There has been considerable press lately on Phantom Offers in our marketplace. Just last week, The Toronto Star reported on a story concerning a transaction in Kingston and how a listing agent apparently used a Phantom Offer to manipulate the sale of a listing.
At no time has there ever been a complaint from the public or our governing bodies concerning the actions of any RE/MAX Hallmark Realtors relating to Phantom Offers. To use the tactic of a Phantom Offer would be in total breach of our duties to our clients and quite obviously would impact on our integrity as a company.
However, there is a growing perception by many that the process presently employed by our industry and our company could invite problems. To deal with this perception, we are instituting the following company wide policy, effective immediately.
In Multiple Offer situations when we are representing the seller, it will be the company wide policy of RE/MAX HALLMARK Realty Ltd. and it's Realtors to disclose in writing, the name and company of all Realtors, who have registered an Offer on the property. This disclosure will be made, upon request to all co-operating brokers involved in the process, and will be provided either before offer presentation or after.
We have waited for TREB and RECO to show leadership on Phantom Offers and this leadership has not been forthcoming. We believe it is in the best interest of our real estate community to lead the way in this situation. We do not believe Phantom Offers are prevalent in our industry, however perception is a problem. This company wide policy is enacted to deal with buyer and buyer agent perception.
Bravo! j.c.k.
Posted by: jck | October 18, 2007 at 03:28 PM