Real Estate

[Vancouver] Condo Has Been On The Market For 9 Days... Only 1 Offer So far... Need Some Unbiased Opinions.

  • Last Updated:
  • Jun 13th, 2018 10:44 pm
Sr. Member
Nov 24, 2016
684 posts
992 upvotes
heynayjk wrote: I hope you get what you want. Keep us posted.
Thanks. I just signed the paperwork. I got my 650k!! But there are of course subjects (the buyer needs to get his mortgage finalized, inspections etc...). And the closing date is Aug. 2nd. Not at all ideal, but I'll take it. I'm moving provinces and I was going to do it in July, but now I have to wait a month. It's fine though. 650k is what I always had in mind as my minimum price, so wohoooo!

I agree on the realtor thing. My realtor was very useful, but I think the fees could definitely be lower.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
Honestly, a condo that size, sells itself, has nothing to do with the realtor. What have other 1 bedroom units sold for facing same direction? Not all 1 bedroom are the same within a building.
Full-time Realtor
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
PrinceMS wrote: Realtor only has three core things to do:
- Get the RIGHT price
- Market
- Get the emotions out of the process (and protect their buyer/seller)

Those are obv easier said than done. Pricing right is not as straight forward as it seems, because possibly timing, staging, cub appeals,... that comes into play.
Marketing works (ask Apple). Adv on different boards, youtube, fb, kijiji etc. is needed (I bought my last house off kijiji through a realtor - when I wasn't a realtor myself).
I showed a 2.89 million dollar house last week. But when my client walked in, they said it needs renovation (because somethings were not to her taste). Now its very hard to convince her to look paste staging that was done for old-england style (elegant but catered to older crowd).

Same thing with Leases. I had AAA client who want to lease. There is insane bidding wars going on, on nice homes. I was able to hook her up with a new property, got new blinds and new stainless steel appliances AND below average rent! She has been trying to get a place off her own for 2 months and was bidding upto $450 more for a house to rent than she got right now. She was getting desperate and landlords see that, and making them nervous.

I dunno, the consensus on the forum is that Realtor are over-priced receptionist who are immoral, unethical and only care for their commission. I am a new agent and I can see how I am genuinely helping people, and there is a need for realtors. I think in long run their role will be eliminated and thats a shame because there will be less protection for consumers.
You might feel like you are genuinely helping but you never deserve as high of a % as you guys take.

Realtors should be a flat fees and not a percentage of the home value.
Deal Fanatic
Jul 30, 2003
6634 posts
1250 upvotes
Toronto
heynayjk wrote: It's not that. You charge too much. The market has been super hot for the past 20 years and you wanted 2.5% commission for 4 days of work. Sorry but agents are really useless.
Apparently outside golden horseshoe minimum is 5% .. and even 8% is not unheard of either. 10-15 years ago (when house prices were fairly tame) it was considered fair?
People who own multiple properties, they became multi-millionaires (for doing nothing). People who were on sidelines are out of the market.
Last year 80% wealth was in the hands of 10 families (or something like that). I think Lawyers charge too much too. My plumber charged me $250 for less than 3 min of work (once I saw what needs to get done, I would have done it myself - washer was stuck, just needed to be pulled with a plier).

Whats my point? Life is not fair. Free market is what it is.

PS: Are you implying that everyone should make a set range of dollars for a specified unit of work?
GTA Housing: Supply is the only Metrics that Matters ... until its solved.
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Penalty Box
Aug 26, 2017
494 posts
115 upvotes
PrinceMS wrote: Apparently outside golden horseshoe minimum is 5% .. and even 8% is not unheard of either. 10-15 years ago (when house prices were fairly tame) it was considered fair?
People who own multiple properties, they became multi-millionaires (for doing nothing). People who were on sidelines are out of the market.
Last year 80% wealth was in the hands of 10 families (or something like that). I think Lawyers charge too much too. My plumber charged me $250 for less than 3 min of work (once I saw what needs to get done, I would have done it myself - washer was stuck, just needed to be pulled with a plier).

Whats my point? Life is not fair. Free market is what it is.

PS: Are you implying that everyone should make a set range of dollars for a specified unit of work?
Real estate lawyers make too much? They make about 1k and spend a lot more hours and have a more education that you average used car salesman, ehrm I mean Realtor. When people become multi-millionaires through real estate, that's their business, the crooks (read: real estate agents) shouldn't be entitled to some wealth sharing arrangement.

