May 4th - 2004

CREA seeks input on changes to its code of ethics

Commercial members are highly satisfied with OREA's standard forms and clauses according to a survey conducted by OREA's Ontario Commercial Council.

Commercial members are highly satisfied with OREA's standard forms and clauses according to a survey conducted by OREA's Ontario Commercial Council. One of the biggest concerns respondents cited was a need for better communication.

The survey, conducted online at the OREA web site last winter, drew 308 responses, representing 12.4 per cent of eligible commercial REALTORS. The survey was conducted to determine if commercial members are aware of, and satisfied with, what OREA has to offer them.

More than 40 per cent of participants were salespersons, one third were brokers and 25 per cent were associate brokers. Over 40 per cent of participants had been licensed for 20 years or longer, while 31.5 per cent had practiced commercial real estate for at least 20 years. At the other end of the scale, 5.3 per cent had been licensed for five years or less, while 5.6 per cent had been in commercial practice for less than five years.

The survey showed high usage of OREA standard forms. Form 500 (Agreement of Purchase and Sale – Commercial) was used by 87.7 per cent of participants, while forms 501 (Agreement of Purchase and SaleCondominium Resale –Commercial) and 520 (Listing Agreement – Commercial – Authority for Sale or Lease) were used by more than two thirds of respondents. Only 6.5 per cent of survey participants did not use any standard forms. Asked to rate the usefulness of the forms on a scale of 1 to 5, where 1 corresponds to ‘not at all useful’ and 5 means ‘very useful’, almost 90% rated the forms a 3 or higher.

The commercial version of the RECO Update course introduced last year won hands down as the most popular of OREA’s commercial courses, with a participation rate of 43.2 per cent. On the same 1 to 5 scale, more than 80% ranked the course 3 or higher.

In a self-assessment, where participants were asked to rate their own awareness of the products and services OREA provides, 21.9 per cent felt they were “not at all aware” of OREA’s commercial membership benefits and services. Fewer than one in 20, or 4.1 per cent, felt they were “very aware” with the balance falling somewhere in between. In individual questions, almost 50 per cent of those who had not visited the commercial section of the web site, had not searched the commercial property database, and had not listed on the commercial database, cited “unaware” as the reason for failing to do so.

When asked to rate the job OREA does in communicating services, the answers reflected awareness levels: 20.2 per cent stated that communications were not at all effective whereas 5.7 per cent considered them 'very effective.'

Results of the survey will be used to improve benefits for commercial members.

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Preparing for the growing 'boomer market' CREA seeks input on changes to its code of ethics

For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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