globeandmail.com: Ottawa's real estate targets exceed market appraisals

I still don't have a problem with the government selling it's real estate assets. If it makes economic sense to sell and will save the taxpayer some money, then I say it's worthwhile.  What really chaps my $%^ is the way in which this is being handled.

Not only have they engaged banks, rather than REALTORS to "handle" the sales, but they are trying to keep the details "confidential".  Sorry, that's not the way it works.  I've been doing this kind or work for a decade, and if you want to maximize return, then you need to expose an investment property to the greatest audience of potential buyers possible.  That means using MLS and the professionalism of trained Commercial REALTORs.  

Link to globeandmail.com: Ottawa's real estate targets exceed market appraisals

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The government is breaking the law!

I am absolutely livid about this one. The federal government appears to be breaking the law in a bid to sell and leaseback several of its office buildings. This article from the Globe and Mail tells the tale.



What really irks me as a REALTOR is that the banks are not licensed real estate brokerages in Canada. Some of them do have brokerage arms, but it isn't clear in this case whether or not the banks in question do, or if they do, that they are using those brokerage divisions. What I see is a couple of banks giving real estate advice and offering brokerage services without a license.



There have long been unlicensed practitioners out there in commercial real estate - those of us in the trenches see them every day. That doesn't make it right; and the Canadian Government should not, under any circumstances be condoning this!



I will be contacting the regulating authorities about this and will post back if I get anywhere.





Technorati Tags: commercial real estate, canada, government, illegal

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