Free market? If it's such a free market why does TREB hide the real estate transaction data from the public? Because that's the only thing that a realtor is useful for.
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
PrinceMS wrote: Apparently outside golden horseshoe minimum is 5% .. and even 8% is not unheard of either. 10-15 years ago (when house prices were fairly tame) it was considered fair?
People who own multiple properties, they became multi-millionaires (for doing nothing). People who were on sidelines are out of the market.
Last year 80% wealth was in the hands of 10 families (or something like that). I think Lawyers charge too much too. My plumber charged me $250 for less than 3 min of work (once I saw what needs to get done, I would have done it myself - washer was stuck, just needed to be pulled with a plier).

Whats my point? Life is not fair. Free market is what it is.

PS: Are you implying that everyone should make a set range of dollars for a specified unit of work?
Don't try to use the free market argument. Your field is trying everything they can to limit competition and information.

Also the % you are taking was maybe normal and justifiable 15 years ago. But with the increased prices, the % should really have gone down. Plus the fact that the internet makes your job so much easier and irrelevant.
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
heynayjk wrote: Real estate lawyers make too much? They make about 1k and spend a lot more hours and have a more education that you average used car salesman, ehrm I mean Realtor.When people become multi-millionaires through real estate, that's their business, the crooks (read: real estate agents) shouldn't be entitled to some wealth sharing arrangement.

Free market? If it's such a free market why does TREB hide the real estate transaction data from the public? Because that's the only thing that a realtor is useful for.
I have no idea where you get the underlined from but nevertheless, the point you're making without actually realizing it is that the longer a house takes to sell, the more your Realtor is earning his keep since for every passing hour their hourly wage diminishes.

And if by chance they're one of the plethora of flat fee services that range from just a few hundred dollars to a couple thousand, better yet that those hours translate into gas money.

I just don't get the anger and wayward logic to such posts.
BryanBreguet wrote: Don't try to use the free market argument. Your field is trying everything they can to limit competition and information.

Also the % you are taking was maybe normal and justifiable 15 years ago. But with the increased prices, the % should really have gone down. Plus the fact that the internet makes your job so much easier and irrelevant.
Considering that house prices are always considered overpriced, even when they were $500,000 for a fantastic detached in Mid town Toronto, they were still considered overpriced and accordingly, the same sentiment toward real estate fees would have applied. Your comment demonstrates that you gave little to no thought to that fact.

And yes it is free market. You are free to hire any of the multitudes who will agree to accept whatever fee you would offer and those who won't accept are free to decline.
Last edited by licenced on Jun 10th, 2018 11:32 pm, edited 1 time in total.
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
licenced wrote: I have no idea where you get the underlined from but nevertheless, the point you're making without actually realizing it is that the longer a house takes to sell, the more your Realtor is earning his keep since for every passing their hourly wage diminishes.

And if by chance they're one of the plethora of flat fee services that range from just a few hundred dollars to a couple thousand, better yet that those hours translate into gas money.

I just don't get the anger and wayward logic to such posts.

Considering that house prices are always considered overprices, even when they were $500,000 for a fantastic detached in Mid town Toronto, they were considered overpriced and accordingly, the same sentiment toward real estate fees would have applied. Your comment demonstrates that you gave little to no thought to that fact.

And yes it is free market. You are to hire any of the multitudes who will agree to accept whatever fee you would offer and those who won't accept are free to decline.
Ah yes, the long hours of a Realtor who simply has to wait after doing the incredible job of posting the listing online and on the MLS! Man, if the house doesn't sell in one week, I imagine the Realtor's hourly wage must barely be above minimum wage! Poor guys!


Real Estate has increased way faster than inflation and anything else over the last 20 years. This is a fact. So taking the same % of a sale as you used to is high way robbery. In a market like Vancouver for instance, nobody should ever take more than 1% and that would already be too much money for the actual job done and the requirements to be a Realtor. Or are you really trying to argue with me that Realtors have seen their income grow at a much faster rate than anyone else out there? I mean, I know you are the most disingenuous person on this board but still. And it has nothing to do with considering RE prices overpriced or not. The fact you mentioned this as an argument really shows how you don't have any.

As for the free market, you contradict yourself buddy. You have repeatedly argued against making the price public on this board (for BS reasons of privacy lol). Wow, what a competitive industry when I have to be an insider to just know the price of something!

You are also part of a cartel that tries everything they can to limit competition. Remember when "regular" Realtors wouldn't even show their clients listings from 1% Realty in BC? Good times. Or others non-competitive tactics? Tactics so bad the Competition Bureau had to intervene?

Your industry is the perfect example of a non-competitive one. Don't try to argue otherwise, you'll only make us all laugh.

Instead of trying to discriminate against foreign buyers, the gov should reform your swampy industry.
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
When people bob and weave like you have with your answer being all over the place and not making any logical sense as to why it was okay for Realtors to have charged anywhere from 5-7% in the past as though house prices in the past were cheap as dirt to privacy to foreign buyers, it's because they're desperately trying to hide the fact they can't defend their stated position.

