Real Estate

Listing my own property? (Flat Fee MLS Listing?)

  • Last Updated:
  • Oct 1st, 2020 5:42 pm
Tags:
[OP]
Deal Addict
Feb 14, 2016
1696 posts
1121 upvotes

Listing my own property? (Flat Fee MLS Listing?)

Hi,

I'm trying to sell my condo in Toronto Downtown; I just don't think the servies offered by realtors are worth 20-30k.

I would like to list my own property on MLS. Can anyone recommend flat fee MLS listing agency?

Thank you in advance!
16 replies
Jr. Member
User avatar
Jun 3, 2019
173 posts
138 upvotes
GTA
JIB9022 wrote: Hi,

I'm trying to sell my condo in Toronto Downtown; I just don't think the servies offered by realtors are worth 20-30k.

I would like to list my own property on MLS. Can anyone recommend flat fee MLS listing agency?

Thank you in advance!
It's a common misconception that a seller needs to pay a percentage of the selling price as the commission to realtors (both listing and co-op). You can negotiate a flat fee if you choose. If you are looking to sell it yourself you can try Purplebricks
Realtor® & Mortgage Agent
Deal Addict
Mar 27, 2004
4897 posts
2845 upvotes
Toronto
JIB9022 wrote: Hi,

I'm trying to sell my condo in Toronto Downtown; I just don't think the servies offered by realtors are worth 20-30k.

I would like to list my own property on MLS. Can anyone recommend flat fee MLS listing agency?

Thank you in advance!
The problem with your thinking is that all sold prices you see factor in the cost of commission for the Seller.
The prices you see don't get achieved without agents being involved. that is just a fact 99% of the time. You are going to have to pay 2.5% regardless unless a buyer called you directly. Even if a buyer called you directly, they are going to want the savings you are getting for not paying coop and listing fee. So are you really further ahead?
Condo market is slow right now.
Good luck.
Full-time Realtor
[OP]
Deal Addict
Feb 14, 2016
1696 posts
1121 upvotes
oasis100 wrote: The problem with your thinking is that all sold prices you see factor in the cost of commission for the Seller.
The prices you see don't get achieved without agents being involved. that is just a fact 99% of the time. You are going to have to pay 2.5% regardless unless a buyer called you directly. Even if a buyer called you directly, they are going to want the savings you are getting for not paying coop and listing fee. So are you really further ahead?
Condo market is slow right now.
Good luck.
Thanks for the advice, I do not mind paying buying agent;

I just dont think selling agent's effort is worth getting 1%, which will be like $9000, which is normally people's two months of pay for mere 1 hour of work max
[OP]
Deal Addict
Feb 14, 2016
1696 posts
1121 upvotes
trebmember wrote: It's a common misconception that a seller needs to pay a percentage of the selling price as the commission to realtors (both listing and co-op). You can negotiate a flat fee if you choose. If you are looking to sell it yourself you can try Purplebricks
thank you, I will try purple bricks!
Jr. Member
User avatar
Jun 3, 2019
173 posts
138 upvotes
GTA
JIB9022 wrote: Thanks for the advice, I do not mind paying buying agent;

I just dont think selling agent's effort is worth getting 1%, which will be like $9000, which is normally people's two months of pay for mere 1 hour of work max
In every profession there are DIYers, save and except maybe doctors. I disagree with the one hour of work for a listing agent, but give it a try. Sometimes you come out ahead, sometimes you don't - like oasis100 says, good luck.
Realtor® & Mortgage Agent
Sr. Member
Jun 7, 2017
948 posts
691 upvotes
BC
oasis100 wrote: You are going to have to pay 2.5% regardless unless a buyer called you directly.
Not true.
Newbie
Apr 6, 2020
77 posts
42 upvotes
Toronto
JIB9022 wrote: Thanks for the advice, I do not mind paying buying agent;

I just dont think selling agent's effort is worth getting 1%, which will be like $9000, which is normally people's two months of pay for mere 1 hour of work max
Well there will be no changing your mind if you think the cleaning, staging, listing, photos, ad creating, marketing materials, dealing with showing appointments, negotiating, etc all happens without a cost and is 1 hour of work max.
GTA Real Estate Agent
[OP]
Deal Addict
Feb 14, 2016
1696 posts
1121 upvotes
mjkrealty wrote: Well there will be no changing your mind if you think the cleaning, staging, listing, photos, ad creating, marketing materials, dealing with showing appointments, negotiating, etc all happens without a cost and is 1 hour of work max.
I get what you are saying however,
How many realtors really do all the things you mentioned? pretty much all ask for extra fee
Sr. Member
Mar 2, 2017
736 posts
1260 upvotes
Toronto
Hey OP, I totally get the desire to want to do this, we all have to learn one way or another. Personally I think listing yourself is an acceptable strategy in a hot market (less could go wrong as an unrepresented seller), I don't think it's wise in a tough market (condos)...ask me how I know before becoming a Realtor lol

That being said, expect to sit on the market for a while, you will second guess yourself a lot, and it will be very difficult to remove emotion when you are dealing directly with the person(s) making you the offer (which will chip away at you and your patience). It's a good experience and I recommend everyone try it at least once :) hope it works out for you.

