imboredsauce Break down their powers of old and chain them to the new. Currency shall bind them to sin and through sin, their fates will be in our hands!
yeah man always. i can't watch every episode anymore, too stressful! too much info about things you can do little about. I just check the Marketplace weekly emails(SIGN UP) and watch stuff that directly concerns me.
The fact it's even legal is a problem. I'm an auditor in the US and if we've worked for a company even 5 years before we wouldn't be allowed to assist in the audit, let alone lead one. If this was in my world, it'd be like letting me audit my own work for a company I'm a partner at.
@@andrewmcnicoll4268 It'll be a very long time before I'm able to afford a house here in the US, but what you're saying is that the double-ended deal thing doesn't exist in the US? Except for a few house buying shows, I don't know much :)
@@BewareTheLilyOfTheValley Idk about the US housing industry, but that's the regulations over the external auditing industry. In comparison, I'd be surprised if that's legal in the US.
I left real estate because it was so unethical, then I went into the medical field and found out it was even more unethical- and much more deadly. Come to USA and do investigations in the medical field.
Dee Dee I decided not to pursue med school for multiple reasons including hospital/pharm contracts. What are some of the unethical aspects you have seen?
U r so right n the medical one is deadly coz so many have lost their lives due to unethical practices. What do u investigate? Am a nurse, but right now am just disgusted with low quality care patients get, n it seems like the field has turned to who can cover up better! maybe I can come work for u? 😀,
In America both the seller and buyer have their own agent. The buyer's agent wants the house to sell low. The seller's agent wants it high for obvious reasons. Both agents get a percentage of the sale price. In Canada one agent can work for both the buyer and seller. That's a problem because he is always going to want it to sell high, that's not fair to the buyer. It can also be unfair to the buyer as well but that get a bit more confusing if you don't understand the house buying process. The whole reason I know is because I manage my parents real estate and buy and rent houses out. If there anything you don't understand let me know.
@@mitchellmaytorena1137 Or like in the case in the video, the agent will not tell the seller about the higher offer from another agent because they won't be getting that commission. So they only tell the seller about the offers from their own buyers.
Mitchell Maytorena In the USA the same firm can represent the buyer and seller, just use different agents in same firm. Still incentive to cheat to make your boss happy. That’s why when I found a house myself I made the offer thru the selling agent.
I already knew this lol. when I was a kid my Dad always told me, "Son when you ever want to buy any kind if property, find and talk to the owners first"
Ricky, I would not sell to someone that knocks on my door and then comes with an agent. I mean, if they’re offering to match my price right then and there I don’t mind, after all it’s business. But if you come into my house and talk to me and then bring an agent/broker to negotiate a lower price, there’s no deal. I generally don’t deal with the buyers, I don’t like when people go I like this house, it’s perfect, bla bla. And then try to negotiate. If you like, buy it. I don’t go to the grocery store and try to haggle the price of the tomatoes because they’re delicious, I buy them. That’s my two cents.
Double ending isn't a problem in the US like in Canada because the US doesn't have the same restrictive real estate laws and market controls that Canada has.
double ending is the same problem here in the US. maybe even worse. So many of the realty firms in the US also handle the mortgage services. So now , you have one office who wants to represent both sides.. and will steer yoy to their INHOUSE financing agent. potentially one person making comission on the sale (both sides) and the mortage comission from bank.
polivo0111 I’ve run across some agents that try to push clients to their in house lenders. That’s actually not allowed. I’ve called out some agents on it. And these agents are shady in the video. Makes realtors look bad. Smh. Hate agents like that.
Brett Vogel well I live in Florida and I went and got my real estate license I don't really use it other than helping my friends and family which does make me some money because we'll usually split the commission so instead of them having to get a realtor and pay 6% no pay me 3% or if they're buying a place since they're using me I get a percentage of the seller's Commission but if he has a real estate agent then I only get half. so somebody selling their house I'll take only 3% versus somebody taking 6 and if they're buying a house I can save them anywhere from 1.5% to 3% off the price. Now in Florida there's three different types of contracts and the best one to get and to have a real estate agent sign on to it which I can't think of the name of it find you to say that you have their best interest in heart and you cannot represent anybody else in the deal. So if you were going to sell the house you want to make sure that you could get into that contract with your real estate agent and then you don't have to worry about this.
Marketplace is addictive. Don't even live anywhere near canada and I've now watched 50+ plus episodes. Shocked at how poor their legislation is, I always thought they were ahead of the curve.
even the rules allow for some legal stealing but if they wouldn't be there.. people still wants to rip of others but are frustrated themselves if they got ripped. And that crap that's he market and "natural" ways of it works.. Boy overpopulation would sort itself out if all bans are lifted. Ok utter chaos but since humans prove on daily basis over all centuries they are incapable to co-exist ...
Anyone can become an agent. The industry attracts narcissists with a God complex. Most would rather kink a deal then boast about it than do it with integrity. Most are starving.
@@CharlieBrown-zr9wk In their defense, it seems more like poor regulation/lack of oversight than something such as laziness or lack of effort from authorities. I just got to the second half where they go to Australia, and their style seems to suit me a bit more. I got to thinking about it and I'm not 100% one way or the other, but at first I thought blind auctions on houses was utterly ridiculous. The more I see the more I prefer the way Australians auction houses, especially compared to the way Canadians tend to sell them. It seems strange to me too, dude.
I was a broker for 15 years and constantly ran into these breaches of the rules. Part of the problem is the winning bids dont want to complain and the losing bids dont know the details so it is hard to get evidence to prosecute.
Screw the government, let's demand change for ourselves because we know voting will not do anything. First step is rallying support. Please sign this petition www.change.org/p/tracy-maccharles-bring-public-real-estate-auctions-to-ontario-transparency-real-estate
Richie D I'm glad we have some common ground. I thought the petition a beneficial place to start, even if it doesn't do anything at first, it raises awareness that there are options, and the people can demand them. Dude, look how far minorities advanced (good on them, much of it was owed); they did it by struggling in any way possible. big and small, whatever helped the cause in any form. I'm not saying this petition will solve the problem, but it's a start, if anything to organize thoughts, plans, and awareness.
Not an answer. You need a wide field of potential purchasers. Under the best of circumstances, fewer house seekers will see the house. Worse than that, realtors are known to blacklist properties which are not listed with one of their own. Either way, "FSBO" is usually a money loser.
@@jimwerther Not really. Not everyone goes to real estate web sites. lots of people look at zillow and other places that have agents listings and seller listings. I know someone who just closed on a house where the seller listed it themself and the house was in the 600k range. The internet has really shown that you can expose your house far better than that sign on the front lawn from a real estate agent.
The end of the video shows perfectly the problem with government. They aren't interesting in solving problems. They are interested in ensuring there are problems in which they can create more government regulators who won't ever solve it. Just like how double-ending benefits the sleazy real estate agents, that it exists benefits bureaucrats too by ensuring they always have a job.
I would like to know how much the Lady in charge at the Government is getting paid under the table from the realtors not to push for a change. Only hear there is no problem and passing the buck.
Well...the fact y ou have to have a realtor's license to sell houses that aren't yours seems like a crock to begin with to me. Get rid of licensing requirements and make it optional. Step 1 to ending the corruption is to stop the gatekeeping.
I’ve done real estate deals as a buyer and a seller a few times. What I find fascinating, is how people “fall in love” with this or that house. And I noticed it’s only those that have been born here or have lived up here for a very long time for the most part. I’ve never looked at a house as I’m in love with it. It’s a piece of property where I put my stuff, and I plan for at least a good part of my life approximately 2/3 of the day to be around the property, and half of that time will be sleeping. So that gives me about a 1/3 of the day to be at home as if I just stay home after work every day. Find a place that you’re comfortable having your family live there, have friends over to visit occasionally and make sure you can afford it. I’d only “fall in love” with a house that I built from the ground up. Be smart and don’t get taken for a ride.
