The proposal to amalgamate the real estate boards of BC and BCREA is a historic initiative. Here are five things you need to know.
1.) You'll vote on this proposal later this year.
Nothing will happen without your approval. The members of each Board will vote on whether to support the proposal.
The exact wording of the motion you’ll vote on will be available soon.
The plan is to have all boards vote on the same day. The vote date was tentatively scheduled for the end of June, however this has now been pushed back to later in the year. We'll announce a new date soon.
To be successful, a minimum of four real estate boards with a collective membership of 15,000 or more would need to vote in favour along with BCREA. Seeing as our Board represents nearly 13,000 of the approximately 20,000 REALTORS® in the province, this amalgamation cannot go forward without REBGV's participation.
2.) The transition would take 12 to 18 months.
If the vote is successful, planning would begin soon afterwards to incorporate REBGV into the new entity. The transition would likely take between 12 and 18 months. If the vote is unsuccessful, REBGV will remain in place.
3.) Your fees would not change.
The new entity would incorporate REBGV's fee structure. This means nothing would change for you when it comes to your dues and fees in the new organization. The fees for other Realtors may go up or down depending on their current structure.
Here's how the fee structure would break down:
- CREA monthly dues are unchanged at $26
- Your monthly dues would remain $58, and include the $19 monthly BCREA dues
You’d continue to have the option of:
- A monthly $70 fixed MLS® transaction fee; or
- $200 per-transaction success fee on both sides of a deal.
4.) A single entity would have more resources and a streamlined structure.
Under a single provincial structure, you'd have:
- Streamlined decision making: a single governance structure;
- A single MLS® with the same rules, forms, fees, and processes across BC;
- Consistent professional standards with uniform interpretations, enforcement, and fines;
- One voice advocating government and in the media;
- A complete BC-wide MLS® data set; and
- More resources to capitalize on opportunities, such as enhanced education and more prominent Realtor public image campaigns.
5.) The proposed new organization would have a central service centre, six branches, and several chapters across BC.
The proposed organization, tentatively named REALTORS® of BC, would have a central service centre, six branch offices, and several chapters across the province. Members would belong to at least one chapter based on their location. They would operate like our current geographic Areas.
Branch offices would be located across the province and would deliver local, member-facing services to Realtors. They would supply lockboxes, local education, and chapter services.
The central office would deliver the core services to the province. These would include the MLS®, education development, professional standards, advocacy, government relations, economics, communications and media relations, and standard forms.
The proposed governance would include:
- A Board composed of eight Realtors and three public (non-Realtor) directors. To ensure proper representation, a minimum of four of these directors would be from outside the Lower Mainland.
- Directors that would be elected at large, meaning all members would vote for all directors. Similar to the processes we’ve recently implemented, all directors of the new organization would have to go through a robust nominating committee, with a skills, experience, and a diversity matrix.
- Four committees: Audit, Governance, HR, and the Nominating Committee that would support the Board. All other “advisory” committees would report to the CEO.
