Agents are applauding RECO’s latest regulatory update – a move they hope will stop rule-breaking agents dead in their tracks.
“If they’re fined, they won’t break the rules,” says Elli Davis, a sales rep in Toronto. “I wouldn’t break the rules, but if I did and I was fined, I wouldn’t do it again. If you’re caught for speeding you usually slow down.”
RECO – and many successful sales reps, for that matter – argue that those agents who value their real estate licenses will avoid such unsavoury activities. The rest simply won’t care if their license is revoked, effectively removing them from the profession.
“It’s more (realistic to have) preventative measures and more punitive measures,” says David Fleming, a Toronto-based agent. “(It will) make people think, ‘I value my rea l estate license for the next 50 years. It’s not worth misrepresenting someone today to sacrifice the dollars down the line.’”
In addition, having a concrete punishment attached to the crime will, hopefully, make agents think twice before they engage in such practices.
“It’s too risky,” Davis says. “Why risk your license if you get caught? Why risk getting fined? You should never fabricate anything – not only in real estate! But (your real estate license) is your livelihood. Anyone who does that shouldn’t have a license.”