(TORONTO, ON) – HomeLife Realty Services Inc. applauds the Government of Ontario on the recent passage of the Trust in Real Estate Services Act, 2020 (TRESA). We believe it is consistent with HomeLife’s mission to bring higher standards to the entire real estate industry. The passage of Bill 145 not only modernizes the rules for registered real estate brokerages, brokers, and salespeople, but presents new opportunities for HomeLife Members to reach new levels of success in growing their business.
Why TRESA is Good for REALTORS®
These new regulatory changes are designed to both enhance the ethical requirements of REALTORS® and improve professionalism – two qualities that HomeLife has always sought to instill in every one of its Members from the beginning, and further developed with the launch of its FIVE STAR Higher Standards Service Certification Program last year. Bill 145 builds on this by allowing individual real estate professionals to incorporate.
This change opens a new world of possibilities for REALTORS®,” said Andrew Cimerman, Founder & CEO of HomeLife Realty Services Inc. “By allowing REALTORS® to incorporate, they will have more resources to spend on their listings, marketing, and modernizing their businesses. HomeLife can instantly help all Sales Representatives to incorporate so they can start operating as quickly as possible to benefit their business.”
Through incorporation, REALTORS® will enjoy a lower tax rate, freeing up assets that can be invested back into their businesses during good years, and preserved during market slow-downs. These changes will also give Sales Representatives the flexibility to hire other professionals to help them stay organized while growing their operations, including accountants, bookkeepers, and administrative staff.
“The Trust in Real Estate Services Act has the potential to unleash a new wave of growth in the industry across the province,” said Mr. Cimerman. “HomeLife stands uniquely suited to empower its Members to capitalize on this legislative change by assisting them at every step on their journey to incorporation by offering a complete package of services designed to make the transition as smooth as possible, letting them focus on what they do best.”
“This is a gateway to greater success,” he added.
Why TRESA is Good for Families
As more REALTORS® begin to incorporate under TRESA with new programs like that offered by HomeLife and build their wealth, their families will be able to enjoy greater financial security.
“It is a well-known fact that in this industry, no two years are alike,” said Mr. Cimerman. “By taking advantage of this opportunity, HomeLife can continue to assist its Members and their families to increase their wealth with each passing year, giving them the financial freedom to make the right decisions.”
Why TRESA is Good for Ontario
The modernization of industry regulations will not only benefit individual REALTORS® and their families, but have additional positive outcomes for the province as a whole. With the increase in incorporation by individual Agents, the province stands to benefit immensely from the additional tax revenue generated from this shift.
“TRESA will make this province the North American leader once again when it comes to a well-regulated real estate market,” said Tim Hudak, CEO of the Ontario Real Estate Association, in a Government of Ontario press release announcing the change.
HomeLife Realty Services is glad to see Ontario’s real estate industry receive this legislative update that will positively impact its Members and their families across the province. It will be a seamless addition to our FIVE STAR Higher Standards Service Certification program.
As we continue to provide the best experiences for Clients, HomeLife stands ready to lead Sales Representatives and Brokers at every step on the way to reaching higher standards locally, nationally, and globally. Any salespeople looking to boost their career in real estate, increase their wealth, or know more about the FIVE STAR Higher Standards Service Certification program should not hesitate to contact HomeLife today.
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HomeLife Realty Services Inc.