In case you missed it, 20/20 did a great piece on all the backhanded and misleading practices in organized real estate.
Have a look…
I loved this piece!
It really speaks to me, from what I post on my blog, to the things that bother me about organized real estate.
We just had this conversation last week – about agents “fishing” for clients by advertising properties that aren’t actually available for sale.
In the video, we saw how many Realtors will leave properties listed for months (even years!) just to fish for leads, only to tell callers, “That property isn’t available, but I have something similar.”
New York, Toronto; it’s no different. It happens here all the time, and once again, there’s nothing that RECO is doing about it. But how could they? How can they monitor the DAILY actions of 36,000 Realtors in Toronto, and thousands upon thousands of others throughout the province?
Although perhaps there is one glaring difference between the way real estate works in New York and Toronto….
The 20/20 piece noted that there are 27,000 real estate agents in New York City, and with a population (2012) of 8,336,697, that’s one agent for every 309 people.
In Toronto, there are over 36,000 real estate agents, and with a population of 6,054,191, that’s one agent for every 168 people.
And in the time it took you to watch this 6-minute video, eleven people went and signed up for their Phase I real estate exam…