Brokering a new deal for Managing Brokers

At BCREA's second annual Managing Brokers' Conference in October, Superintendent of Real Estate Micheal Noseworthy introduced a new discussion paper: "Reframing the Role of Managing Brokers in BC." The discussion paper is part of a managing broker consultation process by the Office of the Superintendent of Real Estate (OSRE) that began in fall 2018 with a survey of licensees and a series of roundtable discussions.

The objective of the discussion paper, written in collaboration with the Real Estate Council of BC and the Ministry of Finance, is to review the role of managing brokers within BC's real estate regulatory framework. The paper proposes potential short- and medium-term actions as well as longer-term concepts that are being considered. OSRE will publish their final consultation summary report in early 2020 based on feedback received.

BCREA is working on a submission to OSRE informed by on-the-ground expertise from REALTORS®. BCREA is conducting focus groups with managing brokers from seven boards across BC to understand support and critiques for OSRE's proposed actions, as well as present other solutions proposed to improve the role of managing brokers. In addition, we’re also conducting a survey to give all REALTORS® the opportunity to provide their input on the role of managing brokers.

The deadline for submission has been extended to January 15, 2020.

Photo caption: Superintendent Micheal Noseworthy speaking about OSRE's discussion paper at BCREA's Managing Brokers' Conference

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