Vincent Condos 2 . The opening price is 230000 higher. Deal? In residential transactions, whether to break the “blind bid” quotation method is controversial, opinion polls show that more than half of the respondents are in favor.Please Visit: Vincent Condos 2 to Get Your VVIP Registration Today!
But the real estate association opposes it. Some scholars believe that it is time to review the impact of the “blind mark” system on the market and fairness.
“blind bidding” has become a standard practice in residential sales in various provinces of the country, and when multiple buyers set their sights on the same target at the same time, they will bid without knowing the amount of the other party’s offer.
Murtaza Haider, a professor of data science and real estate management at Ryerson University, believes that “there are serious problems with current management methods” and that banning blind labels may have some impact on market price volatility, but more importantly, it will improve efficiency and transparency and bring more trust to the real estate industry.
A survey conducted by Leger, a pollster commissioned by the Canadian Broadcasting Corporation (CBC), found that 52 per cent of people supported the abolition of blind labels, 23 per cent wanted to remain the same, and 25 per cent said they did not know.
Park Jean-hie and her family bought a holiday cottage in Ontario this spring and fell victim to the blind label system with an offer that was 230000 yuan higher than the opening price.
At that time, they experienced fierce competition and were defeated by other buyers four times in a few weeks, and in a subsequent offer, they were told by their agents that they had met their bidders again. This time, Park Jin-hee didn’t want to miss it again, so, assuming there were two opponents, she offered the highest price in mind. “the advice we got was that the offer was about 200000 higher than the listing price, and I offered a little more because I wanted to win the favor.” She later learned from the seller’s agent that she was the only buyer to make an offer.
Park Jin-hee was dissatisfied with her agent and complained to the Ontario Real Estate Council (Ontario Real Estate Association, referred to as RECO). “We feel cheated and manipulated, misled by false information, and tempted us to quote the highest price.”
RECO confirmed that she had accepted her complaint and said that if the agent deliberately misstated the number of bidders, it would be punished for violating its rules, but declined to comment on individual cases. The broker involved said he would cooperate fully with RECO in the investigation, but also declined to comment.
If a real estate agent is found to have breached the rules, the disciplinary actions taken by RECO range from compulsory retraining courses to a maximum fine of $50,000. Park Jin-hee believes that even so, she can only breathe dirty breath, and she will never get back the extra price difference she has paid. “it is really unfair that we will have to take on higher mortgages in the next 30 years or so.”