Remember last year’s MAC Marketing scandal? Members of the MAC Marketing Solutions staff pretended to be foreign buyers for CBC TV. Two members posed as sisters who were waiting for wealthy Chinese parents to visit and buy them a condominium during the Chinese New Year break. This month the Real Estate Council of BC (RECBC) handed out its punishment. The former manager was fined $1250 and suspended for 2 weeks. While some may argue that this is a slap on the wrist, there is something else to be learned from this incident.
The RECBC has no power over sale associates at these sale centres. This would apply to whether they work for the developer or the marketing company contracted to sell the property. As a result, the two who were part of the deception were not disciplined.
This situation parallels that of the bank mortgage specialists. Like the bank mortgage specialists, the sale centre sale associates do not have a license. They are there to serve their employer. They will tell you what they need to tell you to make the sale. They will not tell you what is wrong with their products or whether somebody else offers something better.
Considering the complexity of the purchase agreement, the large sum of money involved, and the fact that these sales associates are not regulated by the RECBC, I would highly recommend bringing your own realtor to represent your interests in the purchase of a new condo. This is doubly true for first time home buyers!
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