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Should Sold Data be public?

Migos

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#1
Entrepreneurs are trying to put MLS data, including historical sales information, online for all to see. TREB is doing all it can to prevent this.

http://t.thestar.com/#/article/busi...sley-said-via-email-that-hes-out-of-town.html

What are your thoughts? To me, I think TREB is actually devaluing their services. They're essentially saying that if consumers had equal access to info as Realtors, they wouldn't need Realtors. That undermines what Realtors supposedly bring to the table. Nobody would pay tens of thousands of dollars for historical sales information. At some point TREB needs to join the 21st century or they will be left behind.
 

TheKingEast

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#2
Entrepreneurs are trying to put MLS data, including historical sales information, online for all to see. TREB is doing all it can to prevent this.

http://t.thestar.com/#/article/busi...sley-said-via-email-that-hes-out-of-town.html

What are your thoughts? To me, I think TREB is actually devaluing their services. They're essentially saying that if consumers had equal access to info as Realtors, they wouldn't need Realtors. That undermines what Realtors supposedly bring to the table. Nobody would pay tens of thousands of dollars for historical sales information. At some point TREB needs to join the 21st century or they will be left behind.
Yes. It should be. Not good for the agents but good for buyers. I do get a list of all solds every day. Helps me track the market.
 

NorthYorkEd

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#3
It should absolutely be public. Consumers should be permitted to have all the information they need in order to make informed decisions, especially when the dollar amounts are so large. No other industry thrives so much on keeping people ignorant.

I'm proud as a Nova Scotian to say that we did it right (viewpoint.ca). I know many are actively working to bring a similar site to Ontario and I hope they are successful.

Now, if we could only get free (or heavily discounted) status certificates for condos we are interested in, or be able to download AGM reports from each MTCC corp, it would be aces. :cool:
 

James

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#4
Most homeowners you talk to that are not keen on this are simply saying they don't want their friends and/or nosy neighbors knowing how much they paid for their house. While I can understand those sentiments, we also have to realize that everyone and their cousin is a realtor and it's very easy these days to have someone look up a historical sold price for you. The way it is now makes it so that if someone truly wants to find out how much you paid for your house, they can get it but it's not quite as easy as clicking a few buttons. At the end of the day, if someone wants to find out this information, they will find it. With all this said, I think this information should be publicly available, like it is on, say, Zillow in the U.S.

From the realtor's perspective, I think it is largely because it reduces the number of inquiries and interactions with clients and/or potential new clients if everyone has access to this data. It's a sales and marketing tool for realtors that the industry has gotten accustomed to but, using the U.S. as an example, there is no reason why realtors can't thrive and succeed even with this data being publicly available. I think Canadian realtors just need to adapt to the new normal.
 
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#5
I know of at least one real estate agent who specializes in condos who posts historical graphs with sold data by building.

Anybody adept with Google can usually find out info. I have even seen it on Wikipedia.
 

James

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#7
While I support public availability of previous sold prices, I'm curious as for the homeowners out there, what are your thoughts on making public the price you paid for your property? I know some people find it a personal thing (kind of like someone asking you how much you make) but others are more forthcoming about it. What are everyone's thoughts?
 

ponyboy

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#8
I am a homeowner, and because I don't get my ego wound up in the price I paid for my house, I don't have any problem and don't see why people should object. They should see, as potential participants in this market, they will benefit from information availability, and that market makers and gatekeepers have too much power in the current system relative to their contribution. The dividend of opening up information in this market is significant, probably 3% of the purchase price, plus less hassle of hand-holding if you are self-directed and capable of doing your own research. Real estate agents may also benefit because clients will likely come to them with more information, know better what they want, where, what it costs, and what are the pros/cons of those areas. I helped my brother recently buy a property in Port St Lucie, Florida, and the information available on Trulia and other sites make it so much easier.
 
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TheKingEast

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#9
I am a homeowner, and because I don't get my ego wound up in the price I paid for my house, I don't have any problem and don't see why people should object. They should see, as potential participants in this market, they will benefit from information availability, and that market makers and gatekeepers have too much power in the current system relative to their contribution. The dividend of opening up information in this market is significant, probably 3% of the purchase price, plus less hassle of hand-holding if you are self-directed and capable of doing your own research. Real estate agents may also benefit because clients will likely come to them with more information, know better what they want, where, what it costs, and what are the pros/cons of those areas. I helped my brother recently buy a property in Port St Lucie, Florida, and the information available on Trulia and other sites make it so much easier.
Exactly how I feel. I have no problem telling people how much I paid for property either. Don't care about that stuff. In addition, when it comes to buying property, the more info you can get, the better.
 

nfitz

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#10
What's the big deal? Sold data is available in other countries. No one cares. World hasn't ended.

If anyone really wants the data, they can get it now.
 

NorthYorkEd

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#13
Wonder if they sense that the market is changing, and now they need to clamp down on the information so they can continue to manipulate things behind the scenes. What possible downside is there to an informed customer, other than the inability of the industry and it's minions to blow smoke up their ass?

In any event, TREB is wrong, and will eventually be sussed out, along with the rest of those who have fondled and f*cked this market into such a frothy state.
 

Migos

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#14
Wonder if they sense that the market is changing, and now they need to clamp down on the information so they can continue to manipulate things behind the scenes. What possible downside is there to an informed customer, other than the inability of the industry and it's minions to blow smoke up their ass?

In any event, TREB is wrong, and will eventually be sussed out, along with the rest of those who have fondled and f*cked this market into such a frothy state.
I think you hit the nail on the head. Real estate agents prey on the lack of information available to the consumer and use their position as a gate keeper to personally benefit. How else can you explain high school grads with easily replicatable skills being paid $20k for a couple days work? It's market inefficiency caused by a monopoly. Competition Bureau should be all over this.
 

TheKingEast

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#15
I think you hit the nail on the head. Real estate agents prey on the lack of information available to the consumer and use their position as a gate keeper to personally benefit. How else can you explain high school grads with easily replicatable skills being paid $20k for a couple days work? It's market inefficiency caused by a monopoly. Competition Bureau should be all over this.
Pretty harsh. A good agents skills are not easily replaceable. I'm also not of the belief that your level of education should determine how much you should be paid either.

I do think this whole thing looks very bad on TREB though and they can only manipulate the market for so long.