Cash Back Agent Vs No Cash Back Vs Buy yourself

eonibm wrote: ↑ it ain't #3, #2 if you can get it and feel you'll get the same service as #1

canuckstorm wrote: ↑ #2 would be the best out of the options you presented. Forget #3.

Depending on your time frame, there could also be option #4 - which is you getting a realtor license and keeping all the buyer's agent commission.

webester wrote: ↑ Nice, can you please elaborate on the time frame for option 4.
I am fine with reasonable time frame of a month or so, but are there any recurring costs after getting license? like annual license fee, insurance, monthly/quarterly brokerage fee etc?

canuckstorm wrote: ↑ One of the posters on your thread, Eonibm, is the authority on that licensing option and from his signature you can link to his ongoing thread on this matter.
A month might not be enough time for you to study and get a license. I imagine it could take 3 to 4 months. Again it all depends on which province you are in and the home prices. In the GTA with average houses costing north of a $1m, the commissions are huge and would offset whatever you spend in taking the course and whatever desk fees you pay at a brokerage. YMMV.

Furcorn wrote: ↑ If you are confident and able, #3 first. Otherwise, #2.

webester wrote: ↑ So option 3 is still practical. Do listing/seller agents ever pass on such fee portion? If anyone has tried it and it worked for them, i would give it a try for sure.

webester wrote: ↑ So option 3 is still practical. Do listing/seller agents ever pass on such fee portion? If anyone has tried it and it worked for them, i would give it a try for sure.

canuckstorm wrote: ↑ 9 out of 10, this arrangement will only line up the pocket of the listing agent as he will get the full commission. Is there a guarantee that he will lower the house price by 2.5%? Maybe - however, it all depends on the market and your negotiating skills. What if you would have still gotten that 2.5% discount anyway, even if you had gone with your own realtor? Maybe a motivated seller who was willing to discount by 10% but the selling realtor convinced you that 2.50% was a good deal. So, you could get both a discount on the home price and a cashback - those two are not mutually exclusive.

Keep in mind that you are working in a scenario where there is assymetric information (the sellers have more knowledge than you). The only way number 3 would work is if you were to close that information gap and know how much that house should be selling for and how much the buyer would accept. If you are prepared to do your own comps research and look through the land registry to find out how much the current owner paid and when they bought the house - you will pretty much have an idea of the lowest price they will accept. If the owner paid half the listing price 20 years ago - chances are there is more negotiating room as he has both gained in capital appreciation and also paid down the mortgage. Whereas, a seller who just bought 2 years ago might still be under water. It is this type of info a buyers agent might be able to get you. However, do not expect the seller's agent to get you that sort of info - therefore, zero advantage to dealing with the seller's realtor - unless you already have all the info he has.

Furcorn wrote: ↑ It's not the seller's agent who would pass on savings, it's the seller. You simply approach them and request they lower the price by 2.5% and pay no buyer's commission. The seller's agent can write this up appropriately.

webester wrote: ↑ General question:

So after this thread i received private messages from some realtors about offers etc, or how they are different/better than lot others.

So how do you guys read those messages? If someone isn't open to reply in public and wants to share their techniques in private, that person sounds fishy or seems trustworthy?

Just out of respect for the forum, I ain't naming anyone who PM'd me after this thread.

webester wrote: ↑ General question:

So after this thread i received private messages from some realtors about offers etc, or how they are different/better than lot others.

So how do you guys read those messages? If someone isn't open to reply in public and wants to share their techniques in private, that person sounds fishy or seems trustworthy?

Just out of respect for the forum, I ain't naming anyone who PM'd me after this thread.

webester wrote: ↑ Hi friends

So i am looking to buy a residential property and i understand there are 3 available options

1. Get a realtor who sends you listings etc, you go for viewings, close everything and he takes his commission of 2.5% approx
2. Do the same thing in step 1, but ask that realtor for some cashback like 1% cashback
3. Do everything yourself, skip the buying realtor part, view listings yourself and negotiate on price with the sellers agent, as he'll be saving 2.5% commission for himself (that he had to pay to buyers agent)

So what's the best and recommended option? and what are pros and cons of all these options

Thanks

webester wrote: ↑ General question:

So after this thread i received private messages from some realtors about offers etc, or how they are different/better than lot others.

So how do you guys read those messages? If someone isn't open to reply in public and wants to share their techniques in private, that person sounds fishy or seems trustworthy?

Just out of respect for the forum, I ain't naming anyone who PM'd me after this thread.

RolandCouch wrote: ↑ They are messaging you privately because they are not allowed to solicit here