Home & Garden

Selling with Property Guys- legal problems??

Newbie
Dec 14, 2014
3 posts
Montague, PE
So as I stated before, mud slinging. You did not answer any of the questions that I asked you, What is your education? What training did you have, do you advised the clients, what they are purchasing. How many of the MLS listing sell? We work as I said very hard to sell the properties that we list and help other owners that are trying to sell. The only scam or problem is that a marketing company comes to the door and sells you what a REALTOR can give you for FREE and get paid when the job is done. Property Guys or any other marketing company does not have access directly to MLS, in Canada they have to actually have a BROKER that's right folks, a BROKER enter their listings, wait, that means MARKETING COMPANIES have to go to a LICENSED REALTOR to have the listings put in the system. That's a scam. And that information is FREE, and no one EVER has begged me for this information, I give it FREE OF CHARGE. See we have an obligation to the public to be available at all times, and I never charge someone to list their home on MLS, they pay me when I FINSIH THE JOB.. Privacy is also something that we value in Canada. There is a reason that we can pull up the information on the MARKET, because we given that right as we are TRAINED, and TRUSTED and BONDED. Its a never ending battle, one that marketing companies are and will loose, very soon the market will understand that we do all this for free. Marketing Companies take the money and guess what we the REALTORS sell the property so the people pay us on top of the fees. So what do they save nothing, and the people that sell on their own I believe are not covered by errors and Omissions insurance. They are NOT protected or advised in any manner. Get your facts and figures right before making comments.
Thank you.
Banned
Dec 13, 2014
10 posts
Toronto, ON
Service offered by realtor is quiet different from what can be offered by lawyers. Although you will be charged by your lawyer, it is quiet worthy. Lawyers are experts to handle legal documents and clauses.
Member
May 14, 2008
438 posts
67 upvotes
Captain_Ron5 wrote:
Dec 18th, 2014 2:02 pm
I am a REALTOR®, I also happen to have masters degree from UBC. Let me see, I had 5 years of post secondary education before I did my masters degree. My degree consisteted of 24 courses and writting a 60 page research paper at the end. To get my real estate licence I did one course over the course of a few weekends and that one course was easier than the majority of 24 courses I had to do to obtain my masters.

I am a REALTOR®, I love my job as a REALTOR® but please let's not mislead the public on our education, etc.

BTW, mere postings aka flat fee listings actually work. I would know this because I am involved in 80 plus sales every year and I offer my clients both full service listings and mere postings.
You. I like you.
Member
User avatar
Apr 16, 2011
345 posts
22 upvotes
Toronto
We always recommend you add a condition allowing your lawyer to review the Purchase and Sale Agreement to avoid any legal problems. Shop around, there are many FSBO companies offering an A La Carte Service menu so you can only purchase what you need. Comfree and Property Guys will sell you a required marketing package and add the MLS® listing as an upgrade. Also make sure your FSBO Brokerage is listing it on the Real Estate Board that services your area if agent exposure is important to you.
Member
Jun 18, 2009
437 posts
6 upvotes
Interested in resurrecting this thread - fast forward 4 years. In GTA, looking at selling price in the 1 Million dollar range (absurd!, but that's the market), in a good n'hood with high demand, I can't imagine forking out 50,000$ on commissions to sell my home. The lawyer fees remain unchanged whether or not I use an agent. Given these crazy house prices, are fees still in the 5% range (2.5 for each agent)? A few years ago we got a discounted rate from our then-agent (bully, greedy, big mistake) b/c we sold and bought with her, so maybe we saved 0.5 or 1% (rebated after the 2nd transaction). We know our street better than any agent - I've had meetings with 2 agents so far and neither knew my street and the details of each home as well as I did. I have physically been inside at least 10 homes on my street, know all the listing and final sale prices for the past 5 years and the "stories" that go with them. I'm struggling in seeing the value of going with an agent. Anotehr question: do agents typically pay for standard "staging costs" including home stagers, steam cleaning, window cleaning, etc? Or is that also out of my pocket on top of agent's fees and laywers fees. I've heard of one home on our street that sold a year ago and they said their agent paid for staging, etc. Is that typical? Thanks in advance!
Member
User avatar
Apr 16, 2011
345 posts
22 upvotes
Toronto
Everything is negotiable, so if you want your agent to absorb the cost of preparing your property (whether by staging or cleaning, etc) than just ask. How much commission you are willing to pay will determine the agents "bottom line" .
Deal Addict
Jul 3, 2011
4186 posts
1463 upvotes
Thornhill
creamsoda wrote:
Jan 6th, 2015 11:52 am
...I can't imagine forking out 50,000$ on commissions to sell my home. The lawyer fees remain unchanged whether or not I use an agent.

