In Episode 31, realtors Mark Savel and Joey Virgilio dive into the upcoming changes in the real estate industry with the introduction of the Trust in Real Estate Services Act (TRESA).
Coming into effect from December 1, 2023 these changes have significant implications for buyers, sellers, and real estate professionals alike, altering the way real estate transactions are handled, especially within bidding wars.
The duo also discuss their personal experiences and opinions on these changes and their potential impacts. The episode is sprinkled with fun banter and anecdotes, giving listeners an insight not just into the world of Toronto real estate, but also into their engaging working relationship.
(00:00) Introduction and Episode Overview
(00:45) Meet the Hosts: Mark and Joey
(01:55) Personal Updates and Birthday Celebrations
(02:42) How Was Your Week, Where Did You Eat?
(04:40) Birthday Surprises and Toronto Maple Leafs Game
(08:56) Transition to Main Topic: Changes in Real Estate Regulations
(11:17) Discussion on New Real Estate Regulations: TRESA
(15:46) Impact of TRESA on Multiple Offers and Bidding Wars
(21:50) Market Strategy and Client Choice
(23:47) The Impact Of TRESA on Prices
(24:35) Coffee Break and Casual Chat
(25:09) Designated Representation
(25:24) Understanding Multiple Representation
(28:59) The Shift to Designated Representation
(32:29) The Concept of Self-Represented Party
(39:12) The Impact of Changes in the Real Estate Industry
(41:51) Closing Remarks and Shout-Outs
Where You Can Find Us
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Mark Savel: https://www.instagram.com/torontolivings/
Joey Virgilio: https://www.instagram.com/joey_torontolivings/
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