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Insight: REIBC blog > Proactive Regulation

Proactive Regulation

posted on 10:39 AM, March 6, 2020
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“These days, change is not just a constant—it’s constantly accelerating,” notes RECBC’s Erin Seeley, remarking on the fast pace of technological development and its impacts on how we live and work.

New technologies allow for the creation of new real estate business models, which require regulators to pay close attention.

“The advent of virtual real estate brokerages is one of the many industry innovations that real estate regulators have a responsibility to understand, evaluate, and monitor in order to ensure that they continue to uphold their consumer protection mandates,” says Seeley. Regulators must ensure that “regulation and enforcement keep pace with change, in order to maintain consumer protection but without stifling industry innovation.”

The Real Estate Council of BC (RECBC), together with the Office of the Superintendent of Real Estate, regulates licensed real estate professionals in British Columbia, ensuring compliance with the Real Estate Services Act.

More than simply responding after the fact, RECBC is committed to proactive regulation, which focuses on preventing misconduct in the first place. “A proactive approach to regulation is grounded in the recognition that all professionals need—and deserve—ongoing guidance, support, and education to maintain high standards of practice,” explains Seeley.

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Download Fall 2019

For more on what it means to be a proactive regulator, see Seeley’s “Protecting Consumers in a Changing World” in the Fall 2019 edition of Input. Download Fall 2019

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