Personal Finance

Selling home privately: experiences with Flat rate MLS?

  • Last Updated:
  • Apr 29th, 2014 6:21 pm
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
We seem to have gotten off topic after the agent posted. I guess paying some money ($300 for 6 months is the lowest I've found so far) to get my home listed on MLS for more exposure, is only beneficial if I put that I'm willing to pay 2.25% - 2.5% ??

I just don't get agents. If I go with this service, and they happen to see my home on MLS and they have an interested buyer, all they have to do is bring them over, sign the offer and they get a few grand. Even if, as the scumbag above claims, there is more explanation because us sellers are so uninformed, how long could that take at most? A few hours?

The difference between 1% and 2.5% is several thousand dollars. In this particular situation, I don't think they even deserve 1% but if I put 1% will they really scoff at a few thousand dollars for minimal work??
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Apr 21, 2004
51345 posts
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EmmaM699 wrote:
Feb 25th, 2014 11:11 pm
lol. I really don't understand when buyers bring an agent to my private sale. Maybe some people think that you NEED an agent. I wish more people would do their research. You're paying that agent's commission so that she could babysit you at the viewing.
I didn't know home buyers wouldn't scour the MLS listings on their own.

If they did, wouldn't they come across those MLS listings within indication that no 2.5% buying agent will be paid out?


The only concern it seems with the for sale by owner and purchase by direct buyer would be how to determine the discounted price, if ever that isn't reflected in the listing price yet.
Deal Addict
Jun 28, 2002
1177 posts
9 upvotes
Guys I'm trying to give you an insider perspective here. I have no interest in either of your homes. I'm busy enough. If you're gonna bash I'm out

A good real estate agent brings tremendous value to a transaction. Do you think there's a reason why "I've listed my home on Quebec's version of For Sale By Owner / Com Free and haven't been having much success" If you knew what you were doing you wouldn't be on here asking us for help. A good agent would have had that placed sold already. Is your time not worth anything? Please do us a favour and update us when/if you ever sell your place then let's compare it to average days on market for that building AND compare it to what other units have sold for.

Also they are bringing their agent because that agent is helping them find a property. They are working with that person and trust their advice and guidance. That agent could have spent a year with that client and showed them over 40 properties so I think they are justified to make their 2.5% less office split and taxes. Even the way the op is talking in the thread makes me not want to deal with him as a buyer or an agent.
Deal Fanatic
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Nov 19, 2004
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Cambridge, ON
Quebec has the highest number of homes that are FSBO. Roughly half the homes in Quebec are private sales. It seems to work there, while the rest of the country is slower to embrace.

I am in Montreal often and everyone I have ever talked to have sold their home privately. The one person said they advertise "absolutely no agents welcome". They sold without a problem. Another had an agent come in which was fine but then the agent started asking about a commission and they told the agent to get lost.

Obviously in some cases an agent makes sense, but if you are an average home owner in Quebec, then it seems a FSBO method is the way to go.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
DISH wrote:
Feb 26th, 2014 8:58 pm
Guys I'm trying to give you an insider perspective here. I have no interest in either of your homes. I'm busy enough. If you're gonna bash I'm out

A good real estate agent brings tremendous value to a transaction. Do you think there's a reason why "I've listed my home on Quebec's version of For Sale By Owner / Com Free and haven't been having much success" If you knew what you were doing you wouldn't be on here asking us for help. A good agent would have had that placed sold already. Is your time not worth anything? Please do us a favour and update us when/if you ever sell your place then let's compare it to average days on market for that building AND compare it to what other units have sold for.

Also they are bringing their agent because that agent is helping them find a property. They are working with that person and trust their advice and guidance. That agent could have spent a year with that client and showed them over 40 properties so I think they are justified to make their 2.5% less office split and taxes. Even the way the op is talking in the thread makes me not want to deal with him as a buyer or an agent.
There's no such thing as a good real estate agent.

You may not have interest in any of our homes but you feel threatened by the private seller market. That is the only reason you're here. It's comes off as desperate.

The issue is the Montreal condo market, not my skills. I did well in sales while in high school and university. Why would you assume my anonymous conduct here is any way indicative of how I would deal with a potential buyer? You're ridiculous. Also, other agents seem to disagree because I've had two solicit me in the last week to bring buyers by. I think I just jumped the gun with this post as things seem to be picking up. I received an offer last week. I was happy with the amount but it was conditional to them selling their home so we decided to revisit it after a few weeks.

I live in a condo building and there are 2 units, with the exact same layout as mine, that have been on the market for 8 months now. They are listed with an agent. Your confidence in real estate agents is so misplaced. Some of their photos are horrendous and some of the descriptions have incorrect information. They can't even be bothered to put the minimal amount of effort in. I am getting more visitors because I am hustling harder because I care more. My listings are thorough, professional, and have beautiful photos. You're clearly not familiar with the condo market here, so you lose a lot of credibility by making such ignorant statements.