This is going to sound harsh too but we’ve dealt with a married couple as agent in Ottawa Ontario Canada and now they work for Remax. We put a house for sale but the agent requested that we lower our price a couple time during the contract which was weird. The house was sold to someone one but now I have a feeling that the agent bought the house and put it on someone else's name and that is called a “prete nom” nominee in English so basically they use someone else’s name to put on the contract instead of their name. They ask us to reduce the final price by $6000 for some odd reason that didn’t make any sense but now I understood why they wanted $6000, it was to pay for the house for the full year until they put it back on the market to make a huge profit. I’m pretty sure that’s illegal. The real estate industry is so corrupted. and that is only one story, I have more.
$6k is not much to gain if they asked you to reduce by $10 -$20k then thats a different story.They would make more money from the commission if they didnt ask for a reduction. That $6k isn't a huge reduction at all
The price wasn't reduced just by $6000, read it properly. They said that the agents requested them to lower their price a couple of times during the contract, then asked them once again to reduce the final price by $6000 more. So all the missing numbers add up...
How about they reveal the information regarding bid amounts to all buyers. Bids should be transparent so people can decide for themselves how much more they are willing to pay over another bid. Like an auction. Having the bids hidden you could pay way more than even market value by trying to compete against some unknown number. Its ridiculous.
Wait, are the bids not transparent there? How do you know if someone bid above you then, and how much to increase? This sounds like a potential disaster.. All bids have always been open where I live - if the realtor recieves a new bid, he calls up all other potential buyers to inform of this bid, and asks if they want to go over.
@@90gdv If a false bid is accepted and the person doesn't have the money they lose the down payment, if they even have money for that. The solutions is simple, open bidding and if you get selected and cannot even provide a down payment that knowledge is released to everyone as a name and shame. After that the rest can adjust their bids as they feel is correct and the client can then select another. Also bids are not open in Canada. Either your bid is accepted or rejected by the client and they don't have to provide a reason. They can also counter-offer at a different price though, but you have no idea if that is because the client just wants more money or they are driving a hidden bidding war.
As a realtor myself, I find your comment infuriating. Realting is tough business and we don't get much transactions around to survive, honestly. Any more transparency coild mean we won't be living well anymore.
I feel that mans pain. We put an offer on our dream home and the buyer accepted a 10k less offer than ours because they had cash. The deal still ended up taking over a month to close. I am sure they regret it everyday.
This is why CREA wants to ban sites from listing sold prices online because they could inflate a price without the buyer knowing.So you can pay more for a house that was sold recently for less but the agent would tell you its a great price.Agents are like used car sales men with a higher commission.
As someone who came here from Australia, has bought, sold and rented numerous houses here, there's an awful lot about how the laws work here that just doesn't make sense. Quite frankly, the government doesn't seem very interested in setting up a fair and efficient market. In respect of purchase and sale, there are a few things that should be done. Double ending is definitely problematic. Get rid of it. Secondly, if a store offers to sell something at a given price, consumer law requires that they must sell at that price or lower. Why does this not apply to real estate? If you list for a given price and receive an unconditional offer at or above that price, you should be obligated to accept it. Part of what drives these bidding wars is that agents and sellers list the price lower than what they actually want in order to get more eyes on the property, get more people interested and create a competitive situation. Simply make the same consumer laws that apply elsewhere apply to real estate. If you list at a price and you get an unconditional offer at that price, you must accept it and cannot entertain further offers. If you want to create a bidding war, hold an auction and do it in the open for everyone to see. The one thing that concerns me a little about this as both a home owner and property investor is the extreme rate of inflation in the property market and how sustainable this may be. For at least the last 10 years, we've seen home price increases in markets like Toronto, Vancouver and Calgary at several times CPI. All this means is that houses are becoming less affordable. To my mind, a big part of what is driving this are these secretive bidding wars. It seems pretty clear to me that these practices are artificially inflating house prices more than they would in an open market. That seems like an even more important problem to solve.
"If you list for a given price and receive an unconditional offer at or above that price, you should be obligated to accept it. " No. It's my private property and I don't HAVE to sell to the highest bidder! You are comparing selling private homes to selling merchandise in a store, its' not comparable. Also, I can't understand it differently than that double ending is the norm here in Norway. If I want to buy a house, I contact the sellers real estate agent. I don't use my own for buying. A buyer of a private home is not a consumer, it's a private sale. Also, bidding war is good. Making laws that applies to consumers apply to private sales is a bad idea. Do you have the same rights when buying a car from privately as you do if you buy it from a company? No. Why not? Logic. Same applies here.
I agree that the listed price should be the actual value of the property, not tens of thousands below expected to draw in more people. If you're not willing to accept the price it's listed for as a seller, the listed price is too low. It should be set to the minimum of what the seller will accept.
Absolutely happens. Once blocked by an agent from placing a bid claiming his client was ill that day and my agent recorded that phone message on tape. Went back to the homeowner in person to advise my initial offer was higher than what he accepted on that day and told him I was prepared to go higher. Later on the OREO did an investigation on my agent's initiative and the listing agent had clearly paid off the seller. The seller provided a written statement that they were aware of all offers. The taped evidence was never considered.
Dear CBC even with two agents double ending can happen if they are friends or with mutal intrest. simple way is to offer to be given to the owner and not the agent. and owner will make the decision based on money vs conditions.
My dad owns a house inspection company and he sees every day which realtors actually want what is best for clients rather than just making a commission.
Realty has its crooked actors, as readers of Freakonomics would know. I truly doubt, though, that politicians, lawyers and realtors are statistically more corrupt than the population at large. Some people will always take ethical shortcuts whenever they can, no matter what they do for a living. Personally speaking, I report cash earnings to the IRS. Do you?
As a fellow realtor in the USA it is truly saddening to see agents with this behavior and no morals. My reputation is so much more important to me that what these other "agents" seem to value. Agents are the people who need the buyers or sellers, and these people are just taking advantage of them. So wrong. These agents taking practically double commission from a double deal, I always just take my half even if I work both sides.
So maybe tell us who these top real estate sales reps are so that you can INFORM THE PUBLIC. Is a little bit of comprehensive journalism too much to ask for?
Why tho? How? We have lots of investigative reporters here in the US that expose scams and what not. They are usually called by viewers to help shed light to these things. They are doing a service to the public and, since they catch them red handed, they aren't slandering anyone.
Electra Den - consider the agents may be different but have same broker/brokerage house. So commissions are still under same umbrella. Agents still deal under the table.
I'm Australian and I was so confused at first with the whole buying agent and secret bidding thing until the Aussie segment. Thought most places just bid out in the open or made offers until the seller accepted.
I'm a journalism student and man, CBC News is great. Interesting topics, straight to the point reporting and credible sources from all sides. Besides the camera shakiness, this is the kind of video story I hope to one day have under my belt. Good job CBC
one thing you dont see in CBC is two sides to a story. They portray everyone as crooks and never give other side of the story. But I guess that is journalism 2018...
Was anyone else bugged by the guy tearing up because he didn't get that one multi-million dollar house and had to buy some other million dollar house. Talk about the peak of a first world problem.
I tried to help my parents FSBO and the scummy scammy lying realtors came out of the woodwork. It’s really really sad and angering how they control the market the way they do.
Alex Bosse Lol I did that in our house in Canmore, the agent was horrified and kindly asked me to delete it citing the possible legalities of it. Mind you I did not use to to get prices just uncensored feedback.
+hhiippiittyy *Why* would it be illegal to wiretap your own home? It makes no sense even if you're not currently present. It's your home, you should be able to do what you want with and in it. Now, what you do with that recording though is a different matter. If for personal use, it's IMO perfectly fine. That's actually the law in many places. In many places around the world, only one party has to be aware that a recording takes place for it to be legal. So if you're recording a conversation on the phone(check your laws first), it'd be legal because you know about it. For businesses the law is different. They can't do that. They'd have to ask for your consent before recording or they'd be in gross violation of the law.
madman2u Yeah, I hear ya. I'm not saying it is illegal with certainty. I would definitely expect there would be no concerns if there wasn't a business transaction, like if you were simply hosting guests. I just know that real estate transactions are heavily regulated and that there *may* be a legal concern depending on jurisdiction. Likely not, but still possible enough that I would want to consult a lawyer if I were to do the same, given the size of the potential consequences (a sale being found null and void or something like that).
