Consumer protection, registrant satisfaction, and brand awareness are critical components that significantly impact RECO’s performance.
In 2023, RECO took significant strides to enhance consumer protection through targeted initiatives and informational resources, including the introduction of RECO’s Information Guide. The comprehensive guide is designed to empower buyers and sellers in making informed decisions throughout the real estate transaction process. Under TRESA, a brokerage or real estate agent is required to provide the guide to prospective clients and self-represented parties before any services or assistance are offered.
Other consumer protection efforts, such as comprehensive brokerage inspections, are fundamental elements of enforcement and education. By ensuring that brokerages and real estate agents adhere to professional standards, RECO protects consumers in the public interest and promotes a safe marketplace.
Performance measure | 2022 | 2023 | 2024 |
Brokerages inspections | |||
Target # of inspections | N/A | 900 | 1,050 |
# of completed inspections | 777 | 888 | TBA* |
* Number will be published at fiscal year end.
Performance measure | Goal | 2021 | 2022 | 2023 |
Brokerages | ||||
% of inspected brokerages requiring no further regulatory action | Maintain or improve the % of inspected brokerages that comply with regulations and require no further regulatory action | 93% | 89% | 88% |
Real estate agents | ||||
% of registrants subject to complaints and/or regulatory action | Maintain or improve the % of registrants who are subject to complaints and/ or regulatory action | 2.7% | 2.2% | 1.8% |
Registrant satisfaction is equally important to RECO's performance. RECO's commitment to enhancing registrant satisfaction through responsive customer service, fair enforcement practices, and clear communication helps cultivate a culture of professionalism and accountability among real estate agents and brokerages.
We regularly conduct surveys among registrants to monitor various aspects of RECO’s work, including registrant satisfaction with RECO.
Performance measure | Goal | 2019 | 2021 | 2023 |
% of registrants satisfied with RECO overall | Maintain or improve the % of registrants who are satisfied with RECO overall | 71% | 76% | 69% |
% of registrants satisfied with the outcome they had when interacting with RECO | Maintain or improve the % of registrants satisfied with the outcome of their interactions with RECO | 74% | 77% | 74% |
Brand awareness helps to shape stakeholder and consumer perceptions, reinforcing RECO’s position as a trusted regulator with a consumer protection mandate in the real estate sector.
Awareness of RECO’s brand and its mandate is most important to active consumers, e.g. those who are trading in real estate or intend to – which at any given time would include only a small portion of the overall population of Ontario.
We regularly conduct surveys among Ontario consumers to monitor various aspects including their awareness of RECO.
Performance measure | Goal | 2018 | 2021 | 2023* |
% of consumers aware of RECO* | Maintain or improve the % of Ontarians who are aware of RECO | 33% | 14% | 23%** |
* Based on surveys of a sample representing the general population of Ontario.
** Survey conducted in late 2022; results reported in 2023.