Given these crazy house prices, are fees still in the 5% range (2.5 for each agent)?...I've had meetings with 2 agents so far and neither knew my street and the details of each home as well as I did

I have physically been inside at least 10 homes on my street, know all the listing and final sale prices for the past 5 years and the "stories" that go with them.

I'm struggling in seeing the value of going with an agent.

Anotehr question: do agents typically pay for standard "staging costs" including home stagers, steam cleaning, window cleaning, etc? Or is that also out of my pocket on top of agent's fees and laywers fees. I've heard of one home on our street that sold a year ago and they said their agent paid for staging, etc. Is that typical? Thanks in advance!
It’s true you live on the street and therefore you know certain things about it Realtors won’t. However, there is much information they can glean on their own if so inclined:

House History: – including sales, listing history, prices paid, age; changes made and anything else they should glean from you by asking the right questions. For example, the property was sold by the first buyer; had an unfinished basement; took about 90 days to sell and a couple price drops. In the year purchased prices had only just recovered to their previous high of 1989 (an important piece of information that must be considered regardless of the market at listing that goes with (a) below and the price paid was the lowest of sales that year reflecting the original 1980’s decor and unfinished basement. The adjacent property was sold by foreclosure after just 2 years of ownership and there’s been a great deal of turn-over activity of the property 2 doors down.

Turn-over rate: – approximately 50% on the street are original buyer owned. Since 1986, of the 74 sales, 47 properties changed hands where ownership averaged about 4 years and which isn’t a negative for a townhouse complex. Many required multiple attempts and several price changes however (a) there were only 19 sales within the last 5 years where two nicely updated properties exceeded the $1mm mark and assessment value by approximately 15/20%.

Then there are:

-- rentals as best as can be determined
-- demographics
-- crime specific to the street and/or area
-- religious institutions, schools, hospitals, shopping etc.
-- transportation
-- planned projects
-- issues with the property from latent defects to renovating with or without permits

So to answer the first question, a good Realtor will know the above and more importantly ask questions of the seller to uncover all that is pertinent to the sale with which only a seller would be intimately knowledgeable.

Whereas, a Realtor's value should lie in their knowledge as in the above plus knowing how to protect their client, skill (prepping, pricing, marketing, negotiations), strategizing, problem solving, the services they provide and the time they adopt which unburdens the client of same. Some may be willing to pay for some or all that you mention possibly with caveats and others may not.

In the end, if you feel that you would be more adept then my suggestion would be to try the FSBO route. Hope that helps.
Newbie
Dec 17, 2014
22 posts
9 upvotes
Toronto, ON
One of the things I like about using a professional and experienced real estate agent is they can reach a large number of buyers/buyers agents and increase the supply of potential buyers (who will pay the price I want).

This is particularly important if I want to sell a good property in a smaller town at a maximum price. The local populace might not see the same value in the property as someone from a larger, different area.

Of course, it means you have to choose the right real estate agent as well.
Jr. Member
User avatar
May 18, 2008
184 posts
67 upvotes
Victoria
seriousinvestor wrote:
Jan 7th, 2015 10:15 pm
One of the things I like about using a professional and experienced real estate agent is they can reach a large number of buyers/buyers agents and increase the supply of potential buyers (who will pay the price I want).

This is particularly important if I want to sell a good property in a smaller town at a maximum price. The local populace might not see the same value in the property as someone from a larger, different area.

Of course, it means you have to choose the right real estate agent as well.
I am one of the top REALTORS® in Victoria, B.C. with 82 total transactions and $39,000,000 in sales for 2014. I was also the #1 agent out of 1,200 REALTORS® in terms of representing buyers (I represented 39 buyers in 2014).

Let's use some common sense now. There were 6,700 transaction in total in Victoria, B.C. in 2014. What are the odds I have a buyer for your home as the number #1 buyer's REALTOR® in Victoria? 39/6700. What are the odds the average REALTOR® representing less than 10 buyers a year has a buyer for your home?