I am an real estate agent as well, one of the ethical ones. I see this behavior all the time with other agents. I have a buyer for a home they have listed and call to set up an appointment for a hot buyer and the agent says "oh well there is an offer in negotiations" my next question is "okay, but has the seller accepted, because if they haven't we may be able to bring a better offer" and the agent simply tells me they will let me know if it's accepted but won't allow me to show. Clearly it's their buyer and they are double dipping and NOT working for their seller. We could bring them to ethics committee however then we will just be banned from showing their properties, so basically their is nothing I can do as an agent. The agents making big bucks in my area are the ones behaving like this video and blocking out other offers to line their pockets, not the sellers.
the realtor should not be paid as %of price but their compensation should be based like other professionals such as lawyers, accountants. It will stop all manipulation they do.
@@mynameisname77 ...You are right. People are so totally naive about business corruption. Look who pays the highest price when a huge industry executives like the Wells Fargo scam is forced to finally be exposed after thousands of their customers got scammed. The execs blame low level bankers and fired many of them. Now it's back to business as usual for Wells Fargo. They now are using warm and fuzzy tv ads using a lovable dog in their ads. Tip of the iceberg.
Most active agents sell less than 3 home a year. So if one of the sales involves them being a dual agent then of course double ended deals would make up a high percentage of their sales. Notice how the journalist said that for "top producing" agents, double ended deals only makes up 10% of their overall deals And what does she consider as top producing anyway. Base off of that, I think that the stats that she is using are skewed At 1:45 Where I live most sellers would not want to do an auction, but I think that it would be a good idea.The only bad thing about it is how do you know if the potential buyers are pre-qualified and if the seller/buyer will be able to come to an agreement involving the other terms (closing cost, insurance, how fast to close escrow, contingency, etc...). There is more to it than just the purchase price.
Wow, he is pretty torn to pieces over this situation. To be honest, I cannot say I have EVER witnessed someone so hurt because of their dream home being sold to another bidder. All I can think of is the old saying "do not place all your eggs in one basket."
As a realtor, I double ended my third deal my first year of real estate. It is too difficult to walk that fine line and will always refuse to do it in the future, regardless if it is legal or not. I will refer the buyer to another agent at another office so that there is no conflict of interest. Imagine having the same lawyer representing both plaintiff and defendant: it not only shouldn't happen but can't work.
It is not not good for either side. The agent can make the price higher so they can get better commission. This service has to ending. Ending real state service.
In the US the final selling price becomes public information. So even if the buyer and seller use the same agent they will know how much the house sold for eventually. The seller and buyer has the right to sue under breach of duty if the agent is shady. There is still the issue of the agent inflating the cost to the buyer and fudging on the condition of the home. But it's a start.
This is not 100% true. Cash buys can be just title transfers. I own a house and it was traded. No cash involved. So zero dollars spent. Though I had to pay 6 years in back taxes. I have warranty deed on all of my land and house.
Not always. I know a property that was sold for $600,000, but for some reason the public records show it sold for $25,000, so I won't be surprised that there could be some shady dealings going on with the records department.
@@spirittammyk Sold price can be altered in a few ways. Some people buy a home with cash money and then only get a loan for a small part of it and that may be why it shows as sold for 25k, they never reported the real price. Even if they decided to pay cash out right on that large of a home a loan would be ideal to keep credit scores high. Which also allow one to borrow more against it. It could also be reporting error as well.
CBC Marketplace has to be the most informative news program that has helped me become less ignorant about shopping, investing, and living. These people are honestly a godsend because they are not afraid to expose the evils of humanity. Although this stuff is recorded from Canada, I know a lot of these scams and bad deeds occur in America, too. I watch both CBC Marketplace and Dateline NBC. I avoided making many mistakes than the average young adults and 20-year-olds that are ignorant and naive because I watch programs like these, and I'm only 19 years old! Thank you, CBC. You guys are awesome!
Can you imagine an Australian type auction in front of a house in Edmonton in -50 windchill? The house would never sell because no one can raise their frozen arm to bid!
Krypt Sanies have you ever bought an item online? You set up a time line where bidders will continue to fight and when the auction end the higher bidder buys it.
I am sooo glad that we were able to get our house through a private sale without the need of a real estate agent. My father-in-law was selling his house (the house my husband grew up in) and buying a new one with his girlfriend. My aunt who is an agent got a bit pissy at me for getting such a good deal and not using her services.
Real Estate agents are like car dealers. Their only concern is for how much money they can put in their pockets, regardless of what's best for anyone else. Hiring a licensed Realtor improves the likelihood of getting someone ethical, but not by much. It should be illegal for the same agent or agency representing both buyers and sellers. What's truly sad, is that the government agencies responsible for controlling corruption refuses to do their own jobs.
@@phakeAccount Agreed. If a house has been sitting for more than a few months. The first thing I think is there must be something wrong with it. Usually, there are more buyers than sellers. That's why you have bidding wars. At least in the U.S. now that the interest rates are at it's lowest, more are buying. So if a house isn't sold, it does create some red flags.
I sold my first house at 10% agent fees. After the real estate open house there were 4 offers. So, for a few days work my agent makes a ton of money in a active market, doesn't seem fair!
It doesn't surprise me that they guy wearing a baseball cap at an open house is unprofessional. You aren't at a sunday bbq. You are handling a large transaction, take it serious, dress the part or get out of the business. Just screams part timer.
"dress the part"? I dont think you've been surrounded by successful people. The only people who constantly have to dress up are people like me who are pawns in a business just out of college/high school. All the millionaires I know, whether lawyers or doctors or IT or real estate, all of them dress casually at least half the time while at work Hell, the millionaire lawyer I worked for has a dog cage and a pitbull in his office while he himself wears gym clothes at work These kind of people impress with their actions and reputation and results and likeliness. Sometimes they feel like dressing up, sometimes they dont. What they do, unlike many, is they do what they enjoy so if they feel like wearing shorts with a baseball cap, they will
It looks to me as a Norwegian Citizen that the issue facing Canada on this matter is your laws. If I'm interested in a house, OF COURSE I need to be kept in the loop if a bid comes in AND what that bid is. That's plain transparency. In Norway you don't use a real estate broker in order to find a house, the broker that the seller uses represents both of course.
Surely, if the gentleman who is overtly upset about the loss of the house, could prove that he'd offered $30,000 more, isn't that enough to void the deal? Another attempt could be to actually go to the current owner's house, & tell him face to face, that he was duped out of $30,000!! Worth a go??
Corruption Corruption everywhere Car insurance cell phone I can go on and on people sleep don't complain government let's them companies do what ever they want the most expensive phone bills in the world you pay so much for nothing.
I fail to see any corruption going on here. The seller wants the most out of the sale. If one buyer brings a higher offer and the other people don't welp its going to the highest bidder. Simple
It's not going to the higher bider! Didn't you see the guy that offered $30.000 more for the house and the realtor just ignored his offer to get the double comission?
My prominent hot shot agent had all parties meet in the same room...then spoke in Italian to the other agent who appeared at that moment to be friend....needless to say I lost out on many thousands of dollars.
Limited or dual agency is freaking awful and really shouldn't be legal. These types of deals aren't legal in several states here in the US. Don't let someone have both sides EVER!
So, bidding is 100% perfect with no negative aspects? Would a bidding market drive the price of homes even higher? Is it better for consumers to buy a home in a hurry, based on fear and stress, as opposed to going through a slower process? Can everyone in the bidding have the chance to calmly inspect and visit the house in order to make a well-paced and educated decision? I don't know much about Aussie real estate market however, it looks Marketplace picked only the aspects that could seem positive. Good intention Marketplace, but really poor outcome.
