You may have heard the news about the Trust in Real Estate Act (TRESA) coming to Ontario this year. What is it? What does it mean for Realtors®? How will it impact buyers and sellers?
We have put together a few key things you need to know about TRESA in a helpful presentation below.
Here are a few key takeaways:
TRESA is bringing in regulatory changes to the way Realtors® in Ontario operate. Some of the most significant changes include:
Higher Professional Standards
TRESA aims to elevate the professional standards for real estate professionals, making Ontario a leader in North America in this regard. This means you’ll be held to higher standards of accountability and ethics. (OREA)
Changes in Consumer Relations
The legislation brings significant changes in how real estate professionals engage with consumers. For instance, brokerages will now be permitted to enter designated relationships, altering the dynamics of buyer and seller interactions. (RECO)
TRESA is part of an ongoing effort, initiated in 2009, to modernize the legislative framework governing the real estate profession in Ontario. This modernization may include updates to compliance, ethical standards, and transaction processes. (OREA)
Impact on Business Practices
The implementation of TRESA, which began on September 1, 2023, is reshaping business practices for Ontario realtors. You’ll need to adapt to these new practices and regulations to stay compliant and effective in your role. (Real Estate Magazine)
Enhanced Customer Trust
The new law aims to improve consumer trust and confidence in realtors, which could lead to a more favorable perception of realtors and potentially more business opportunities. (Todd Kaufman Blog)
Simplified Client Relationships
TRESA will eliminate the confusing customer relationship status, offering clearer options for buyers and sellers in terms of representation and engagement with real estate professionals. (Duncan, Linton LLP Blog)
Here is a direct link to the Information Guide provided by the Real Estate Coucil of Ontario, click here.
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