The average Joe just doesn't apply common sense to selling a house; therefore, that is why commissions are too high in my opinion Halifax to Victoria.
Marko Juras, REALTOR® & Associate Broker @ Fair Realty, Victoria, BC - "I believe in a competitive marketplace and real estate commissions should be no exception."
Newbie
Jul 9, 2015
1 posts
Rroo wrote:
Oct 13th, 2010 6:44 am
We thought we would sell our home using Property Guys as many people in our area do but recently when mentioning this to someone I was warned that often legal problems can come up (even years after the sale) due to problems with the house that you would be protected from if using real estate agent. Does anyone have any insight into this?

Thanks!
This is correct - agents are insured against issues that might arise from a sale - the public is protected at all times.
Banned
Jan 16, 2015
869 posts
84 upvotes
Toronto, ON
Let's say you use a RE agents, they get an offer on the house with a house inspection. The house inspection is very detailed Mike Homes style and discovers many small points and they want to push the price down. Now you say no and say keep on selling but RE agents is now, ethically, require to disclose these problem to the next potential buyer. Is that correct? So the RE agent will push their client to lower the price based on rejected offers and what the home inspections revels. Rather than just waiting for a new buyer to come along with a less qualified house inspector (there are many) who many not discover certain minor points. So you are better off selling your self if you have a house with a few defects and don't mind waiting some time. Would you agree?
Deal Addict
User avatar
Jan 11, 2004
4626 posts
298 upvotes
Victoria
Buccio wrote:
Jul 10th, 2015 7:22 pm
Let's say you use a RE agents, they get an offer on the house with a house inspection. The house inspection is very detailed Mike Homes style and discovers many small points and they want to push the price down. Now you say no and say keep on selling but RE agents is now, ethically, require to disclose these problem to the next potential buyer. Is that correct? So the RE agent will push their client to lower the price based on rejected offers and what the home inspections revels. Rather than just waiting for a new buyer to come along with a less qualified house inspector (there are many) who many not discover certain minor points. So you are better off selling your self if you have a house with a few defects and don't mind waiting some time. Would you agree?
You seriously think a realturd would altruistically reveal defects about a house to another realturd who's bringing in clients? Not going to happen.
Banned
Jan 16, 2015
869 posts
84 upvotes
Toronto, ON
dealguy2 wrote:
Jul 10th, 2015 9:54 pm
You seriously think a realturd would altruistically reveal defects about a house to another realturd who's bringing in clients? Not going to happen.
I thought they would use this against their seller client to lower the price and thus sell the house faster and get their commission faster? Also since the survey is sort of public knowledge, the are bound by their code which may come back and bite them and possibly lose their license? If the first survey discovered the finished basement was filled with mold behind the vapor barrier, for example, but the next survey didn't, then new buyer might find out and sue the RE agent or at least get them in trouble. I guess not.
Newbie
Aug 22, 2016
2 posts
In this part of NB the houses are worth very little, and the realtor sometimes only gets 25% of the commission* (if the buyer brings his own realtor), but that doesn't change the fact that the seller has to pay 100% of the commission, be it 4, 5 or 6%. Here the average house sells for less than $50,000, which represents a commission of $2,000 to $3,000. So far I have bought and sold 4 properties here, and though they were listed on MLS nobody came to see them for months and months and in the end the first person to see them bought them. This represented very little work for the realtor since I also always take my own photos and write my own descriptions, as well as creating a website where the prospects can see more photos etc.

So, next time I'm going to try one of those FSBO services. What have I got to lose?

*The seller's broker gets another 25%, and the buyer's broker gets yet another 25% for doing absolutely nothing. (These percentages may vary.)
Newbie
Sep 8, 2016
1 posts
Break it down how you please and try to justify selling agents only get 1/4 of the whole amount. 4 entities buyers broker, buyers agent, sellers broker, sellers agent. Who cares what they made, it still cost you 100% commission. So they get $6000 of a sale that took 90 days to sell. How many showings were there? Did you have to reduce the price? Did they actively market or just post and they're done? break it down.... 2 hours to meet the seller, 3 hours to get it on mls, 1% chance they will sell their listing usually it's always another agent. 2 hours to close. So now they made 6000 for 7 hours. As for a buyers agent 10 showings 2 hours each $6000 for 20 hours. Well what about the other 12000? Oh that goes to the office. Do you see something wrong here?
This is now a world where houses have quadrupled in value and there are no landlines or pagers and a huge thing called the Internet and social media. But their commission rate hasn't adjusted.
The real people who benefit from a realtor are the buyers. So when they have to pay $6000 for a "matchmaker"..... Watch the world burn.

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