Real Estate

Lower your Listing/Selling Fees - Use Flat Rate MLS

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Penalty Box
Aug 11, 2005
4124 posts
1357 upvotes
eonibm wrote:
May 23rd, 2014 12:09 am
You are faced with that question anyway, even if represented by a real estate agent. And, since you are saving 2.5% you certainly have the luxury of waiting if you want to.

No one is saying it is a piece of cake. There is work to do. You missed my point which is that the services provided by real estate agents like you as a listing agent is not worth 2.5%.

I note that you also have not been able to add any useful tasks to those which I have already enumerated. That is VERY telling!
I saw some videos where the real estate agent sleeps with a client to get a higher offer. Perhaps that may be a value added service you can ask a realtor for.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
Refer post #12, this information about the over-priced listing wasn't gleaned by filtering sold information, after just 30 seconds or evenall from MLS. But hey, you believe what you want because if that's all you think you'll get, that's all you'll be looking for in a Realtor.
Luckyinfil wrote:
May 23rd, 2014 12:03 am
No it's not. All a realtor would do is to go into MLS, filter previously solds in the same area with the same bedrooms and print/email it to you. Takes all of 30 seconds.
Penalty Box
Aug 11, 2005
4124 posts
1357 upvotes
licenced wrote:
May 23rd, 2014 12:15 am
Refer post #12, this information about the over-priced listing wasn't gleaned by filtering sold information, after just 30 seconds or evenall from MLS. But hey, you believe what you want because if that's all you think you'll get, that's all you'll be looking for in a Realtor.
I see tons of over-priced listings when people sell with realtors as well. But in the real estate world, nothing is ever overpriced. All it takes is one idiot to like it enough for a deal to be made.
[OP]
Deal Guru
Aug 2, 2010
14312 posts
4181 upvotes
Here 'n There
licenced wrote:
May 22nd, 2014 10:44 pm
Please ask that question again so that's understandable. Appreciate it.
It's quite understandable actually. Let me educate you a bit:

He is pointing out that real estate agents don't make a market. The real estate market is governed by mortgage interest rates, supply and demand and the sentiment of those in the market to buy and to sell a home among some other less important factors. Higher interest rates will result in prices that do not climb as fast, stay stagnant and even decline. This has happened multiple times over the last 60 years in Toronto. Most people today pay no attention to interest rates and how they will be affected when they rise. They are more concerned about about the monthly expense they can afford. Interest rates need only increase about 2-2.5% for most people's mortgage payments to increase by about 50% upon renewal. If they can barely afford that now then they certainly will not be able to later as this could easily happen in the next 5-10 years. Will people's wages increase by that amount in the same time period? Hardly! What do you think that will do? Yup, prices will start falling.

Supply and demand is a factor, but no one can predict these. They are affected by many different factors including employment figures, interest rates, etc.

Market sentiment is another factor. If prices start to slide a bit and people feel they will more, then it is possible that people will start to wait until the price goes lower demand then falls, prices go lower and it feeds on itself and becomes a self-fulfilling prophecy.

Real estate agents have no effect on any of these factors.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
eonibm wrote:
May 23rd, 2014 12:09 am
You missed my point which is that the services provided by real estate agents like you as a listing agent is not worth 2.5%.
No I didn't miss your point at all. it's no different to me saying that I must be overpaying for any service whereby the company's employees are being paid by customers to spend their employer paid time posting on RFD instead of working at the task they've been hired to do. That would be what? All professions and company categories?
I note that you also have not been able to add any useful tasks to those which I have already enumerated. That is VERY telling!
Why would I? If you want it, pay for it.
[OP]
Deal Guru
Aug 2, 2010
14312 posts
4181 upvotes
Here 'n There
dealguy2 wrote:
May 22nd, 2014 11:36 pm
The hardest part is price discovery. Sure many agents will flash around numbers to get your attention and your listing but will they actually spend the time and pull all comparables? Probably not unless they are really sure you're not just shopping agents.