My thoughts as well on the actual bidding environment. They do allow for homes to be inspected by the buyer prior to closing and homes are listed and available for showing prior to the auction. The buyers don't just show up. However, I wouldn't want to bid on a house in that environment.
Are your agent allowed to tell you how many other bidders there are? One of my family member was buying a house her agent told her there was another bider so she need to raise her offer. We later found out from the seller's agent that her offer was the only one they received at that time.
As a realtor in the US thats pretty mess up,we do have intermediary representation ,but now most of the brokerage companies dont want to take the risk to get into legal issues for dishonest agents,so they either represent the buyer or the seller but dual agency is banned in Texas but not Intermediary representation which at the end of the day is kinda the same thing but in a sophisticated way
Joshua Smith listing and marketing paperwork is pretty easy. Some agents spends too much for ad.$300K home and $3M home requires the same procedure. Lawyers charge the same fee that nothing to do with sale price of a home. Homeowners shouldn't give up their hard earned equity to agents for a few hours of paperwork. Flat fee, or FSBO is the solution.
You can't sell back a service. Someone can decide not to buy/sell something, they still gotta make their cut for their work...like selling sneakers. They get commission for each pair sold. Even if they're returned, their efforts are still compensated.
As someone who has worked on 100% commission it NEVER works out for the buyer. Get rid of commission and you’ve solved the predatory behavior. I quit because I couldn’t take it.
Scammer lady : “I use my pover in order you get the house” Spy girl: 🕵️♀️ “ you use your what?? “ Scammer lady: “Pover “ Sorry but That took me out !!! I’m wheezing 😭😭😭😭😭😭💀
Why not investigate realtors like CBC just did? You can fine the non compliant realtors and improve the industry. Unless the industry is happy with making lots of money in a hot market market and not concerned with the consumers...
I was interested in a property. I contacted the agent on a Sunday. No response. I contacted her on a Wednesday. Still no response. I contacted her on Thursday advising her that ignoring interested buyers is both rude and unprofessional. I then got an abusive phone call from her manager screaming and swearing at me - saying she was on leave and was too busy with personal family issues to contact me. I had to remind them they have a duty to the seller to sell the property and they should pass it to another agent. Unbelievable!
Houses are sold everyday at auction in Ontario. If you like that system, support it! There's nothing stopping you from selling your home that way, and in a market like Toronto, I'd even say it's a great idea. I bet home auctions happen every day in the rest of Canada, too (but I can only say for what I witness personally). Moreover, there's no need for government interference on this. Realtor is just a trademark. You don't have to be a realtor to sell property in Canada, you just need a real estate license. Therefore, since RECO has sullied their name, start up a new association with a different term that bans double ending entirely. Then advertise what scum RECO are and that people should avoid any RECO property and instead buy from one of your agents. And if that doesn't happen, again, find an auction and patronize it.
Those auctions are very different. Many times the buyer is not allowed to inspect the house before putting in an offer. It's simply not the same thing.
Every single episode of marketplace makes me heated.
imboredsauce Break down their powers of old and chain them to the new. Currency shall bind them to sin and through sin, their fates will be in our hands!
dafuq you on about?
It was after his comment they decided to do that video on weed!
yeah man always. i can't watch every episode anymore, too stressful! too much info about things you can do little about. I just check the Marketplace weekly emails(SIGN UP) and watch stuff that directly concerns me.
then get a fan. ^^
The fine is only 3k? Lol one sale the commission on that house is like 20k no wonder the realtor isn't scared
At that point it’s just a labour fee
The fact it's even legal is a problem. I'm an auditor in the US and if we've worked for a company even 5 years before we wouldn't be allowed to assist in the audit, let alone lead one. If this was in my world, it'd be like letting me audit my own work for a company I'm a partner at.
@@andrewmcnicoll4268 It'll be a very long time before I'm able to afford a house here in the US, but what you're saying is that the double-ended deal thing doesn't exist in the US? Except for a few house buying shows, I don't know much :)
@@BewareTheLilyOfTheValley Idk about the US housing industry, but that's the regulations over the external auditing industry. In comparison, I'd be surprised if that's legal in the US.
The law is design around white collar crime
I appreciate the money that CBC spends on their investigative reporting. They sent an entire team to Australia to cover this story. Much respect.
I appreciate NOT ruining our planet by completely unnecessary plane travels around the globe!
@@Celisar1 dammm Karen
This is in Canada I think lol
It's our (Canadian's) tax money that pays for this
I left real estate because it was so unethical, then I went into the medical field and found out it was even more unethical- and much more deadly. Come to USA and do investigations in the medical field.
Dee Dee I decided not to pursue med school for multiple reasons including hospital/pharm contracts. What are some of the unethical aspects you have seen?
U r so right n the medical one is deadly coz so many have lost their lives due to unethical practices. What do u investigate? Am a nurse, but right now am just disgusted with low quality care patients get, n it seems like the field has turned to who can cover up better! maybe I can come work for u? 😀,
Sunrise & Sunset wich state do you work in
STRICTLY HARD RAP, Am in PA state and u?
STRICTLY HARD RAP, Am in PA state and u?
I'm not even Canadian, but I love Marketplace so much. Great work, CBC! I wish we had a show like this in America.
Why isn't double-ending illegal? Like, seriously?
It's CLEARLY a conflict of interest.
I still don't understand what it is
In America both the seller and buyer have their own agent. The buyer's agent wants the house to sell low. The seller's agent wants it high for obvious reasons. Both agents get a percentage of the sale price. In Canada one agent can work for both the buyer and seller. That's a problem because he is always going to want it to sell high, that's not fair to the buyer. It can also be unfair to the buyer as well but that get a bit more confusing if you don't understand the house buying process. The whole reason I know is because I manage my parents real estate and buy and rent houses out. If there anything you don't understand let me know.
@@mitchellmaytorena1137 Or like in the case in the video, the agent will not tell the seller about the higher offer from another agent because they won't be getting that commission. So they only tell the seller about the offers from their own buyers.
Mitchell Maytorena In the USA the same firm can represent the buyer and seller, just use different agents in same firm. Still incentive to cheat to make your boss happy. That’s why when I found a house myself I made the offer thru the selling agent.
As long as the government gets their cut, why would they interfere with money bags rolling.
I already knew this lol. when I was a kid my Dad always told me, "Son when you ever want to buy any kind if property, find and talk to the owners first"
I will remember to tell my son that.
Ricky, I would not sell to someone that knocks on my door and then comes with an agent. I mean, if they’re offering to match my price right then and there I don’t mind, after all it’s business. But if you come into my house and talk to me and then bring an agent/broker to negotiate a lower price, there’s no deal.
I generally don’t deal with the buyers, I don’t like when people go I like this house, it’s perfect, bla bla. And then try to negotiate. If you like, buy it. I don’t go to the grocery store and try to haggle the price of the tomatoes because they’re delicious, I buy them.
That’s my two cents.
Yhup me too.. which is why I say owners u deal with that Banks URSELF n buyer..not an agent..
Your father smart. God bless him
@@EuroGuy85 come buy my house, just the kinda buyer i need... 🥳
If they’re fined their names should be published in all the real estate newspapers and online.
You can actually look up on the RECO website each and every licensed salesperson or broker, and see if they have ever had any fines or convictions.
Double ending should be banned in Canada and the US. It creates a conflict of interest that hurts consumers.
Double ending isn't a problem in the US like in Canada because the US doesn't have the same restrictive real estate laws and market controls that Canada has.
double ending is the same problem here in the US. maybe even worse. So many of the realty firms in the US also handle the mortgage services. So now , you have one office who wants to represent both sides.. and will steer yoy to their INHOUSE financing agent. potentially one person making comission on the sale (both sides) and the mortage comission from bank.
polivo0111 I’ve run across some agents that try to push clients to their in house lenders. That’s actually not allowed. I’ve called out some agents on it. And these agents are shady in the video. Makes realtors look bad. Smh. Hate agents like that.
