The fact that homeowners can choose to sell their property by themselves is a fundamental right that the real estate brokerage industry respects. However, DuProprio’s ads make malicious remarks and systematically denigrate the work of brokers and their commission. The ads treat consumers like they are crazy for choosing to be accompanied by a professional real estate broker who has had substantial training, is governed by law and a strict code of ethics, and who contributes to an indemnity fund that protects the public in case of error – all assets sorely lacking by DuProprio’s “coaches”. The result is that a significant percentage of DuProprio clients end up using the services of a real estate professional, having paid unnecessarily high fees for a sign, photos and web presence.
Keep in mind that a botched real estate transaction can negatively impact an individual for a very long time. Buying a home is usually the largest investment of a lifetime and the owner’s main asset. This fact means that the transaction should be regulated and conducted by trained professionals experienced with the potential risks. In contrast, a person who buys or sells their property with no intermediary does not have the training and expertise to act effectively in a field that is increasingly complex given the diversity of laws, regulations and issues relating to co-ownership, disclosure, wetlands, pyrite or unstable soil, for example.
To illustrate the complexity of a real estate transaction, we could also mention the need to provide advice concerning lifestyle, analyze past and comparable transactions, assess fair market value, negotiate, draft the promise to purchase and other forms, and provide professional referrals, which become even more complex when it comes to buying a condominium.
DuProprio has chosen to be part of the real estate industry without having to comply with current laws and regulations. They call themselves real estate “coaches”, but do not have any training, are not subject to any form of ethics and are not covered by any indemnity fund or professional liability insurance. The risks associated with such companies have also been documented in the context of several court cases. The Superior Court has repeatedly affirmed that the intervention of a real estate broker increases the pool of buyers, makes the transaction secure and reduces risks.