Real Estate

Buying agent with most cash back?

Deal Addict
Jul 10, 2014
3209 posts
1452 upvotes
Ottawa, ON
deal_with_singh wrote: In your case what probably happened was more "agents being sketchy".

Listing agent tells his buddy to be involved, and they essentially split the commission between themselves as a "referral fee".

At the end of the day, like Oasis mentioned, if you intend to work with another party, do not contact the Listing Agent directly. There are clauses that will reduce the co-op paid out to the buyers agent if the listing agent shows the property, etc.

Yes the Listing agents job is to sell the property, but its clear in our current market anything and everything will sell if listed reasonably. So listing agents generally want to do the least amount of work required and get the most amount of $$$ possible.

You are better off finding a agent offering you cash back and just have them show you around. I know people want those 70-80% agents who are there just to fill the paperwork but if the commission is reduced for the buyers agent, is 70-80% of 1.5% really greater than 50% of 2.5%, especially given you're likely to get better service and overall experience with the latter?
I already purchased using a reasonable cashback agent but basically all you mentioned sounds shady...

"There are clauses that will reduce the co-op paid out to the buyers agent if the listing agent shows the property, etc."

"So listing agents generally want to do the least amount of work required and get the most amount of $$$ possible."

Just a lovely industry.
Deal Fanatic
Mar 27, 2004
6891 posts
4824 upvotes
Toronto
djdestroyer wrote: I already purchased using a reasonable cashback agent but basically all you mentioned sounds shady...

"There are clauses that will reduce the co-op paid out to the buyers agent if the listing agent shows the property, etc."

"So listing agents generally want to do the least amount of work required and get the most amount of $$$ possible."

Just a lovely industry.
that clause is common to see outside of gta actually.
what happens often is buyers have a friend in toronto that don't have time to drive out to kitchener so they ask listing agent to view the house and then bring offer with their agent from toronto.

people's time is money.
Full-time Realtor
Deal Expert
User avatar
Feb 11, 2009
19275 posts
7717 upvotes
Toronto
djdestroyer wrote: I already purchased using a reasonable cashback agent but basically all you mentioned sounds shady...

"There are clauses that will reduce the co-op paid out to the buyers agent if the listing agent shows the property, etc."

"So listing agents generally want to do the least amount of work required and get the most amount of $$$ possible."

Just a lovely industry.
The clause as Oasis mentioned isn't really sketchy. And yes its generally for outside of the Toronto market given how there's a sudden burst of "Toronto" residents looking in areas like Kitchner, Niagara, London etc. It's more of a listing agent saying "I'll do your work for you, but I want a bigger piece of the cut".

Remember, RFDers are "smarter buyers" and go for the cash back, the largest chunk of buyers out there don't think of such things, and thus an agents commission is the agents commission and these kind of clauses don't affect buyers.

But yes I've always been saying this, 90% of the agents in Ontario in my experience are "sketchy" from what I've seen and are only acting in their own interests, and thus the industry gets a bad rep. It's bound to happen when everyone and their used car salesmen uncles can get a license without much of a requirement.
Deal Addict
Feb 19, 2019
1617 posts
2436 upvotes
Stouffville ON
oasis100 wrote: that clause is common to see outside of gta actually.
what happens often is buyers have a friend in toronto that don't have time to drive out to kitchener so they ask listing agent to view the house and then bring offer with their agent from toronto.

people's time is money.
The odds are pretty good the listing agent asked him if he is working with an agent and the answer was no.
If he said " after you show me the house and I like it I will call my cash back agent to write an offer for me" none of this "confusion" would have happened.
Full Time and Full Service Realtor
Member
Jun 1, 2019
245 posts
314 upvotes
oasis100 wrote: yes. that happens. listing agents will sometimes put something in their listing to the effect that if listing agent shows the property and then the buyer brings their own realtor. they will reduce commission.
This is extremely common in Hamilton & Niagara. This is born of the common sentiment among Realtors down here is that there are some GTA Realtors that are too lazy to do the 1-2 hour drive down this way to accompany their clients to showings.
Full Service Realtor
Niagara / Hamilton-Burlington
Deal Addict
Nov 22, 2004
1537 posts
637 upvotes
Tailwind72 wrote: This is extremely common in Hamilton & Niagara. This is born of the common sentiment among Realtors down here is that there are some GTA Realtors that are too lazy to do the 1-2 hour drive down this way to accompany their clients to showings.
Seeing this in Oakville, Brantford, Kitchener-Waterloo areas as well.
Realtor @ Royal LePage Ignite Realty
Member
May 8, 2016
240 posts
340 upvotes
Hi,

Looking to buy in the Hamilton/Peel/Milton areas ~$500k-570k range.