Brett Vogel well I live in Florida and I went and got my real estate license I don't really use it other than helping my friends and family which does make me some money because we'll usually split the commission so instead of them having to get a realtor and pay 6% no pay me 3% or if they're buying a place since they're using me I get a percentage of the seller's Commission but if he has a real estate agent then I only get half. so somebody selling their house I'll take only 3% versus somebody taking 6 and if they're buying a house I can save them anywhere from 1.5% to 3% off the price. Now in Florida there's three different types of contracts and the best one to get and to have a real estate agent sign on to it which I can't think of the name of it find you to say that you have their best interest in heart and you cannot represent anybody else in the deal. So if you were going to sell the house you want to make sure that you could get into that contract with your real estate agent and then you don't have to worry about this.
It boggles my mind, how any countries law can allow double ending and hope that the agent is an honest person.........
Marketplace is addictive. Don't even live anywhere near canada and I've now watched 50+ plus episodes. Shocked at how poor their legislation is, I always thought they were ahead of the curve.
That’s Canada eh!!! This is just one thing. Everyone from higher up is involved in the process
It's an ethical issue. Doesn't matter where you go. There is always people with no morals and ethics
We are ahead of the curve in public relations/image management😭
Overpaid, under-skilled and corrupt. The real estate speculation industry is spiralling up the cost of living.
+OH Yeh! 90%
even the rules allow for some legal stealing but if they wouldn't be there.. people still wants to rip of others but are frustrated themselves if they got ripped. And that crap that's he market and "natural" ways of it works.. Boy overpopulation would sort itself out if all bans are lifted. Ok utter chaos but since humans prove on daily basis over all centuries they are incapable to co-exist ...
Anyone can become an agent. The industry attracts narcissists with a God complex. Most would rather kink a deal then boast about it than do it with integrity. Most are starving.
Government sold out the people like the liberals in BC
Well said. And not really necessary 🤔
We live in a society where there is so much of cheaters and liars, and the authorities seem to turn a blind eye to these scumbags.
Agree ! Where is any honest people out there ! The problem is - authorities not putting a stop to it ! Dishonesty is blooming !
@@CharlieBrown-zr9wk In their defense, it seems more like poor regulation/lack of oversight than something such as laziness or lack of effort from authorities.
I just got to the second half where they go to Australia, and their style seems to suit me a bit more. I got to thinking about it and I'm not 100% one way or the other, but at first I thought blind auctions on houses was utterly ridiculous.
The more I see the more I prefer the way Australians auction houses, especially compared to the way Canadians tend to sell them.
It seems strange to me too, dude.
Scumbags🤣🤣🤣🤣🤣
..... but businesses always work in their customers interests! Markets manage themselves!
when he said “that was the house, that was it” i cried
I was a broker for 15 years and constantly ran into these breaches of the rules. Part of the problem is the winning bids dont want to complain and the losing bids dont know the details so it is hard to get evidence to prosecute.
I'm a Realtor myself, seeing these agents breaking their fiduciary duty and being selfish. disgust me.
Bad News with Trump get Ready to get more of this without Rules, and Regulations Bravo America!
This is Canada too and their rules may be different
So I add frosting to the top of the cup cakes
Oh please, the entire industry is scam.
Are they genuine fiduciarys tho?
When she was at the auction and reacting by putting her hand up I was like, "watch yourself! You're gonna accidentally buy a house in Australia!"
Lol!
Why is it the government never ceases to disappoint me. ....
Crash Burn that's our mistake to think governments are there to protect us. But they are the one who steal from us in the first place.
Screw the government, let's demand change for ourselves because we know voting will not do anything.
First step is rallying support.
Please sign this petition
www.change.org/p/tracy-maccharles-bring-public-real-estate-auctions-to-ontario-transparency-real-estate
Richie D I'm glad we have some common ground.
I thought the petition a beneficial place to start, even if it doesn't do anything at first, it raises awareness that there are options, and the people can demand them.
Dude, look how far minorities advanced (good on them, much of it was owed); they did it by struggling in any way possible. big and small, whatever helped the cause in any form.
I'm not saying this petition will solve the problem, but it's a start, if anything to organize thoughts, plans, and awareness.
Because you keep voting in politicians that are sponsored by corperations.
It isn't rocket science dude.
I'm not even Canadian and I'm addicted to this show haha.
So this is why my sister decided to sell and market her own home instead of going through an agent.
Not an answer. You need a wide field of potential purchasers. Under the best of circumstances, fewer house seekers will see the house. Worse than that, realtors are known to blacklist properties which are not listed with one of their own. Either way, "FSBO" is usually a money loser.
@@jimwerther Not really. Not everyone goes to real estate web sites. lots of people look at zillow and other places that have agents listings and seller listings. I know someone who just closed on a house where the seller listed it themself and the house was in the 600k range. The internet has really shown that you can expose your house far better than that sign on the front lawn from a real estate agent.
Realtor: "I use my pover to get the house.."
Marketplace: You use your what?!
Realtor: POVER...
Lmao
3000 or 5000 fine is the biggest jokes
Omg lol
😂😂😂
The end of the video shows perfectly the problem with government. They aren't interesting in solving problems. They are interested in ensuring there are problems in which they can create more government regulators who won't ever solve it. Just like how double-ending benefits the sleazy real estate agents, that it exists benefits bureaucrats too by ensuring they always have a job.
I would like to know how much the Lady in charge at the Government is getting paid under the table from the realtors not to push for a change. Only hear there is no problem and passing the buck.
Well...the fact y ou have to have a realtor's license to sell houses that aren't yours seems like a crock to begin with to me. Get rid of licensing requirements and make it optional. Step 1 to ending the corruption is to stop the gatekeeping.
I’ve done real estate deals as a buyer and a seller a few times. What I find fascinating, is how people “fall in love” with this or that house. And I noticed it’s only those that have been born here or have lived up here for a very long time for the most part.
I’ve never looked at a house as I’m in love with it. It’s a piece of property where I put my stuff, and I plan for at least a good part of my life approximately 2/3 of the day to be around the property, and half of that time will be sleeping. So that gives me about a 1/3 of the day to be at home as if I just stay home after work every day.
Find a place that you’re comfortable having your family live there, have friends over to visit occasionally and make sure you can afford it.
I’d only “fall in love” with a house that I built from the ground up.
Be smart and don’t get taken for a ride.
This is going to sound harsh too but we’ve dealt with a married couple as agent in Ottawa Ontario Canada and now they work for Remax. We put a house for sale but the agent requested that we lower our price a couple time during the contract which was weird. The house was sold to someone one but now I have a feeling that the agent bought the house and put it on someone else's name and that is called a “prete nom” nominee in English so basically they use someone else’s name to put on the contract instead of their name. They ask us to reduce the final price by $6000 for some odd reason that didn’t make any sense but now I understood why they wanted $6000, it was to pay for the house for the full year until they put it back on the market to make a huge profit. I’m pretty sure that’s illegal.
The real estate industry is so corrupted.
and that is only one story, I have more.
Why would they make a huge profit? That only means your house was sold way under market value. $6k is not much for a house.
$6k is not much to gain if they asked you to reduce by $10 -$20k then thats a different story.They would make more money from the commission if they didnt ask for a reduction. That $6k isn't a huge reduction at all
The price wasn't reduced just by $6000, read it properly. They said that the agents requested them to lower their price a couple of times during the contract, then asked them once again to reduce the final price by $6000 more. So all the missing numbers add up...
Whenever a politician doesn't explicitly agree that there is a problem that needs to be fixed, makes me wonder where their money comes from.
How about they reveal the information regarding bid amounts to all buyers. Bids should be transparent so people can decide for themselves how much more they are willing to pay over another bid. Like an auction. Having the bids hidden you could pay way more than even market value by trying to compete against some unknown number. Its ridiculous.
Its either that or show the listing agent too
The problems is false bids don't buy. If the seller does that they run the chance of chasing off the highest bid. I think the process should be open.