I think www.propertyguys.com still does this.
Realtor, Investor, CPA
Newbie
Apr 6, 2020
77 posts
42 upvotes
Toronto
JIB9022 wrote: I get what you are saying however,
How many realtors really do all the things you mentioned? pretty much all ask for extra fee
We're out there, just need to find em
GTA Real Estate Agent
Deal Addict
User avatar
Oct 26, 2007
2157 posts
1385 upvotes
YYZ
as others have mentioned OP try

Purple bricks

just like with any profession, there are good and bad eggs. (Just look at dentistry where most dentists will give you different recommendations on what needs to be done, watch the cbc marketplace on dentists)
as @mjkrealty mentioned there are good realtors out there. if you do consider hiring a realtor make sure to interview many and see what services are offered.

good luck
Licensed Full Service Realtor
Newbie
Sep 10, 2008
2 posts
toronto
I did this thru purplebricks last yr, ended up changing my mind last second about the sale, but was able to find a buyer in a month or so. also listed some kijiji ads my self.

I think this is the way to go assuming you have a new-ish condo in hot market. I truly don't believe sellers agent are worth what they charge in such cases.

I'm just about to re-list and looks like purplebricks removed their $800 mls only option, and only offer $3k 'negotiation service' package so I'm looking for other mls options, i'll let you know how it goes
Newbie
Oct 28, 2010
58 posts
43 upvotes
Richmond Hill
INAMAZON wrote: I did this thru purplebricks last yr, ended up changing my mind last second about the sale, but was able to find a buyer in a month or so. also listed some kijiji ads my self.

I think this is the way to go assuming you have a new-ish condo in hot market. I truly don't believe sellers agent are worth what they charge in such cases.

I'm just about to re-list and looks like purplebricks removed their $800 mls only option, and only offer $3k 'negotiation service' package so I'm looking for other mls options, i'll let you know how it goes
You can try FSBO, which I think is $600 to list on MLS

https://www.fsbo.ca/
Deal Guru
Feb 29, 2008
13405 posts
9314 upvotes
RichmondCA wrote: Hey OP, I totally get the desire to want to do this, we all have to learn one way or another. Personally I think listing yourself is an acceptable strategy in a hot market (less could go wrong as an unrepresented seller), I don't think it's wise in a tough market (condos)...ask me how I know before becoming a Realtor lol

That being said, expect to sit on the market for a while, you will second guess yourself a lot, and it will be very difficult to remove emotion when you are dealing directly with the person(s) making you the offer (which will chip away at you and your patience). It's a good experience and I recommend everyone try it at least once :) hope it works out for you.

I think www.propertyguys.com still does this.
Exactly what I was going to come in here to say. Selling a condo today you need a good agent. Good luck doing it yourself. Condos do not move like they used to. You're going to need a good agent who can strategize with. Weak realtors are going to get rocked, the good, experienced ones will be fine.
Jr. Member
Apr 8, 2013
120 posts
35 upvotes
Toronto
A couple of options to consider can be found at the following websites.

https://therealtycommission.com

https://www.fsbo.ca

Keep in mind that a number of purchasers have arrangements with their agents to receive 1% cash back from the commission. Some of the buyer's agents may steer their clients away from the property. I almost wish that the real estate board could propose a sliding scale re: commissions. For example 5% on the first $500,000, 2.5% on the next $500,000 and 1.5% on anything over $1M.
Deal Addict
Jul 3, 2007
2911 posts
3107 upvotes
Toronto
F22Raptor wrote: A couple of options to consider can be found at the following websites.

https://therealtycommission.com

https://www.fsbo.ca

Keep in mind that a number of purchasers have arrangements with their agents to receive 1% cash back from the commission. Some of the buyer's agents may steer their clients away from the property. I almost wish that the real estate board could propose a sliding scale re: commissions. For example 5% on the first $500,000, 2.5% on the next $500,000 and 1.5% on anything over $1M.
sliding scale is how it should be,.......but not 5% to start lol

Top