- CREA is establishing a task force to explore options for Realtor.ca following its decision to turn the platform into a for-profit subsidiary, with the final proposal to be presented to partner boards and associations in October.
- The task force, made up of members from across the country, will conduct a comprehensive review of current operations as well as future funding and income opportunities.
- CREA has been meeting with boards and associations to explain the reasoning behind the initial vote and engage members in the process moving forward.
The Canadian Real Estate Association (CREA) will establish a member task force to explore options for Realtor.ca following its decision to transition the platform into a for-profit subsidiary, Real Estate Magazine has learned.
In a letter sent to board and association leadership this week, CREA said that the task force will be made up of members from across the country and will have a mandate to ensure that all opportunities are explored, and all perspectives are heard.
In an email, CREA spokesperson Pierre Leduc emphasized that the task force was “a standard first step to start this project.”
The final proposal will be presented to partner boards and associations for a vote at a special general meeting scheduled for October.
CREA’s decision to transition Realtor.ca into a for-profit subsidiary
In January, CREA’s board of directors voted in favour of transitioning Realtor.ca into a for-profit, standalone technology company.
The decision sparked concerns among some member boards and associations, including the Toronto Real Estate Board (TRREB), which wrote a letter to CREA Chair, Jill Oudill, asking for a plan to be brought forward to member boards for consultation, input and ultimately a vote.
Since then, CREA says it has been meeting with boards and associations across the country to explain the reasoning behind the initial vote and engage members in the process moving forward.
In a statement, TRREB President Paul Baron welcomes the establishment of the task force as “a good first step” and believes that the task force should conduct a comprehensive review of current operations, as well as future funding and income opportunities for Realtor.ca.
“Through this in-depth exploration, the task force should bring forward a comprehensive business plan developed over the coming months.”
Partner boards and associations will be involved
In a previous interview, Cliff Stevenson, immediate past chair of CREA, told REM that the association always intended to involve partner boards and associations in the conversation. “This was never going to be done without their involvement,” he said.
Stevenson also clarified that members would not have to start paying for visibility on Realtor.ca, adding, “…it’s consumer-centric; it has to be for them to want to come back and use it as the trusted site. But this is not to make additional money off the back members. Absolutely not.”
Ensuring Realtor.ca’s success
CREA said in its letter this week that it shares a lot of common ground with partner boards and associations, including exploring revenue streams that respect core principles, ensuring Realtor.ca’s sustainable long-term success and creating new revenue streams to fund the platform.
Baron added in his statement, “Engagement with member boards and associations will be a key component of the task force’s mandate to ensure all voices are heard and all opportunities are explored, and that the detailed plan presented to membership for a vote at a (special general meeting) in October is a path of consensus for the future.”
It always starts out being pitched with members not having to pay.
Income tax and gst was also pitched as temporary.
Who are the recipients of the profits here aside from the board of directors? It certainly won’t be the Realtors.
If it ain’t broke CREA wants to fix it…again!
What a farce!
Whose Association is CREA anyway? The Members or the Permanent Staff’s?
Whose Association is OREA anyway? esp its $tens of millions Reserve Funds?
Whose Board is our/your local Board anyway?
Perhaps it’s time the whole Three-Way Agreement hierarchy became private businesses (like TSX did) and we cast off the not-for-profit scaffolding.
Thanks CREA – I know your hand was forced AND thank you TRREB for forcing it.
Let’s all have a frank discussion about who and whose!
CREA should be optional not mandatory if it goes in this direction. OREA should spend some of the million it has on reserve for a province wide MLS system for realtors by realtor. Get rid of CREA, BrokerBay and perhaps local boards, although, I’m sure we could find something for local boards to do. Then we can start managing our selves for our selves. If you think these associations have our best interest at heart, think again. Our industry is in the worse state ever as these associations try to make them selves relevant. Membership into our industry should be guarded, not sold off to other “companies” like BrokerBay and then have to buy it back in services. It is nice to finally hear other starting to wake up.
Thank you for your input.
I need say no more. You have nailed it. Regards & Blessings! R
Please don’t privatize realtor.ca….I would be more than willing to pay more $$$ to have it more functional, and consumer friendly
How long until this new subsidiary is flipped to a third party?
I’m actually of a different thought. I think that Realtor.ca is about the ONLY thing CREA did well in the last 25 years or so.
Not sure how I feel about this move but I would lean towards:
1. Get a directory of paid third party vendors on there. Mortgage brokers , lawyers etc. To generate revenue
2. Integrate via API to some of the private companies which agents already use.. BrokerBay, FollowUpBoss, BrokerPocket etc
3. Make sure the tech realtor.ca provides is at least close to the customer experience provided by companies like housesigma.
Let’s just hope they don’t spin tires for too long.