TORONTO, May 24, 2006 - The Toronto Real Estate Board (TREB) recently introduced a new service that will significantly benefit home buyers and sellers. Growth of the Buyer Broker concept has resulted in a need for greater structure on the buyer side of transactions and TREB has answered the call with a new Buyer Registry Service.
The Buyer Registry Service allows TREB REALTORS® to register the existence of Buyer Representation Agreements online without ever compromising the privacy of the buyer. It reduces the likelihood of duplicate agreements, which protects clients from potential liability and ensures a smoother transaction.
Clients have the opportunity to sign a Buyer Representation Agreement early in a transaction. This agreement indicates the REALTOR® has been exclusively retained to make his or her best efforts for the buyer.
TREB President John Meehan predicts that informed consumers will begin to demonstrate a preference for representatives who utilize the BRS. "It's a very competitive market for buyers and some may insist on being represented by the type of REALTOR® who recognizes the value of using TREB's Buyer Registry Service."
The system also has a reverse search function, which offers key benefits to both buyers and sellers.
When details of a listing are entered, the system returns a list of TREB REALTORS® who have potentially interested clients, thereby allowing listing salespersons to target their marketing efforts.
This indication as to the level of demand for a particular location or property type will strengthen the advice that clients receive from their REALTORS® with regard to listing and offer strategies.
"When buyers know how many other buyers are looking for similar product, they can then adjust their budget and approach," said Mr. Meehan.
"The more TREB REALTORS® who use the BRS, the more powerful tool it becomes and that's good news for REALTORS® and consumers alike," said Mr. Meehan.
Serving over 23,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.
