Selling with Property Guys- legal problems??
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Oct 15th, 2010 4:29 pm
drewmack wrote: ↑Oct 14th, 2010 2:57 pmThe anger you describe is rightly deserved in many cases.
The average commission paid on a $400,000 home in Ontario is approximately $24,000. $24,000 seems like a pretty steep penalty for not paying a few hundred dollars up front. I'll let you figure out the equivalent financing rate agents are charging you for not collecting any money up front.
I don't know about you, but paying $24,000 for someone to provide "sales / marketing advise [sic], have training in the legal terminology and process of offers and help co-ordinate everything", seems excessive. I think it is and so do the tens of thousands of successful private sellers.
Agents make their customers sign paperwork designed to minimize their liability. Lawyers typically include title insurance as part of their services (for under $200) that protects buyers from claims against land size, etc.
The scare tactics continue.
We've heard every excuse in the book before. We've got a list of the most common agent talking points / myths on our web site:
- When using PropertyGuys.com the buyer's lawyer sends in the paperwork, meaning that you never pay for legal services until the buyer has shelled out cash to show they're serious and you have an offer for you and your lawyer to review. The fees are the same as you would pay to your lawyer anyway if you were using a real estate agent and you can review any offer before you pass it off to your lawyer and rack up any bills. Remember even if your lawyer charges a hundred dollars an hour they'd have to spend over 200 hours working on your case before theirs fees came anywhere close to what you'd pay an agent. In fact it'd be cheaper to have someone deliver the offer by helicopter than it would be to let your agent handle it.
- When you're selling the house yourself - you get the opportunity to speak directly to potential buyers. You get instant, immediate and most importantly, honest feedback on your property and your price.
- Your PropertyGuys.com representative stays in touch throughout the entire process and together with a professional appraisal help you with pricing strategy - not just tell you a dishonest price to get your signature on the listing contract only to turn around three weeks later and advise a price drop.
- Since you're negotiating directly with buyers, you can sit down at a kitchen table and work out a price without all the fake posturing. And since you're saving $24,000 in commission you have a lot more flexibility to price the property for a quick sale without taking a hit to your bottom line. The ability to be price competitive alone gives you a huge market advantage over properties listed with a real estate agent.
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