All I keep reading about is letting the public onto MLS and now there are new brokerage companies being formed and some lawyers that will let you list for free or just pennies. While some consumers may think this is Shangri la, there is a real downside for the whole economy!
Currently realtors are responsible and liable for the integrity of the data. Who will be responsible and who will take the time going forward? What do lenders – banks and all financial institutions rely on for making mortgage loans? Where do appraisers get their data for valuations, and for even things like divorces (that could affect up to 40% of us) where the matrimonial home is involved? Think about your line of credit – it is always secured and usually against real estate. Without accurate data no one including CMHC (our Government insurer) would be able to grant high ratio loans.
At the end of the day this country needs this information just to function. Someone has to do it. And someone has to pay for it. In the end it will be the consumer – either through more taxes with the Government adding another Land Transfer tax – the first two just go to General Revenues or we can leave Realtors to pay millions of dollars for the MLS system and maintain data integrity which is recovered through commissions. It seems obvious to me but I’m just a Realtor.