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Toronto Community Housing Corporation is looking for a Realtor

TORealtyBlog

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I’ve been watching the sale of Toronto Community Housing Corporation properties for the last year, and I’m dumbfounded by how its done.

Time and time again, properties are listed for sale, ZERO effort is put into the listings, and they sell for less than I personally believe they woulda-coulda-shoulda sold for if they were listed properly.

I want to debate is how effective the city is at selling off their stock of properties, and whether or not they’re taking the right approach, using the right people, and getting the most money for these assets.

If the city gets $500,000 for a given property, then that money is presumably put back into TCHC somehow. But what if they got $550,000 instead? That $50K could go even further!

But if I know one thing – it’s real estate, and I can tell you that the way the TCHC is divesting itself of property holdings is leaving a LOT of money on the table.

Case in point: an RFP for the plan to sell the next forty-two properties.

It could be argued that TCHC has basically come out and said, “We want to hire the cheapest Realtor in Ontario.”

In their package, they refer to “evaluation criteria,” where basically they give you a report card as follows:

LowestFee.jpg


So their “scoring system” is a function of the “lowest fee proposed.”

Is that REALLY the best way to choose a Realtor to sell forty-two properties for sale on behalf of the City of Toronto, its constituents, and its tax-payers?

TCHC02.jpg


Here's what they are asking for:
TCHC01.jpg


And here are the properties coming to the market:

TCHCList01.jpg
 

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