Tell me BryanBreguet, who is breaking your arms and legs and forcing you to hire a Realtor for a fee that you do not wish to pay?

Hmm? Who?
BryanBreguet wrote: Ah yes, ..
Instead of trying to discriminate against foreign buyers, the gov should reform your swampy industry.
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
licenced wrote: When people bob and weave like you have with your answer being all over the place and not making any logical sense as to why it was okay for Realtors to have charged anywhere from 5-7% in the past as though house prices in the past were cheap as dirt to privacy to foreign buyers, it's because they're desperately trying to hide the fact they can't defend their stated position.

Tell me BryanBreguet, who is breaking your arms and legs and forcing you to hire a Realtor for a fee that you do not wish to pay?

Hmm? Who?
When someone pretends not to understand a very easy reply and keep trying to change the topic, you know you've won.

Also, being non-competitive doesn't mean Realtors are like the mafia. I just thought I'd clear that up with you.
Deal Addict
Jan 15, 2010
1629 posts
2027 upvotes
Toronto
Is it possible the NDP policies are finally taking effect? If you absolutely need to sell make sure you think long and hard before you reject the offer you have.
Deal Fanatic
Oct 7, 2007
9406 posts
5374 upvotes
DaMan12 wrote: Is it possible the NDP policies are finally taking effect? If you absolutely need to sell make sure you think long and hard before you reject the offer you have.
The NDP policies are absolutely taking effect and they are making housing LESS affordable for EVERYONE. But, they are also slowing down the market if that's what we all wanted.
Sr. Member
Nov 24, 2016
684 posts
992 upvotes
DaMan12 wrote: Is it possible the NDP policies are finally taking effect? If you absolutely need to sell make sure you think long and hard before you reject the offer you have.
I updated the OP.

I left a post on the 10th (post #21) saying that I accepted an offer for 650, but it got lost in all the realtor talk. For the two guys that are discussing realtor fees, this is a good video that I came across today:
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
Buyers and sellers rely on Realtors like this one in the video to be able to understand statistics and crunch numbers, otherwise they cannot provide quality service to the clients.

That is what is always so disturbing to me when I see such wrong information spouted by any anyone within the industry.

I just sold a listing where, because there is a team, I had to give credit to the team leader. Nowhere will the name of the sales representative who did the work appear. They are invisible to these stats and will never be credited for a sale until they either go it alone or negotiate a different agreement with their team leader. Yet here they are bringing in clients, doing all the work and closing deals. This is very common, so common that some team members deal only with purchasing and others with the listing.

Darryl King. Anyone heard of him? Of course you have. But have you ever heard of the 50 or so Realtors in his team who produce the 3-500 sales per year unless you hired the Darryl King team and his team member was your point of contact? Frank Leo, have you heard of him? How about Randall Weese of Comfree - the one who owns the top spot for number of sales - all he ever does is list fsbos on MLS - and such stat spouting Realtors are unlikely to even give him honourary mention.

All of those are just a tiny percentage of many very large teams in Toronto.

Often the representative handling the deal is shown in second position to the team leader on the MLS sale record , but these stats which pull the MLS record from those companies that participate and not all of them do, only compile the first named person. Even with a team of two, the first person mentioned will receive all credit for a sale.

There are multiple hundreds if not thousands of teams.

Why too do none of these stats spewers ever mention the 3-4,000 new registrants coming in every day of the year for whom, the closer to the end of the year they become a Realtor, landing even one deal is going to be next to impossible? They don;t because they're either purposefully misleading the public, don't even understand their own system and fail at simple statistics.

Then there are the thousands who just work as non-producing broker owners, broker managers or assistants within a brokerage.

Thousands in cottage country and less populated areas where sales are few.

Thousands who just sell commercial, deal in residential/commercial leases or work as property managers.

Many hundreds retired but because of length of service are still numbered in the official count.

The next time some Realtor , no matter how well known, gives you these bogus stats hoping to impress you with their knowledge, ask them where in their calculations they've accounted for the above and the answer to 4+1+6 / 3 equals.

After all, it's your money on the line.
MashGhasem wrote: I updated the OP.

I left a post on the 10th (post #21) saying that I accepted an offer for 650, but it got lost in all the realtor talk. For the two guys that are discussing realtor fees, this is a good video that I came across today:
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
Buyers and sellers rely on Realtors like this one in the video to be able to understand statistics and crunch numbers, otherwise they cannot provide quality service to the clients.

That is what is always so disturbing to me when I see such wrong information spouted by anyone within the industry.