Please PM me.
Deal Addict
Dec 18, 2006
2010 posts
420 upvotes
Markham
Clueless Fox wrote: Seeing this in Oakville, Brantford, Kitchener-Waterloo areas as well.
And it's a good thing! Common in any area 50+ minutes outside the GTA. Hamilton gets hit pretty hard because as it is, their CB standard is 2% and then they knock off 1-1.5% if the LA shows the property. It's very fair IMO! For my clients either myself or one of my team always goes - I mean, that's why the buyer hired us right? To work in their best interest and to ensure they're provided the highest level of fiduciary duty.
Jay Rana | 🌱 the vegan realtor
Broker, CENTURY 21 Titans Realty Inc. Brokerage
Newbie
Feb 6, 2021
4 posts
Looking for a cashback agent, going to buy a house around Vancouver/Burnaby
Deal Addict
Mar 2, 2017
2957 posts
5608 upvotes
Toronto/Markham
senasena wrote: The odds are pretty good the listing agent asked him if he is working with an agent and the answer was no.
If he said " after you show me the house and I like it I will call my cash back agent to write an offer for me" none of this "confusion" would have happened.
Well said, this is the root cause of the issue (assuming the agent asked if he was working with someone, if that wasn't asked then OP is in the right). If the listing agent was aware of your intent from the beginning all the drama on the back end wouldn't have happened. Realtors aren't perfect, but this situation isn't entirely on them.
Realtor®
Newbie
Feb 10, 2021
1 posts
3 upvotes
I am looking to buy a house in Markham/Stouffville or Oakville in the range of 1.0M to 1.3M. Looking for a cashback agent primarily to submit offers. Please PM me with your cashback offer and terms and conditions. Thank you!
Temp. Banned
Dec 16, 2020
173 posts
224 upvotes
Im looking for a cashback agent around gta too! For offer submitting
xtreme to the maximum
Deal Fanatic
Jun 29, 2007
5480 posts
2017 upvotes
The "standard" commission in Vancouver is 7% on 1st $100k and 2.5% on balance. What is the "standard" commission in Edmonton/Alberta?

Any realtor in Edmonton willing to offer a cash back?
Newbie
May 30, 2012
14 posts
8 upvotes
SCARBOROUGH
Any agents in Scarb/Markham Area that offer cashback and full services? 1st time buyers and would need agent that speaks English & Mandarin. Looking to buy ASAP when we find something we feel putting an offer in on. Budget 800k-1m
Newbie
Nov 17, 2006
15 posts
9 upvotes
Some people said they can go see the properties themselves, how does it work? Can the agent book a showing and give buyer the key to see properties themselves ?
Jr. Member
Jul 24, 2010
108 posts
82 upvotes
Toronto
Hi

Looking for an agent to help with buying a condo downtown.
Looking for 1BD +Den , budget 600k to 650k.
Please msg me with your detials and Cash Back offer.

Thanks
Deal Expert
User avatar
Feb 11, 2009
19275 posts
7717 upvotes
Toronto
15820 wrote: Some people said they can go see the properties themselves, how does it work? Can the agent book a showing and give buyer the key to see properties themselves ?
They work with the listing agent to go see the property. There is no "seeing it yourself". An agent is always present. Only difference is buyers agent vs sellers agent.

You also have to be mindful that if you do use the sellers agent to see the place theres a chance the commission will be reduced if you're expecting a cash back. Just stick to going with your agent to keep things clean.
Deal Fanatic
Mar 27, 2004
6891 posts
4824 upvotes
Toronto
15820 wrote: Some people said they can go see the properties themselves, how does it work? Can the agent book a showing and give buyer the key to see properties themselves ?
no, this is like a $3000 fine.
Full-time Realtor
Member
Jun 1, 2019
245 posts
314 upvotes
deal_with_singh wrote: They work with the listing agent to go see the property. There is no "seeing it yourself". An agent is always present. Only difference is buyers agent vs sellers agent.

You also have to be mindful that if you do use the sellers agent to see the place theres a chance the commission will be reduced if you're expecting a cash back. Just stick to going with your agent to keep things clean.
Also bear in mind that if you see a property with the listing agent, the listing agent is ethically and contractually bound to work in the best interest of the Seller - NOT you, the buyer. Sellers, of course, love it when Buyers see their property with their listing agent - its win win win for the Seller.
Full Service Realtor
Niagara / Hamilton-Burlington
Newbie
Jan 23, 2021
3 posts
4 upvotes
Hi

I am looking for an agent with cashback to buy a condo in York region(Richmond Hill/Markham). Please let me know.

(Is this the right thread or should I post it somewhere else ?)
Thanks

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