Real Estate

Lower your Listing/Selling Fees - Use Flat Rate MLS

  • Last Updated:
  • Apr 22nd, 2019 8:57 pm
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Newbie
Dec 19, 2018
37 posts
7 upvotes
eonibm wrote:
Apr 12th, 2019 10:34 am
That's where you are so wrong my friend. Maybe if you are trying to do your own surgery. Being an agent doesn't come close.

Here's a clue: You only have to be 18, have not even finished high school, have $4K and 4 mos to study and then you are an agent. That is reflected in how easy-peasy it is to transact deals and earn the huge commissions. What part of that are you missing?

Your comments scare not only me but EVERYONE!

You got it the wrong way around my friend. As an agent now, I'm living proof that it's 'tripping over pennies to pick up the dollars'!

hahahah. You thinking that there are some areas where the seller doesn't hold the cards and can't twist the buyers arm says it all. Don't quit your day job

I'm saying focus on the good ones. The top 5-10% or so. Of course don't expect amazing results with someone new with little experience
Newbie
Mar 10, 2019
18 posts
8 upvotes
With the release of sold pricing and comparables now easily available on sites like bungol and housesigma do you think the buyer agent fees of 2.0%-2.5% will come down for markets like Toronto?

It's easy to see that example from 2015 for 47 Maple Street was delisted several times before selling for under asking: https://www.bungol.ca/listing/47-maple- ... ingHistory
The barriers are even lower for buying agents to justify their fees, so isn't it a matter of time before this rule of thumb of 2.0% for buyers is also lowered? Is that what we're seeing now with agents offering 1.0-1.5% cashback?
[OP]
Deal Guru
Aug 2, 2010
13827 posts
3880 upvotes
Here 'n There
Agents that offer cash back do it because that is the main competitive advantage they have or they wouldn't do it. For a growing percentage of clients, all things being equal, that's how they pick their agent. The problem is that qny agent can match the competition on that and even offer more. Agents that know how to market themselves do not offer cash back because they don't have to and there are enough clients that think that if they pay more they will get better service and a better price on the buy side. It's the same on the sell side with higher listing commission, ie 2.5% or even 3% if it's an exclusive listing. However, that is not necessarily the case. Given there is no control group when you list or buy a property how do you know you could have gotten more with another agent when you list, or got the property you wanted at the price you wanted when you buy? You don't know.

So, this is why even the OREA course states that the best skill a real estate agent can have is not in how to transact a deal but:

How to market yourself as an agent!

How telling! It's unfortunate that clients think that having transacted high deal volume, being on the President's List, etc. means your a great agent. Not necessarily, but what it does mean is you are really good at marketing yourself so you can get a lot of clients.

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