As I mentioned, I sold my last house and the selling price was for more than agents had listed similar homes on the street and I saved $21k in commissions. Yes, it took longer, but selling quickly is something real estate agents want to do to keep their business moving. I don't have a mortgage on this property and am not concerned about that.

I'm sincerely not trying to bash you. You work in an industry that has a lot of flaws but it's because it's structured to benefit the agents and not the buyers or the sellers. If the buyer is dragging the agent around all over the city for months for their "expertise" and advice, then it's the buyer that should be paying them for that service. You previous comments about about a private sale being so much more work have no validity. The fact that agents say they do so much paperwork is laughable when they aren't even allowed to do anything other than the offer and that form is straight forward. Yes, you use your fear mongering sales tactics to say that people can get sued if they write the incorrect thing, but it's up to the buyer and the seller to be informed and check with the notary. Realistically, how often are people suing each other over incorrectly completed Offer To Purchase forms? If you have some stats, I'd love to hear.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
don242 wrote:
Feb 26th, 2014 9:36 pm
Quebec has the highest number of homes that are FSBO. Roughly half the homes in Quebec are private sales. It seems to work there, while the rest of the country is slower to embrace.

I am in Montreal often and everyone I have ever talked to have sold their home privately. The one person said they advertise "absolutely no agents welcome". They sold without a problem. Another had an agent come in which was fine but then the agent started asking about a commission and they told the agent to get lost.

Obviously in some cases an agent makes sense, but if you are an average home owner in Quebec, then it seems a FSBO method is the way to go.
Thanks for your insight. I sold my previous home in Manitoba. I get emails from agents every single day asking whether I'll pay them a commission if they sell, but what they want is for me to sign a contract with them and if I sell myself they still get paid. I am so tired of agents and I posted here in hopes of getting more info. about the real estate market but instead it's turned into an agent defending his dwindling industry. I can't wait until there's a better alternative to selling your home because even with selling privately, agents have all their sleazy tricks to harass you with.
Deal Addict
Feb 7, 2006
2653 posts
1164 upvotes
EmmaM699 wrote:
Feb 26th, 2014 9:56 pm
There's no such thing as a good real estate agent.

You may not have interest in any of our homes but you feel threatened by the private seller market. That is the only reason you're here. It's comes off as desperate.

The issue is the Montreal condo market, not my skills. I did well in sales while in high school and university. Why would you assume my anonymous conduct here is any way indicative of how I would deal with a potential buyer? You're ridiculous. Also, other agents seem to disagree because I've had two solicit me in the last week to bring buyers by. I think I just jumped the gun with this post as things seem to be picking up. I received an offer last week. I was happy with the amount but it was conditional to them selling their home so we decided to revisit it after a few weeks.

I live in a condo building and there are 2 units, with the exact same layout as mine, that have been on the market for 8 months now. They are listed with an agent. Your confidence in real estate agents is so misplaced. Some of their photos are horrendous and some of the descriptions have incorrect information. They can't even be bothered to put the minimal amount of effort in. I am getting more visitors because I am hustling harder because I care more. My listings are thorough, professional, and have beautiful photos. You're clearly not familiar with the condo market here, so you lose a lot of credibility by making such ignorant statements.

As I mentioned, I sold my last house and the selling price was for more than agents had listed similar homes on the street and I saved $21k in commissions. Yes, it took longer, but selling quickly is something real estate agents want to do to keep their business moving. I don't have a mortgage on this property and am not concerned about that.

I'm sincerely not trying to bash you. You work in an industry that has a lot of flaws but it's because it's structured to benefit the agents and not the buyers or the sellers. If the buyer is dragging the agent around all over the city for months for their "expertise" and advice, then it's the buyer that should be paying them for that service. You previous comments about about a private sale being so much more work have no validity. The fact that agents say they do so much paperwork is laughable when they aren't even allowed to do anything other than the offer and that form is straight forward. Yes, you use your fear mongering sales tactics to say that people can get sued if they write the incorrect thing, but it's up to the buyer and the seller to be informed and check with the notary. Realistically, how often are people suing each other over incorrectly completed Offer To Purchase forms? If you have some stats, I'd love to hear.
Emma, when you finish with
I'm sincerely not trying to bash you
yet start with
  • There's no such thing as a good real estate agent
  • Why would you assume my anonymous conduct here is any way indicative of how I would deal with a potential buyer
  • You're ridiculous
  • Your confidence in real estate agents is so misplaced
  • They can't even be bothered to put the minimal amount of effort in
  • You're clearly not familiar with the condo market here
  • so you lose a lot of credibility by making such ignorant statements.
My guess is your lack of sales is due to your attitude.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
Those sentences, many of which you've taken out of context, are hardly "bashing". You are likely an agent and have a dog in this fight. Sensitive bunch, aren't we? As I mentioned, I've received an offer ... despite my "attitude" and for the third time, have sold a home before. If possible, I'd like to keep this about the topic at hand which is using a flat fee MLS to get more exposure and other peoples' experience with it. I don't have time to engage agents who are here to defend their egos but are incapable of doing so effectively.
Deal Fanatic
Nov 21, 2011
8757 posts
1595 upvotes
Edmonton
MMMM wrote:
Feb 26th, 2014 10:47 pm
Emma, when you finish with yet start with
  • There's no such thing as a good real estate agent
  • Why would you assume my anonymous conduct here is any way indicative of how I would deal with a potential buyer
  • You're ridiculous
  • Your confidence in real estate agents is so misplaced
  • They can't even be bothered to put the minimal amount of effort in
  • You're clearly not familiar with the condo market here
  • so you lose a lot of credibility by making such ignorant statements.
My guess is your lack of sales is due to your attitude.
lol... Emma sure sounds like a certain other user hell bent on fsbo
Deal Fanatic
Nov 21, 2011
8757 posts
1595 upvotes
Edmonton
don242 wrote:
Feb 26th, 2014 9:36 pm
Quebec has the highest number of homes that are FSBO. Roughly half the homes in Quebec are private sales. It seems to work there, while the rest of the country is slower to embrace.

