just look around. Every facet of this business is bursting with demand for new ways of doing things. We are on the verge of an explosion of change everywhere.
This issue of REM includes an article that follows the ongoing developments in Quebec that may see the entire province move away from national organized real estate as we know it.
REM is also following the Competition Bureau hearings due to begin this fall. Some are suggesting that when the smoke clears from these hearings there will be dramatic changes to the MLS system as we know it. Some say that the MLS system may return to its roots, with its information available only to members of the respective local boards. Still others say that there will be great compromises in the future and a national sharing of information with the general public is in store.
Long ago I understood the foolishness of speculating the future but with that said, it seems glaring to me that no matter how things develop, more regulation is around the corner for all facets of real estate. A lot more regulation.
Real estate sales, management, laws, information, rules, licensing, governance and all the rest of it could change so much that we will look back on today and think of it as the wild west of real estate operations, when everybody was doing things by the seat of their pants with no licensing.
Let’s begin with property managers. While the Real Estate Institute of Canada is doing an admirable job of teaching courses related to property management and providing a certificate to those who take their courses, there is no license required to be a property manager. This very issue is being debated on the floor of provincial legislatures right now. There are demands that property managers be licensed because of the huge number of condominium developments and rental properties with management that does not currently answer to government licensing. Some suggest that without licensing there may be opportunity for corruption and poorly trained individuals taking roles of great responsibility.
We can move on to an argument I have been hearing for decades about licensing for home inspectors. While this has been pioneered in British Columbia, it is not in place elsewhere and in fact the current organizations for home inspectors have a history of disagreement. A common national standard and government licensing across the country seems to always be on the verge of happening.
The time for national standards and licensing across Canada may be at hand for appraisers as well. Much work has been done here at the provincial levels already. Is it time to formalize uniform licensing across the country?
The list goes on and includes a host of service providers from lawyers specializing in real estate to home stagers and movers. Everyone seems to be working toward a more formal posture to these professions and much of that seems to include licensing. It occurs to me that it all comes down to professional ancillary services that revolve around the real estate broker or sales rep.
That could mean that in the future, brokers and sales reps could see a dramatic change in licensing as well. It might get a lot harder to obtain a real estate license in the years ahead. Longer courses, a wider range of courses, apprenticeships, articling, university degrees, who knows?
It stands to reason that anyone directing a number of licensed ancillary service professionals, all related to the growing complexities of property transactions, should be a high standard professional themselves with a respected degree of education and experience.
Some look at the future of real estate and see all these FSBOs. Some see a free for all in fraudulent real estate transactions going completely out of control. Some see a plethora of self-appointed experts wasting everyone’s time and money. Even today we hear self-righteous demands from folks wanting free access to valuable accurate information gathered by real estate professionals.
I have heard other suggestions as well. One of the most consistent is that in the future it may become law that all real estate transactions must be conducted by a licensed real estate professional only.
Some might think that such a thing is outrageous. Others suggest the alternative is chaos. Whose side are you on?
Heino Molls is publisher of REM. Email [email protected]