Wait, are the bids not transparent there? How do you know if someone bid above you then, and how much to increase? This sounds like a potential disaster.. All bids have always been open where I live - if the realtor recieves a new bid, he calls up all other potential buyers to inform of this bid, and asks if they want to go over.
@@90gdv If a false bid is accepted and the person doesn't have the money they lose the down payment, if they even have money for that. The solutions is simple, open bidding and if you get selected and cannot even provide a down payment that knowledge is released to everyone as a name and shame. After that the rest can adjust their bids as they feel is correct and the client can then select another.
Also bids are not open in Canada. Either your bid is accepted or rejected by the client and they don't have to provide a reason. They can also counter-offer at a different price though, but you have no idea if that is because the client just wants more money or they are driving a hidden bidding war.
As a realtor myself, I find your comment infuriating. Realting is tough business and we don't get much transactions around to survive, honestly. Any more transparency coild mean we won't be living well anymore.
Never trust people that call something they don't own, "their inventory".
I feel that mans pain. We put an offer on our dream home and the buyer accepted a 10k less offer than ours because they had cash. The deal still ended up taking over a month to close. I am sure they regret it everyday.
real estate agents grind my f**king gears. You need a lawyer and that’s it! Waste of money.
Always a good thing either have a clue in what to look for in what is sound when it comes to a construct or a friend. willin' to lend their knowledge.
If you want to spend double what you would for the traditional real estate transaction, then by all means go get a lawyer.
lol didn’t think i’d ever see snowcat here
@@Liberalsareaplague Spoken like someone who has the means to hire a lawyer.
@@janeguarnera7700 your point?
The government needs to prosecute. There are too many crooks in this world. (I live in Canada)
Taking $30000 less offer agent loses $450 but being double agent on $800,000 gets them extra $12,000 for $24000 total
“his job is disciplining agents”
-has a torture chamber-
The rich get richer, and the little guy keeps getting shafted. Sick and tired of richer people constantly screwing over everyone else!
This is why CREA wants to ban sites from listing sold prices online because they could inflate a price without the buyer knowing.So you can pay more for a house that was sold recently for less but the agent would tell you its a great price.Agents are like used car sales men with a higher commission.
As someone who came here from Australia, has bought, sold and rented numerous houses here, there's an awful lot about how the laws work here that just doesn't make sense. Quite frankly, the government doesn't seem very interested in setting up a fair and efficient market. In respect of purchase and sale, there are a few things that should be done. Double ending is definitely problematic. Get rid of it. Secondly, if a store offers to sell something at a given price, consumer law requires that they must sell at that price or lower. Why does this not apply to real estate? If you list for a given price and receive an unconditional offer at or above that price, you should be obligated to accept it. Part of what drives these bidding wars is that agents and sellers list the price lower than what they actually want in order to get more eyes on the property, get more people interested and create a competitive situation. Simply make the same consumer laws that apply elsewhere apply to real estate. If you list at a price and you get an unconditional offer at that price, you must accept it and cannot entertain further offers. If you want to create a bidding war, hold an auction and do it in the open for everyone to see.
The one thing that concerns me a little about this as both a home owner and property investor is the extreme rate of inflation in the property market and how sustainable this may be. For at least the last 10 years, we've seen home price increases in markets like Toronto, Vancouver and Calgary at several times CPI. All this means is that houses are becoming less affordable. To my mind, a big part of what is driving this are these secretive bidding wars. It seems pretty clear to me that these practices are artificially inflating house prices more than they would in an open market. That seems like an even more important problem to solve.
"If you list for a given price and receive an unconditional offer at or above that price, you should be obligated to accept it. "
No. It's my private property and I don't HAVE to sell to the highest bidder! You are comparing selling private homes to selling merchandise in a store, its' not comparable.
Also, I can't understand it differently than that double ending is the norm here in Norway. If I want to buy a house, I contact the sellers real estate agent. I don't use my own for buying.
A buyer of a private home is not a consumer, it's a private sale. Also, bidding war is good.
Making laws that applies to consumers apply to private sales is a bad idea. Do you have the same rights when buying a car from privately as you do if you buy it from a company? No. Why not? Logic. Same applies here.
I agree that the listed price should be the actual value of the property, not tens of thousands below expected to draw in more people.
If you're not willing to accept the price it's listed for as a seller, the listed price is too low. It should be set to the minimum of what the seller will accept.
Wow. Having that Australian system would be amazing! Imagine the auctions in Toronto; you could probably make a reality show about it. 😂
SimmonSays I'm a proud Aussie and glad that we have progressed in some areas more than others
SimmonSays no the actions would be horrible
I can imagine that show now: instead of ''Storage Wars'', ''House Wars''. Or ''Home Wars''.
The Lonely Sapphire same!
starquant easy fix: make offers in writing. :)
Absolutely happens. Once blocked by an agent from placing a bid claiming his client was ill that day and my agent recorded that phone message on tape. Went back to the homeowner in person to advise my initial offer was higher than what he accepted on that day and told him I was prepared to go higher. Later on the OREO did an investigation on my agent's initiative and the listing agent had clearly paid off the seller. The seller provided a written statement that they were aware of all offers. The taped evidence was never considered.
Dear CBC even with two agents double ending can happen if they are friends or with mutal intrest. simple way is to offer to be given to the owner and not the agent. and owner will make the decision based on money vs conditions.
My dad owns a house inspection company and he sees every day which realtors actually want what is best for clients rather than just making a commission.
Realtors seem like the biggest Crooks out there!
Yep, in order, lawyers, dentists, realtors. Top three group of douchebags!
God is the biggest crook
We aren't all like this, this is sick I agree! All traits have their share of RATS!!
Realty has its crooked actors, as readers of Freakonomics would know. I truly doubt, though, that politicians, lawyers and realtors are statistically more corrupt than the population at large. Some people will always take ethical shortcuts whenever they can, no matter what they do for a living. Personally speaking, I report cash earnings to the IRS. Do you?
As a fellow realtor in the USA it is truly saddening to see agents with this behavior and no morals. My reputation is so much more important to me that what these other "agents" seem to value. Agents are the people who need the buyers or sellers, and these people are just taking advantage of them. So wrong. These agents taking practically double commission from a double deal, I always just take my half even if I work both sides.
So maybe tell us who these top real estate sales reps are so that you can INFORM THE PUBLIC.
Is a little bit of comprehensive journalism too much to ask for?
Montgomery Bojangles And some phone numbers so ownage can call them.
The bigger the ads the agents put out in the public the higher the rank they are.
Pay attention to TV or even bill board ads in the public.
Montgomery Bojangles that would open cbc to lawsuits
Plus, it would screw up any prosecution that might be going on.
Why tho? How? We have lots of investigative reporters here in the US that expose scams and what not. They are usually called by viewers to help shed light to these things. They are doing a service to the public and, since they catch them red handed, they aren't slandering anyone.
Fire that government officials and the people responsible for RECO. They lack accountability and competency
The solution is simple. Change the Law that allows the same realtor to represent both ends of the deal. Problem solved.
Electra Den - consider the agents may be different but have same broker/brokerage house. So commissions are still under same umbrella. Agents still deal under the table.
The solution is even more simple than that: Make all bids public and easily available.
MyName Jeff have u been in an ebay auction? That is the worst. I wouldnt wanna do that with Real Estate, C’mon now
I'm Australian and I was so confused at first with the whole buying agent and secret bidding thing until the Aussie segment.
Thought most places just bid out in the open or made offers until the seller accepted.
I'm a journalism student and man, CBC News is great. Interesting topics, straight to the point reporting and credible sources from all sides. Besides the camera shakiness, this is the kind of video story I hope to one day have under my belt. Good job CBC
Good luck to you in journalism!
I’d love to see you gimbal stabilized under cover footage 😂
one thing you dont see in CBC is two sides to a story. They portray everyone as crooks and never give other side of the story. But I guess that is journalism 2018...
3:10 You don't need an agent to buy a house. Also you don't need need an agent to sell your house.
Amen
Was anyone else bugged by the guy tearing up because he didn't get that one multi-million dollar house and had to buy some other million dollar house. Talk about the peak of a first world problem.
