Improving the Business of Industry Professionals

Over the past few months, the Real Estate Council of Alberta (RECA) has heard time and time again from industry professionals that they want RECA to remain the “police” of the industry. They’ve told us that RECA is a regulator and needs to regulate.

There’s no arguing with that. Section 5 of the Real Estate Act is very clear that one of the purposes of Council is to set and enforce standards of conduct for the industry and the business of industry members. Section 5 of the Act further states that RECA is to administer the Act, Regulations, Bylaws and Rules. That’s another function and a purpose of RECA.

But did you know section 5 of the Act also says Council is to provide services and other resources that, in the opinion of the Council, enhance and improve the industry and the business of industry members? Council enhances the industry in ways that are tied to its mandate and in harmony with other industry associations and stakeholders.

While RECA has always—and will always—devote significant resources to setting and enforcing standards of conduct and to administering the Act and Rules, lately, it is dedicating additional resources to fulfilling Council’s other purpose by:

• Producing consumer-friendly videos more frequently.
• Sponsoring and attending industry events.
• Attending and participating in social media exchanges.
• Partnering with other industry associations on initiatives and projects that work towards overall betterment of the industry.
• Hiring a Real Estate Practice Advisor to respond to broker and broker delegate questions with practical, timely information and to conduct presentations to brokerages and industry organizations on real estate brokerage practices and regulatory issues.

All of these activities come under the broad umbrella of improving the industry and the business of industry members. RECA attends events that Alberta industry professionals attend as it’s important that RECA is recognized as a resource for and a participant in the ecosystem of Alberta’s real estate industry.

A lawyer in attendance at RECA’s Symposium on Self-Regulation commented that when lawyers join the Law Society of Alberta, they’re made to feel like they are genuinely part of something. The sense out there is that the same is not true about professionals within Alberta’s real estate and mortgage brokerages.

In the past, professionals in those industries have told RECA they believe there is an “us vs. them” mentality. That needs to change and, in fact, is changing, as RECA focuses on improving the business of the industry and industry professionals. Much of this will occur through collaboration and cooperation, with other organizations, regulators and individual industry professionals.