What I Want to Know About Multiple Offers

It may not be the 2021-22 market, but I know many of you still deal with offer deadlines, and multiple offer situations.

This week I put together a video breaking down what Ontario's Trust in Real Estate Services Act actually requires in those situations.

The short version:

1. Listing agents are required to disclose the number of competing offers to every buyer making one.
2. If a commission arrangement exists that could influence which offer the seller accepts, the details of that arrangement have to be disclosed to every competing buyer before any offer is accepted.
3. Sellers have the right to direct their listing agent to share the substance of competing offers openly (though many of you include a clause in your offer that restricts this).

That's what the legislation says.

But I started my career as a Realtor back in 2016, and while multiple offers were picking up then, I was out of the brokerage side before TRESA came into force.

So I don't know what this looks like on the ground right now and I'd rather hear about your real experience.

A few things I'm curious about...

• On the number of offers — when you're representing a buyer, are you submitting an offer summary only and waiting to finalize price at the deadline or are you relying on the listing agent allowing you to revise your offer if others come in?
• On the commission disclosure — are these type of arrangements still common after the TRESA changes? What reduction amounts are you seeing?
• On transparent bidding — has anyone ever actually been in a deal where the seller directed their agent to share offer details? I'm curious how it plays out logistically.

Just hit reply — I want to know what you're seeing out there.

Or let me know if I missed anything...

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