I tried to help my parents FSBO and the scummy scammy lying realtors came out of the woodwork. It’s really really sad and angering how they control the market the way they do.
when I sold my condo couple years. I let all my iPad, tablet, computer, phone recording.
This way, we knew how much the buyer was ready to spend
Alex Bosse
Lol I did that in our house in Canmore, the agent was horrified and kindly asked me to delete it citing the possible legalities of it. Mind you I did not use to to get prices just uncensored feedback.
SMH
You would probably need permission from the recorded. What you did may have been illegal.
+hhiippiittyy *Why* would it be illegal to wiretap your own home? It makes no sense even if you're not currently present. It's your home, you should be able to do what you want with and in it.
Now, what you do with that recording though is a different matter. If for personal use, it's IMO perfectly fine. That's actually the law in many places. In many places around the world, only one party has to be aware that a recording takes place for it to be legal. So if you're recording a conversation on the phone(check your laws first), it'd be legal because you know about it.
For businesses the law is different. They can't do that. They'd have to ask for your consent before recording or they'd be in gross violation of the law.
madman2u
Yeah, I hear ya. I'm not saying it is illegal with certainty. I would definitely expect there would be no concerns if there wasn't a business transaction, like if you were simply hosting guests. I just know that real estate transactions are heavily regulated and that there *may* be a legal concern depending on jurisdiction. Likely not, but still possible enough that I would want to consult a lawyer if I were to do the same, given the size of the potential consequences (a sale being found null and void or something like that).
I am an real estate agent as well, one of the ethical ones. I see this behavior all the time with other agents. I have a buyer for a home they have listed and call to set up an appointment for a hot buyer and the agent says "oh well there is an offer in negotiations" my next question is "okay, but has the seller accepted, because if they haven't we may be able to bring a better offer" and the agent simply tells me they will let me know if it's accepted but won't allow me to show. Clearly it's their buyer and they are double dipping and NOT working for their seller. We could bring them to ethics committee however then we will just be banned from showing their properties, so basically their is nothing I can do as an agent. The agents making big bucks in my area are the ones behaving like this video and blocking out other offers to line their pockets, not the sellers.
the realtor should not be paid as %of price but their compensation should be based like other professionals such as lawyers, accountants. It will stop all manipulation they do.
muhammad aleem oh shut the hell up
commission does not have to be based off of a percentage. commission can be flat fee
@@Elena-gv5wi if commission is a flat fee then there is no incentive for the realtor to sell for as much as possible
@@mynameisname77 ...You are right. People are so totally naive about business corruption. Look who pays the highest price when a huge industry executives like the Wells Fargo scam is forced to finally be exposed after thousands of their customers got scammed. The execs blame low level bankers and fired many of them. Now it's back to business as usual for Wells Fargo. They now are using warm and fuzzy tv ads using a lovable dog in their ads. Tip of the iceberg.
Most active agents sell less than 3 home a year. So if one of the sales involves them being a dual agent then of course double ended deals would make up a high percentage of their sales. Notice how the journalist said that for "top producing" agents, double ended deals only makes up 10% of their overall deals And what does she consider as top producing anyway. Base off of that, I think that the stats that she is using are skewed At 1:45
Where I live most sellers would not want to do an auction, but I think that it would be a good idea.The only bad thing about it is how do you know if the potential buyers are pre-qualified and if the seller/buyer will be able to come to an agreement involving the other terms (closing cost, insurance, how fast to close escrow, contingency, etc...). There is more to it than just the purchase price.
tears over losing out at 12:55 omg!
Wow, he is pretty torn to pieces over this situation. To be honest, I cannot say I have EVER witnessed someone so hurt because of their dream home being sold to another bidder. All I can think of is the old saying "do not place all your eggs in one basket."
CT! yeah but you would think the sellers would be the ones crying for they're the ones who lose the extra $30g ! not exactly chump change
J Tenn yeah, I'd image the sellers being upset then the guy who missed out. Can't always get the dream home but don't cry over it
I bet he voted for Hillary.
Phuck Ewe Hillary is an American who was running in a American election, so no 😕
As a realtor, I double ended my third deal my first year of real estate. It is too difficult to walk that fine line and will always refuse to do it in the future, regardless if it is legal or not. I will refer the buyer to another agent at another office so that there is no conflict of interest. Imagine having the same lawyer representing both plaintiff and defendant: it not only shouldn't happen but can't work.
It is not not good for either side.
The agent can make the price higher so they can get better commission.
This service has to ending.
Ending real state service.
In the US the final selling price becomes public information. So even if the buyer and seller use the same agent they will know how much the house sold for eventually. The seller and buyer has the right to sue under breach of duty if the agent is shady. There is still the issue of the agent inflating the cost to the buyer and fudging on the condition of the home. But it's a start.
certainly better but I do like the auction thing.
This is not 100% true. Cash buys can be just title transfers. I own a house and it was traded. No cash involved. So zero dollars spent. Though I had to pay 6 years in back taxes. I have warranty deed on all of my land and house.
Not always. I know a property that was sold for $600,000, but for some reason the public records show it sold for $25,000, so I won't be surprised that there could be some shady dealings going on with the records department.
@@spirittammyk Sold price can be altered in a few ways. Some people buy a home with cash money and then only get a loan for a small part of it and that may be why it shows as sold for 25k, they never reported the real price. Even if they decided to pay cash out right on that large of a home a loan would be ideal to keep credit scores high. Which also allow one to borrow more against it. It could also be reporting error as well.
Bidding increases the actual cost of house. Check the housing prices in Australia & New Zealand,. Holly molly super expensive.
CBC Marketplace has to be the most informative news program that has helped me become less ignorant about shopping, investing, and living. These people are honestly a godsend because they are not afraid to expose the evils of humanity. Although this stuff is recorded from Canada, I know a lot of these scams and bad deeds occur in America, too. I watch both CBC Marketplace and Dateline NBC. I avoided making many mistakes than the average young adults and 20-year-olds that are ignorant and naive because I watch programs like these, and I'm only 19 years old! Thank you, CBC. You guys are awesome!
Can you imagine an Australian type auction in front of a house in Edmonton in -50 windchill? The house would never sell because no one can raise their frozen arm to bid!
Krypt Sanies lol
Hahaha I guess spring time to fall would be auction season :)
Krypt Sanies have you ever bought an item online? You set up a time line where bidders will continue to fight and when the auction end the higher bidder buys it.
Fair point! But what if you could do this online? ;) www.suuty.com
What if they just go inside the house and bid inside?
I am sooo glad that we were able to get our house through a private sale without the need of a real estate agent. My father-in-law was selling his house (the house my husband grew up in) and buying a new one with his girlfriend.
My aunt who is an agent got a bit pissy at me for getting such a good deal and not using her services.
She got pissed because she was denied an income. It is tough for Agents too making ends meet if they don't have a day job.
Real Estate agents are like car dealers. Their only concern is for how much money they can put in their pockets, regardless of what's best for anyone else.
Hiring a licensed Realtor improves the likelihood of getting someone ethical, but not by much.
It should be illegal for the same agent or agency representing both buyers and sellers.
What's truly sad, is that the government agencies responsible for controlling corruption refuses to do their own jobs.
Four years later and nothing has changed. Our system is flawed.
I would love to see house auctions in Canada out in the open like that. Go Australia. the real estate business is so grimy here
Real estate agents, car salesman, some contractors...all are the most untrustworthy occupations.
This is why you look for houses that have sat on the market 100 days or more
That doesn't exist right now, and hasn't for the past 4 years!!
If they've been on the market for that long there's a reason and that's usually a reason that will cross the house off your list.
@@phakeAccount Agreed. If a house has been sitting for more than a few months. The first thing I think is there must be something wrong with it. Usually, there are more buyers than sellers. That's why you have bidding wars. At least in the U.S. now that the interest rates are at it's lowest, more are buying. So if a house isn't sold, it does create some red flags.
