Toronto real estate brokerage TheRedPin.com says it is “set to fix” a “centuries old business model… with a new program that significantly challenges industry norms by shifting 50 per cent of their sales commissions back to consumers.”
If a seller lists their home with TheRedPin.com and at the same time engages them to buy a new home, the brokerage will rebate its half of the listing commission upon successful closing of the new home.
“This isn’t going to make us popular with our colleagues, but our accountability is to our clients, not the industry,” says Tarik Gidamy, co-founder and broker of record.
“Based on consistently rising property prices, Toronto Realtors have essentially seen their incomes increase by a whopping average of 21.9 per cent over the past three years. In contrast, our survey shows that the majority of Canadians are adjusting to years-long wage freezes. It just doesn’t add up.”