I am in Montreal often and everyone I have ever talked to have sold their home privately. The one person said they advertise "absolutely no agents welcome". They sold without a problem. Another had an agent come in which was fine but then the agent started asking about a commission and they told the agent to get lost.

Obviously in some cases an agent makes sense, but if you are an average home owner in Quebec, then it seems a FSBO method is the way to go.
So what you're saying is, the market is dictating that realtors aren't the way to go? Buyers and sellers are still able to buy and sell homes without realtors, because they've boycotted realtors?
Deal Addict
Feb 7, 2006
2653 posts
1164 upvotes
EmmaM699 wrote:
Feb 27th, 2014 12:24 am
Those sentences, many of which you've taken out of context, are hardly "bashing". You are likely an agent and have a dog in this fight. Sensitive bunch, aren't we? As I mentioned, I've received an offer ... despite my "attitude" and for the third time, have sold a home before. If possible, I'd like to keep this about the topic at hand which is using a flat fee MLS to get more exposure and other peoples' experience with it. I don't have time to engage agents who are here to defend their egos but are incapable of doing so effectively.
You asked for advice, I gave you some. The advice is: improve your attitude, honestly you sound like a sensitive whiney child with a bad attitude.
As for being an agent ....nope. No affiliation what so ever to the realty business.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
I wish agents could understand that comments about their industry aren't personal attacks. Now that that's out of the way, can we get back to the topic at hand?

I have the offer contingent to their home sale in my back pocket. An agent is bringing their client this evening. Not to count my chickens, but if an agent calls back and expresses that their client is interested, what is the best way to approach the subject of their commission? It seems the general consensus is that if you offer less than 2.5% that the agent they will take their client elsewhere. What confuses me about this, is that if the client is truly interested in your home, does the agent just tell the client a lie to get them to go elsewhere?
Deal Fanatic
User avatar
Nov 19, 2004
8597 posts
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Cambridge, ON
EmmaM699 wrote:
Feb 27th, 2014 7:42 pm
I wish agents could understand that comments about their industry aren't personal attacks. Now that that's out of the way, can we get back to the topic at hand?

I have the offer contingent to their home sale in my back pocket. An agent is bringing their client this evening. Not to count my chickens, but if an agent calls back and expresses that their client is interested, what is the best way to approach the subject of their commission? It seems the general consensus is that if you offer less than 2.5% that the agent they will take their client elsewhere. What confuses me about this, is that if the client is truly interested in your home, does the agent just tell the client a lie to get them to go elsewhere?
If they call back because the client is interested then it would depend on the offer. Obviously the agent must understand if you have another offer in place, that his commission is going to mean his buyer has to be at minimum 2.5% higher. Personally I wouldn't offer 2.5 but at least go 2-2.25%. Bottom line is, their offer would have to beat the other offer by at least any commission the agent expects. And if it does, then you are still ahead even with the commission. If it doesn't then be sure to cite the reason.

If possible come up with some reason to get the buyers email. Offer to send them the warranty for the roof or furnace or some fixed leak or something. Then you have a direct line of communication to be sure the agent is being honest.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
licenced wrote:
Feb 25th, 2014 10:31 pm
That certainly explains why every property sells for no less than asking price; never sit on the market for weeks and never undergo price changes.

I'd tell that agent to take a hike too. It's one thing to ask a private seller if they would be paying a fee for a Realtor to bring their buyer but it is unacceptable to request what you say was requested.
This is very common. Their line is "we're not in competition". So, if someone finds your home on their own and comes to your unit without your agent, they still get 2.5% It's not the first email I've received with that request.
[OP]
Newbie
Sep 25, 2013
24 posts
6 upvotes
don242 wrote:
Feb 27th, 2014 7:56 pm
If possible come up with some reason to get the buyers email. Offer to send them the warranty for the roof or furnace or some fixed leak or something. Then you have a direct line of communication to be sure the agent is being honest.
I always try to get everyone's contact info. I have several things that I offer to send them and I usually just hand them my phone to type in the address. The agent always says - just send it to me!

Anyway, I appreciate your input about the commission! Thanks!

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