There is something very wrong with that house then. Most houses are on the market for only weeks and they usually go for way more then advertised.
I sold my first house at 10% agent fees. After the real estate open house there were 4 offers.
So, for a few days work my agent makes a ton of money in a active market, doesn't seem fair!
I plan to sale on my own. I tried to buy several houses but never heard back from the realtors
It doesn't surprise me that they guy wearing a baseball cap at an open house is unprofessional. You aren't at a sunday bbq. You are handling a large transaction, take it serious, dress the part or get out of the business. Just screams part timer.
Taureg yeah and not to mention his arm tattoo collage and inability to articulate his craft
Taureg He has forgotten about his ethics.
"dress the part"? I dont think you've been surrounded by successful people. The only people who constantly have to dress up are people like me who are pawns in a business just out of college/high school. All the millionaires I know, whether lawyers or doctors or IT or real estate, all of them dress casually at least half the time while at work
Hell, the millionaire lawyer I worked for has a dog cage and a pitbull in his office while he himself wears gym clothes at work
These kind of people impress with their actions and reputation and results and likeliness. Sometimes they feel like dressing up, sometimes they dont. What they do, unlike many, is they do what they enjoy so if they feel like wearing shorts with a baseball cap, they will
Drugs man
It looks to me as a Norwegian Citizen that the issue facing Canada on this matter is your laws.
If I'm interested in a house, OF COURSE I need to be kept in the loop if a bid comes in AND what that bid is. That's plain transparency.
In Norway you don't use a real estate broker in order to find a house, the broker that the seller uses represents both of course.
11:38 - she'll use her Proverbs to get the house. Praise the Lord!
Surely, if the gentleman who is overtly upset about the loss of the house, could prove that he'd offered $30,000 more, isn't that enough to void the deal? Another attempt could be to actually go to the current owner's house, & tell him face to face, that he was duped out of $30,000!! Worth a go??
Corruption Corruption everywhere Car insurance cell phone I can go on and on people sleep don't complain government let's them companies do what ever they want the most expensive phone bills in the world you pay so much for nothing.
I fail to see any corruption going on here. The seller wants the most out of the sale. If one buyer brings a higher offer and the other people don't welp its going to the highest bidder. Simple
It's not going to the higher bider! Didn't you see the guy that offered $30.000 more for the house and the realtor just ignored his offer to get the double comission?
based on how dude was acting its clear he had a deeper connection to that house like he literally saw it in his dreams
My prominent hot shot agent had all parties meet in the same room...then spoke in Italian to the other agent who appeared at that moment to be friend....needless to say I lost out on many thousands of dollars.
Marketplace has some of the best journalism I have ever seen for consumers.
It is a good thing for market. There are too many middle mans between transactions, RECO is source of this problem and it should be eliminated
Limited or dual agency is freaking awful and really shouldn't be legal. These types of deals aren't legal in several states here in the US. Don't let someone have both sides EVER!
So, bidding is 100% perfect with no negative aspects? Would a bidding market drive the price of homes even higher? Is it better for consumers to buy a home in a hurry, based on fear and stress, as opposed to going through a slower process? Can everyone in the bidding have the chance to calmly inspect and visit the house in order to make a well-paced and educated decision? I don't know much about Aussie real estate market however, it looks Marketplace picked only the aspects that could seem positive. Good intention Marketplace, but really poor outcome.
My thoughts as well on the actual bidding environment. They do allow for homes to be inspected by the buyer prior to closing and homes are listed and available for showing prior to the auction. The buyers don't just show up. However, I wouldn't want to bid on a house in that environment.
Marketplace is the best show that all Canadians should watch !!! It educates us to reality .
Are your agent allowed to tell you how many other bidders there are? One of my family member was buying a house her agent told her there was another bider so she need to raise her offer. We later found out from the seller's agent that her offer was the only one they received at that time.
As a realtor in the US thats pretty mess up,we do have intermediary representation ,but now most of the brokerage companies dont want to take the risk to get into legal issues for dishonest agents,so they either represent the buyer or the seller but dual agency is banned in Texas but not Intermediary representation which at the end of the day is kinda the same thing but in a sophisticated way
I actually feel bad for that guy... He deserved that house, what with his $30,000 over pay... :/ :( 7:59PM 6/26/2017
Twistie Fresh if he was not white politicians and cops would have been all over the Real estate agent.
Yeah, feel bad for Kevin The man
I am not surprised about these greedy double dealers, the public needs to be aware of these cons, thanks for the heads-up.
I never understood why realtors get % of the sale... flat fee and let them earn their money.
Joshua Smith listing and marketing paperwork is pretty easy. Some agents spends too much for ad.$300K home and $3M home requires the same procedure. Lawyers charge the same fee that nothing to do with sale price of a home. Homeowners shouldn't give up their hard earned equity to agents for a few hours of paperwork. Flat fee, or FSBO is the solution.
You can't sell back a service. Someone can decide not to buy/sell something, they still gotta make their cut for their work...like selling sneakers. They get commission for each pair sold. Even if they're returned, their efforts are still compensated.
Jamie Hill Flat fee or hourly rate, they still get paid.
9:35 then take the 30k and sell it to them? am i missing something here? you could even ask for 40k righ? for the trouble?
One of these agents works at Willodale area and she has absolutely no believe and respect to the Code of Ethics whatsoever.
So for the auctions. Do they show up with a lenders letter? What about contingencies or are they mostly “as is” ?
So for buyers double ending is great, but for sellers it is bad.
The truth is finally out!
As someone who has worked on 100% commission it NEVER works out for the buyer. Get rid of commission and you’ve solved the predatory behavior. I quit because I couldn’t take it.
Scammer lady : “I use my pover in order you get the house”
Spy girl: 🕵️♀️ “ you use your what?? “
Scammer lady: “Pover “
Sorry but That took me out !!! I’m wheezing 😭😭😭😭😭😭💀
A $3-K fine on a home where the commission if they don't get caught are $78K on an average home sale? that doesn't sound adequate at all.
- Your what?
- My *pAwVeR*
So the solution is to just move out of Toronto to get a fair shake ??😐 are there updated ideas to fix this
EVERYTHING has to do with $$$$$$ and don't you forget that.
Phuck Ewe duhhh! OK I won't .
What I take away from this is if I am a buyer in this market I should not hire a real estate agent so that I can get the best deal. Awesome.
Why not investigate realtors like CBC just did? You can fine the non compliant realtors and improve the industry. Unless the industry is happy with making lots of money in a hot market market and not concerned with the consumers...
I was interested in a property. I contacted the agent on a Sunday. No response. I contacted her on a Wednesday. Still no response. I contacted her on Thursday advising her that ignoring interested buyers is both rude and unprofessional. I then got an abusive phone call from her manager screaming and swearing at me - saying she was on leave and was too busy with personal family issues to contact me. I had to remind them they have a duty to the seller to sell the property and they should pass it to another agent. Unbelievable!
Let's all go to Australia! North America (US and Canada) has to many slippery politician.
australia is a great country if you can handle the millions of immigrants taking you jobs and buying all the real estate.
@@silvana8246 🤦🏽♀️
In other professions you get your license suspended or revoked. Real estate couple fines :)
Houses are sold everyday at auction in Ontario. If you like that system, support it! There's nothing stopping you from selling your home that way, and in a market like Toronto, I'd even say it's a great idea. I bet home auctions happen every day in the rest of Canada, too (but I can only say for what I witness personally).
Moreover, there's no need for government interference on this. Realtor is just a trademark. You don't have to be a realtor to sell property in Canada, you just need a real estate license. Therefore, since RECO has sullied their name, start up a new association with a different term that bans double ending entirely. Then advertise what scum RECO are and that people should avoid any RECO property and instead buy from one of your agents.
And if that doesn't happen, again, find an auction and patronize it.
Those auctions are very different. Many times the buyer is not allowed to inspect the house before putting in an offer. It's simply not the same thing.
Thank You Marketplace
We need this for the Truth in Everything
Thank You for the Truth
Many Blessings