Personal Finance

Dissapointed with realtors, should I be expecting more?

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  • Dec 14th, 2013 12:58 am
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Member
Mar 31, 2013
396 posts
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Toronto
I went with St Lawrence Market neighborhood. Quick walk to work (assuming work downtown), easy to get to the subway for transit if I ever need it, plus everything in terms of shops/bars/restaurants is walkable (the actual market is a huge plus for me too). I'm not a big fan of any of the areas sirex mentioned because of lack of good transit (as you mentioned, the bottle-neck with the street car), plus 20+ minute walk to work. Everyone has different preferences though. If you are considering Liberty Village that is west of downtown, you could also go just as far east and look at Lesliville on Queen East, which is an up and coming neighborhood.
Deal Fanatic
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Jan 6, 2011
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GTA
Same situation. You are expecting too much from the wrong person, and your notional may just be too small for seasoned realtors. Seasoned realtors have own money on the table too, so they suggest what they will buy and tell you why. It happened in 2009 a client of my current realtor got scared and panic sell, my realtor offered on the same price, turned that property into multiple rental units, worth twice as much today and then he gave to one of his children.

There are 5% of realtors are plain fraudsters, 5% are job seekers, 80% administrative service providers, then 9% of realtor who knows the nooks and crannies, then comes the 1% who are investors with license, also earns a fee.

My suggestion is use the agents as what they are, administrative/transaction services, and negotiation the rate accordingly. Don't pay more than 1%. It does not mean if someone spent advertizing dollars he or she would be good.
Deal Fanatic
Jul 3, 2011
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Thornhill
LongLiveRFD wrote:
Dec 13th, 2013 10:53 am
Same situation. You are expecting too much from the wrong person, and your notional may just be too small for seasoned realtors. Seasoned realtors have own money on the table too, so they suggest what they will buy and tell you why. It happened in 2009 a client of my current realtor got scared and panic sell, my realtor offered on the same price, turned that property into multiple rental units, worth twice as much today and then he gave to one of his children.
That could be an actionable offence. That did your friend-their client do about it?
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licenced wrote:
Dec 13th, 2013 9:03 pm
That could be an actionable offence. That did your friend-their client do about it?
How do you mean?

This was right before the '09 crash the client bought a house. After seeing the bottom the client got scared and if the client was to sell it at that time, it would have to be sold at a loss or very long days on market and then loss. Instead of taking the loss, the realtor took over at the same price and the client walked away. SO my realtor basically overpaid, not much, like 10%.
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Jul 3, 2011
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Thornhill
You said
LongLiveRFD wrote:
Dec 13th, 2013 10:53 am
Seasoned realtors have own money on the table too, so they suggest what they will buy and tell you why. It happened in 2009 a client of my current realtor got scared and panic sell, my realtor offered on the same price, turned that property into multiple rental units, worth twice as much today and then he gave to one of his children.
Client is an explicit term, it means that your friend was being represented by the Realtor.

The Realtor's first obligation is to their client and should not be offering on their's client's property.

You also stated it was a "panic' sale, which their Realtor would or should know and cannot take advantage of. The obligation is on the Realtor to advise the client to seek independent legal advice and to make proper disclosure of their intended use of the property.
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licenced wrote:
Dec 13th, 2013 9:55 pm
You saidClient is an explicit term, it means that your friend was being represented by the Realtor.

The Realtor's first obligation is to their client and should not be offering on their's client's property.

You also stated it was a "panic' sale, which their Realtor would or should know and cannot take advantage of. The obligation is on the Realtor to advise the client to seek independent legal advice and to make proper disclosure of their intended use of the property.
IMO if I were the client my realtor was representing at the time, and I see no offer and other transaction went down with the market and the highest bid was from the realtor who was representing me and at the same price including all fees paid for the original offer i.e. walking away free, would I take a immediate loss? or sell to my realtor? or expect higher sale price from my realtor?

I am sure there's procedures to follow (advising the client to find another realtor to represent as seller agent). And it's possible any realtor would actually compete with his clients interest given they are active investors. I am only mentioning this instance that, I would prefer my realtor to pick properties that he/she would actually own themselves. My realtor didn't have to do this, if it weren't that he also believed the property was good and it's good use of his own funds.

Recently I also cold called several agents, they all tell me the same thing:
1. Here is this VIP presale at Yonge and Rich, everyone of them did. I said I wanted existing building. And how the hell is something VIP if everyone has access to?
2. I got this client readying to sell this unit, we might do this private sale. I said here is the list of high rises I am looking, unless there's reasons for others.
3. I will show you few properties and see which one you like (I don't want to view properties because it's viewable; in fact, most of my target doesn't have any listing today so I can only go by the pictures on archived deals).

I apologize if my comment was offensive, it wasn't meant to be. There are seasoned realtors out there (I personally know two), possible they will not take cases under $1MM, but they all have their own money where their mouth is as well as track record. What Op can still do is at least talk to them. Talking is part of this business.
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Jul 3, 2011
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Thornhill
No worries, your comment isn't offensive.

If you're comfortable with your Realtor who is representing you in a sale bidding on your property then that is a consent you must freely give and should only give with proper disclosure by the Realtor and after independent legal advice.

The most important point is that a Realtor should not be representing a client and also their own self interets. This is a contenious issue and a conflict of issue in that the Realtor's first, foremost and last obligation is to their client. That they are active investors and would know which properties to pick should be used to the advantage of their client. If they use such information in their own best interests and not the client's, then they should not simultaneously be representing their client.

Let's put it another way. You're being sued by a lawyer and you hire that same lawyer to represent you. Knowing full well that the lawyer would favour one of you, whom do you suppose it would be?

I don't understand what you're trying to convey with points 1-3 probably because it's been a long day, it's late and I'm tired.


LongLiveRFD wrote:
Dec 13th, 2013 10:28 pm
IMO if I were the client my realtor was representing at the time, and I see no offer and other transaction went down with the market and the highest bid was from the realtor who was representing me and at the same price including all fees paid for the original offer i.e. walking away free, would I take a immediate loss? or sell to my realtor? or expect higher sale price from my realtor?

I am sure there's procedures to follow (advising the client to find another realtor to represent as seller agent). And it's possible any realtor would actually compete with his clients interest given they are active investors. I am only mentioning this instance that, I would prefer my realtor to pick properties that he/she would actually own themselves. My realtor didn't have to do this, if it weren't that he also believed the property was good and it's good use of his own funds.

Recently I also cold called several agents, they all tell me the same thing:
1. Here is this VIP presale at Yonge and Rich, everyone of them did. I said I wanted existing building. And how the hell is something VIP if everyone has access to?
2. I got this client readying to sell this unit, we might do this private sale. I said here is the list of high rises I am looking, unless there's reasons for others.
3. I will show you few properties and see which one you like (I don't want to view properties because it's viewable; in fact, most of my target doesn't have any listing today so I can only go by the pictures on archived deals).

I apologize if my comment was offensive, it wasn't meant to be. There are seasoned realtors out there (I personally know two), possible they will not take cases under $1MM, but they all have their own money where their mouth is as well as track record. What Op can still do is at least talk to them. Talking is part of this business.

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