True Patriot Love - September 19, 2025


Discover the hidden truth about realtor commissions and the potential impact of the IPRO entity.

Hosted by
Shara Micucci Mike Wixson
Mentioned
Owen
Barrie Is Under a State Of Emergency Over Homeless Encampments #barrie #homeless #drugs #crime # Carney’s ‘Major Projects’ Plan： Real Progress or Political Illusion？

Episode Stats


Length

1 minute

Words per minute

171.33

Word count

237

Sentence count

9


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode of the Real Estate Central podcast, I talk about the fallout from the announcement that builders are refusing to pay the additional 2% on closing because they have a contract with a defunct entity called iPro. This means that when that 2% commission comes due, tens of millions of dollars worth of losses will be incurred by realtors.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 big story is the one everyone's missing. This is important because you have to understand the way
00:00:04.660 realtors are actually paid on commissions. They're paid 4% of the purchase price, 2%
00:00:11.100 up front normally, 2% up front, 2% on closing. The problem, the undisclosed problem, where the
00:00:19.500 vast majority of the hit is going to be taking place is when builders refuse to pay the additional
00:00:25.920 2% on closing because they have a contract with a defunct entity called iPro. It's when that 2%
00:00:31.800 commission comes due, which is possibly with, I'm not trying to exaggerate this, but tens of
00:00:38.840 millions of dollars that is due in Owen because we had 2,400 practicing agents in the height of
00:00:44.240 market in Ontario, in the core of where Real Estate Central took place. And we have all of
00:00:51.120 these condos closing, the likelihood of builders who are very much hurting right now because of
00:00:56.700 where they are in the real estate cycle and looking for any cost savings possible to deny
00:01:01.660 the 2% because they know that IPO either won't enforce or is not a viable entity, depending on
00:01:07.140 what happens to it, is very real. And that's not covered by insurance. And it's not identified yet
00:01:15.200 because so many people haven't yet hit that stage and they don't realize they're not being paid.
00:01:20.020 But that's where the true pain point will come for realtors from this scandal.