In Victoria there is a parallel system to the stupid and useless realtor.ca website called pcs and vreb matrix that allows you to search for and track prices. If there's anything similar in Toronto I'd get access to it because it's very useful for price discovery purposes. In BC you can also access sales reported to the property tax agency which is highly useful to capture private sales. You have to watch the tax data though because some of the transactions are obvious deals between relatives where the prices are crazy low.
I've had no problem getting comparables from agents. In fact they fall over themselves giving them to me as they always want my listing so much. Of course they know people shop agents but they can't risk not being responsive because if they don't provide the info they don't even have a shot at being a contender. Also, in this market, comparables are starting to become somewhat irrelevant as the prices are so crazy that comparables are stale-dated very quickly. Also, another tactic being used these days is the price-low tactic which encourages crazy bidding. Your comparable doesn't have to be that accurate for that strategy. I see it all the time.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
eonibm wrote:
May 23rd, 2014 12:19 am
It's quite understandable. He is pointing out that real estate agents don't make a market. The real estate market is governed by mortgage interest rates, supply and demand and the sentiment of those in the market to buy and to sell a home.

snip
And there goes your freakonomics study right out the window.
[OP]
Deal Guru
Aug 2, 2010
14312 posts
4181 upvotes
Here 'n There
licenced wrote:
May 23rd, 2014 12:21 am
No I didn't miss your point at all. it's no different to me saying that I must be overpaying for any service whereby the company's employees are being paid by customers to spend their employer paid time posting on RFD instead of working at the task they've been hired to do. That would be what? All professions and company categories?

Why would I? If you want it, pay for it.
And that, my friend, is the very point you seem to keep missing over and over. You don't have to pay a sellers' agent outrageous prices for these menial tasks.
[OP]
Deal Guru
Aug 2, 2010
14312 posts
4181 upvotes
Here 'n There
licenced wrote:
May 23rd, 2014 12:23 am
And there goes your freakonomics study right out the window.
Not at all. Quite the opposite actually.

Anyway, I know you are obsessed with the proven Freaknomics data (which is an issue currently being discussed in another thread), but why don't you address the question posed in my original post? Again, very telling that you, like the other agents I have met with, also can't come up with anything else to add of value.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
Then don't. But don't expect I should give free advice either. If it's menial then you shouldn't even be asking for the information.
eonibm wrote:
May 23rd, 2014 12:26 am
And that, my friend, is the very point you seem to keep missing over and over. You don't have to pay a sellers' agent outrageous prices for these menial tasks.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
Yes, I was the one who trotted out freakonomics.

Seriously, that's your argument now?
eonibm wrote:
May 23rd, 2014 12:29 am
Not at all. Quite the opposite actually.

Anyway, I know you are obsessed with the proven Freaknomics data (which is an issue currently being discussed in another thread), but why don't you address the question posed in my original post? Again, very telling that you, like the other agents I have met with, also can't come up with anything else to add of value.
[OP]
Deal Guru
Aug 2, 2010
14312 posts
4181 upvotes
Here 'n There
licenced wrote:
May 23rd, 2014 12:32 am
Then don't. But don't expect I should give free advice either. If it's menial then you shouldn't even be asking for the information.

'don't expect I should give free advice either'
- Oh please. That's the best answer you could come up with?

No surprise. The agents I've had in front of me also grasp for straws just like you have and can't really add anything to my list. Oh, and I have a couple of good friends in other cities who are real estate agents and they've told me my list is dead on and that there is really nothing more to it. They have told me that clients are increasingly realizing that a listing agent isn't worth 2.5% and that they have no real justification for why they should be paid double what they did 7-8 years ago because house prices have doubled. They also tell me they do not tell this to their clients of course!

You've been busted!
Penalty Box
Aug 11, 2005
4124 posts
1357 upvotes
One thing an agent can do for you is phantom bids to generate bidding wars.
Deal Fanatic
Jul 3, 2011
5328 posts
2404 upvotes
Thornhill
If you had real estate agent friends in other cities you wouldn't be consulting real estate agents on RFD or elsewhere.

I don't fall for reverse psychology and definitely not poorly executed attempts.

Thanks for the chuckle.

Remember - just say no, add 9.5 days and you're good to do.

Good night.
eonibm wrote:
May 23rd, 2014 12:44 am

'don't expect I should give free advice either'
- Oh please. That's the best answer you could come up with?

No surprise. The agents I've had in front of me also grasp for straws just like you have and can't really add anything to my list. Oh, and I have a couple of good friends in other cities who are real estate agents and they've told me my list is dead on and that there is really nothing more to it. They have told me that clients are increasingly realizing that a listing agent isn't worth 2.5% and that they have no real justification for why they should be paid double what they did 7-8 years ago because house prices have doubled. They also tell me they do not tell this to their clients of course!

You've been busted!
Sr. Member
Oct 13, 2011
517 posts
299 upvotes
Luckyinfil wrote:
May 22nd, 2014 10:25 pm
Great high content post. This should be stickied.
Another high content post will be to create a list of buyer's agents in cities across Canada that are willing to split their commission with their buyers.

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