With Toronto Real Estate Board’s final appeal to the Supreme Court being denied, the ongoing legal battle about real estate sold prices being made public is finally coming to an end. But for many innovative companies, this is just the beginning of what they hope is a change in the way Canadians trade in real estate. Now that there is finally some clarity about the future, there will be a flurry of activity as real estate companies try to capitalize on a changing market.
The most pressing issue is how having access to sold data will impact the behaviour of buyers and sellers right now. This used to be one of the most important services a real estate agent could offer, but now homeowners will be able to figure out the approximate value of a house through sold data available online. Especially in a busy market like Toronto, pricing a home isn’t rocket science when there are so many comparable properties to choose from.
Armed with these new tools, homeowners will be much more comfortable going through the selling process without the services of a traditional real estate agent. This change will spur a plethora of new and innovative options in real estate.
There will be both reduced commission and flat fee options where you can pick and choose what services you want. There will also be technology companies who will create pricing algorithms now that they have access to the sold data. In many cases, these algorithms will be more accurate than the opinion of a single real estate agent, and they will quickly become an important part of any real estate transaction.[Read Me…]