RECO’s new Strategic Plan: a bold commitment that will build trust in the industry
Earlier this fall, the Real Estate Council of Ontario (RECO) released a Strategic Plan for the next five years that’s bold in tone and bold in its commitments: Modern Regulation for a Dynamic Marketplace. This plan enhances our commitment to being a modern, progressive regulator by embedding transparency and accountability at the heart of everything we do.
Our plan will positively impact Ontario real estate salespeople, brokers and brokerages in a number of ways.
RECO will be heavily engaged in the process to reform the Real Estate and Business Brokers Act, 2002 (REBBA), with an objective to better protect consumers, build public trust in the industry and reduce administrative burden.
When the previous government announced its intention to reform REBBA, RECO delivered a number of recommendations, including:
- Tightening the rules to eliminate multiple representation, and moving towards a model of Mandatory Designated Representation (MDR);
- Providing RECO with rule-making authority so we can nimbly adapt to a changing marketplace; and
- Empowering our Discipline and Appeals Committees to revoke or suspend registrations.
While the future of REBBA reform is uncertain, we remain committed to this vital initiative. We will make the case to government that just like any other system to meet today’s needs, REBBA requires an update.
We will provide registrants with improved information and guidance on professional standards.
In June, RECO released a Registrar’s Bulletin on the rules registrants must follow when they use lockboxes. The bulletin was widely applauded within the real estate brokerage industry for providing greater clarity to registrants. We want to make it easier for you to understand, and then follow the rules.
In addition, when the new Registration Education program launches next year, it will include a Knowledge Management System with checklists, guides and other useful resources. This database of materials will be available to all registrants.
We will increase our ability to strategically monitor the real estate environment
In order to be a modern and progressive regulator, RECO must be able to take proactive action. Through technological advancements and evolving business models, the real estate marketplace has changed dramatically in recent years. To meet this changing environment, we will expand our ability to collect and analyze greater amounts of data.
Our most valuable source of on-the-ground information is our registrants. We want you to tell us what’s going on, and how we can be a more effective regulator. Going forward, we will find more ways to hear from you and discuss emerging issues.