The question is, doesn’t a Realtor have a duty to get their client the best price possible? Many, maybe most, Realtors agree that bidding wars are not the way they would like to do business. They are wasteful of the Buyer’s (and Buyer’s agent’s) time, energy and even money (spent in wasted home inspections, in order to bid without conditions).

It has also been said that many, if not most, Realtors also agree that in a hot market, and/or in a market with fewer listings, as unpleasant, and wasteful as the bidding war technique may be, it generates the highest price for the Seller. One Realtor, I know, called it the “lazy agent’s way of having to deal with a listing for only seven days”. He did not even agree that the Seller got the best price that way.

It seems likely that when you try to sell a house in a one week, the Buyer who would ultimately be prepared to put in the highest offer might not even get a chance to view the house, let alone to put in a bid.

What has your experience been in bidding wars? Do you have any tips to share about how you and your clients have dealt with this issue?

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The Bureau intends to take CREA to the Competition Tribunal because it believes that CREA’s control over the MLS limits consumer choice, sets unfair rules and is anti-competitive.

The argument originates from some real estate sellers who consider agent’s commissions too high. For example, a 5% fee on a $500,000 house would be $25,000.  The agents point at a substantial amount of work involved in the real estate transactions, which justifies the fees.

However, the Competition Bureau intends to allow sellers list their properties less expensively on MLS.