I just sold a listing where, because there is a team, I had to give credit to the team leader. Nowhere will the name of the sales representative who did the work appear. They are invisible to these stats and will never be credited for a sale until they either go it alone or negotiate a different agreement with their team leader. Yet here they are bringing in clients, doing all the work and closing deals. This is very common, so common that some team members deal only with purchasing and others with the listing.

Darryl King. Anyone heard of him? Of course you have. But have you ever heard of the 50 or so Realtors in his team who produce the 3-500 sales per year unless you hired the Darryl King team and his team member was your point of contact? Frank Leo, have you heard of him? How about Randall Weese of Comfree - the one who owns the top spot for number of sales - all he ever does is list fsbos on MLS - and such stat spouting Realtors are unlikely to even give him honourary mention.

All of those are just a tiny percentage of many very large teams in Toronto.

Often the representative handling the deal is shown in second position to the team leader on the MLS sale record , but these stats which pull the MLS record from those companies that participate and not all of them do, only compile the first named person. Even with a team of two, the first person mentioned will receive all credit for a sale.

There are multiple hundreds if not thousands of teams.

Why too do none of these stats spewers ever mention the 3-4,000 new registrants coming in every day of the year for whom, the closer to the end of the year they become a Realtor, landing even one deal is going to be next to impossible? They don't because they're either purposefully misleading the public, don't even understand their own system and fail at simple statistics.

Then there are the thousands who just work as non-producing broker owners, broker managers or assistants within a brokerage.

Thousands in cottage country and less populated areas where sales are few.

Thousands who just sell commercial, deal in residential/commercial leases or work as property managers.

Many hundreds retired but because of length of service are still numbered in the official count.

The next time some Realtor , no matter how well known, gives you these bogus stats hoping to impress you with their knowledge, ask them where in their calculations they've accounted for the above and the answer to 4+1+6 / 3 equals.

After all, it's your money on the line.
MashGhasem wrote: I updated the OP.

I left a post on the 10th (post #21) saying that I accepted an offer for 650, but it got lost in all the realtor talk. For the two guys that are discussing realtor fees, this is a good video that I came across today:
Jr. Member
Nov 21, 2015
181 posts
34 upvotes
Vancouver
Good video. Thanks for sharing. Owen is good.
Deal Fanatic
Jul 30, 2003
6634 posts
1250 upvotes
Toronto
BryanBreguet wrote: Don't try to use the free market argument. Your field is trying everything they can to limit competition and information.

Also the % you are taking was maybe normal and justifiable 15 years ago. But with the increased prices, the % should really have gone down. Plus the fact that the internet makes your job so much easier and irrelevant.
I hate long boring , useless arguments with no ends. Hence, I am not looking to argue. Just asking so I can understand you correctly.

Your main argument is that Realtors make lot of money? (or more accurately - CAN make lot of money, because stats show most don't). Is this correct?

(simple yes / no is sufficient)
GTA Housing: Supply is the only Metrics that Matters ... until its solved.
Stay in the know - subscribe.
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
PrinceMS wrote: I hate long boring , useless arguments with no ends. Hence, I am not looking to argue. Just asking so I can understand you correctly.

Your main argument is that Realtors make lot of money? (or more accurately - CAN make lot of money, because stats show most don't). Is this correct?

(simple yes / no is sufficient)
Ah the internet generation. Is reading more than one sentence that hard for you? But good on your for admitting it at least, I always appreciate when people don't try to look smarter than they are.

Yes Realtors make way too much money for what they do (and the qualifications required). In Vancouver, you sell one single detached and you make the average revenue! I think the % you guys take should be adjusted down a lot since real estate prices have gone up so much.

Oups, I sure hope it wasn't too much to read for you, Mr Realtor.
Deal Addict
Jun 11, 2005
2823 posts
460 upvotes
BryanBreguet wrote: Ah the internet generation. Is reading more than one sentence that hard for you? But good on your for admitting it at least, I always appreciate when people don't try to look smarter than they are.

Yes Realtors make way too much money for what they do (and the qualifications required). In Vancouver, you sell one single detached and you make the average revenue! I think the % you guys take should be adjusted down a lot since real estate prices have gone up so much.

Oups, I sure hope it wasn't too much to read for you, Mr Realtor.
How do you view the realtors who represent buyers and who do not have their own listings? Do you think they are overpaid too when they get 1/2 of the posted rate for commissions?
Sr. Member
Sep 9, 2014
627 posts
594 upvotes
Vancouver
mudd_stuffin wrote: How do you view the realtors who represent buyers and who do not have their own listings? Do you think they are overpaid too when they get 1/2 of the posted rate for commissions?
The Realtor for the buyers is even more overpaid. I mean, the sellers' one at least had to do some work. The buyers' one literally did nothing most of the time. It's 2018, people find the listings themselves using this thing called the internet.

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