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Originally posted by KumarM

Just wondering can we list a property on MLS and private? Is there a rule that it cant be done. If so is it a govt rule or just by the local real estate board that is controlled by agents. I dont think there is a govt rule. I may be wrong.

When we list on MLS, we are bound to advertise for 60 days, at least in Ottawa. Dont know how things are in other cities. We can fire the agent anytime, that's not an issue. IMO, the MLS listing price would be higher since the comission (4%-5%) is also factored in. In private listing, the comission part can be taken out, hence less.

Any suggetion/adivce is helpful.

(no offence to RE agents)

KM

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The Competition Bureau says agents are prohibited under CREA's rules from offering consumers the option of simply paying a fee for an agent to list a home on the MLS system. Instead, all consumers looking to list a property must purchase a pre-determined set of additional services from an agent, such as presentation of offers and negotiation of a final deal.

The Competition Bureau says CREA's rules are too restrictive and deter competition.
The tribunal, which has the power to administer severe penalties, will have to decide if the new rules enacted Monday go far enough. Please read further.:

The Multiple Listing Service, a database that is responsible for more than 90 per cent of the sales of all homes nationally, is owned by CREA. Only members are allowed to post homes on the system.

This Real Estate buying and selling is not a game for the feeble minds. It is for those who know how to flip. They know where to buy and it is currently a team effort, with a Mortgage Broker, a Lawyer and RE Agent all in tow. And there are other fees that goes with it, that needs calculating.

The current HST does not make it any easier when they start charging HST on the fees that one has to pay to the RE Agent, the Lawyer. So forget the flipping altogether. It cannot be done as they it is easily done in a lot of after midnight shows and the books that they have on the shelves.

The old system of owning a home and raising a family also needs looking into and currently it is not the topic. It is some thing that needs looking into and when resolved, has merits of its own. More on it another day.

Today, any seller who wants to post a house for sale on the MLS must hire a real estate brokerage to represent them throughout the home selling transaction. The Competition Bureau believes that CREA is forcing consumers to accept services they may not want just to get their house listed on the MLS database and on CREA’s Realtor.ca website. (MLS is individually owned by local real estate boards while CREA owns the national MLS brand.)

Read through this "Move Smartly" Blogs. It is very interesting. : http://www.movesmartly.com/2010/03/competition-in-canadas-real-estate-industry.html#more

The Canadian Real Estate Association has implemented new rules that could open up the real estate industry to greater competition. But the federal Competition Bureau says those rules don't go far enough.

Insiders say that the stumbling block is wording in the new rules stating that any additional service to be provided by the listing realtor is applicable to "regulatory requirements and the Rules of CREA and Boards/Associations."
http://www.yourhome.ca/homes/newsfeatures/industrynews/article/783675--competition-bureau-rips-realtors-reform

Is the issue resolved?. We have to wait to hear from those who are on this Canadian Desi Board to respond back with theirs.

Freddie.

EDIT : http://www.cp24.com/servlet/an/local/CTVNews/20100322/100322_mls?hub=CP24Home
Additional discussions : http://www.remonline.com/home/?p=240