Real Estate

Purchasing real estate thru Bode.ca - self-representation

  • Last Updated:
  • Oct 11th, 2021 8:47 pm
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes

Purchasing real estate thru Bode.ca - self-representation

Hi,

So i am trying to purchase a house thru Bode.ca, representing myself rather than a real estate agent. I have made enough offers thru an agent to be very familiar with how the entire process works and what's necessary. This is because I have found that many buying agent's in the past are not really motivated to get the best deal and view making offers as kind of a chore, especially for lower priced condos that offer less in commissions. They would rather spend more time selling higher priced properties which is understandable. Also, I am hoping that by representing myself, I have more chances to get a lower price, because the seller's agent does not have to split their commission with my agent, the buyer's agent.

However, a small issue I am encountering is many, if not all listing agents, when contacted for a viewing, will send a "team member" that is basically another agent that's looking to sign up the prospective buyer as their client. Which makes it fairly obvious that the listing agent's would rather share their commission with a buyer's agent, and keep the negotiations under control by "negotiating" with their partner, rathern than dealing directly with a self-represented buyer. Which makes it pretty obvious that a buyer'a agent would not have their client's interests as the main driving force, but rather than own relationship's within the real estate industry and keeping prices up in order to keep their commission's high.

Also, another suspicion I am having is, even in the absence of a buyer's agent, the listing agent will keep the entire commission to themselves, and are not even going to inform the seller that the buyer is representing . himself. Any discounts from the original listing price will come completely out of the seller's pocket.

Thoughts?
14 replies
Deal Addict
Mar 2, 2017
3030 posts
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Toronto/Markham
You are grossly misinformed on the process and how things actually work. Based on everything you wrote above even when I ignore your obvious bias you are completely off base, I don't even know where to start.

Good luck.
Last edited by RichmondCA on Oct 9th, 2021 5:46 pm, edited 1 time in total.
Realtor®
Deal Fanatic
Mar 27, 2004
7067 posts
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Toronto
self proclaimed knows how it works. but clearly doesn't.
Full-time Realtor
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes
Predictable. Two replies, both from realtors. Rest easy, you are not gonna lose any clients if people know how the deals are structured. Most people would still choose to be represented by an agent over self-representation just because it's less hassle

Anyhow, with that said, which part am I exactly ignorant about? Is it the part ion the image below where typically, at least in Alberta, a buyer's side realtor will be paid half, meaning 3.5% on the first 100k and 1% on anything above 100k, of the total commission? Percentages could be different in the rest of Canada.
alberta real estate buyer commission.jpg

Or is it the part where, given the choice, a buyer's agent has more incentive to be loyal to a listing agent/brokerage giving him constant leads, putting bread on his table, rather than a one-time, maybe two-time client? I know I would be

BTW, I don't work for Bode nor represent them in any way
Deal Addict
Aug 4, 2006
1497 posts
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Toronto
TitusBobby wrote: Predictable. Two replies, both from realtors. Rest easy, you are not gonna lose any clients if people know how the deals are structured. Most people would still choose to be represented by an agent over self-representation just because it's less hassle

Anyhow, with that said, which part am I exactly ignorant about? Is it the part ion the image below where typically, at least in Alberta, a buyer's side realtor will be paid half, meaning 3.5% on the first 100k and 1% on anything above 100k, of the total commission? Percentages could be different in the rest of Canada.

alberta real estate buyer commission.jpg


Or is it the part where, given the choice, a buyer's agent has more incentive to be loyal to a listing agent/brokerage giving him constant leads, putting bread on his table, rather than a one-time, maybe two-time client? I know I would be

BTW, I don't work for Bode nor represent them in any way
I'm not sure how Bode works exactly, but there is a another company i've seen called Zero Value realty. They basically have a shell brokerage, and they submit your offers to the seller. If you need an agent to take you to a showing, they will book it and charge you $40 per visit, but they tell you to just get a showing through the selling agent. The shell brokerage gets the buyers commission and then give it all to you minus $1000 fee to use their service. They also have lawyers you can use at $290 per hour.
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes
desm0nd wrote: I'm not sure how Bode works exactly, but there is a another company i've seen called Zero Value realty. They basically have a shell brokerage, and they submit your offers to the seller. If you need an agent to take you to a showing, they will book it and charge you $40 per visit, but they tell you to just get a showing through the selling agent. The shell brokerage gets the buyers commission and then give it all to you minus $1000 fee to use their service. They also have lawyers you can use at $290 per hour.
Great idea as well. I'd use them just for the funny way the information is presented, unfortunately it looks like they only offer their services in Ontario

BTW, what Im asking is called a customer relationship with the listing agent, and,.in addition to redflaggers looking for a deal, any smart realtors should be all over this because it gives them a chance to keep more than half of the entire commission to themselves, even the entire commission wink wink, rather than sharing it with a buying agent
Deal Addict
Aug 4, 2006
1497 posts
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Toronto
TitusBobby wrote: Great idea as well. I'd use them just for the funny way the information is presented, unfortunately it looks like they only offer their services in Ontario

BTW, what Im asking is called a customer relationship with the listing agent, and,.in addition to redflaggers looking for a deal, any smart realtors should be all over this because it gives them a chance to keep more than half of the entire commission to themselves, even the entire commission wink wink, rather than sharing it with a buying agent
I would never use the selling agent as the buyer. They have an obligation to the seller to get them the highest price possible. They do not have your best interests
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes
desm0nd wrote: I would never use the selling agent as the buyer. They have an obligation to the seller to get them the highest price possible. They do not have your best interests
When the listing agent realizes that he gets to keep the entire commission, rather than having to share it with the buyer's agent, he might actually just start working in the interest of the buyer in this case, rather than the seller
Deal Addict
User avatar
Oct 26, 2007
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TitusBobby wrote: When the listing agent realizes that he gets to keep the entire commission, rather than having to share it with the buyer's agent, he might actually just start working in the interest of the buyer in this case, rather than the seller
that is against the representation agreement and the realtor could lose their license / and or get fined. As the other realtors have mentioned you clearly dont really know how the process works, but i wish you all the best.

good luck
Licensed Full Service Realtor
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Mar 2, 2017
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desm0nd wrote: I'm not sure how Bode works exactly, but there is a another company i've seen called Zero Value realty. They basically have a shell brokerage, and they submit your offers to the seller. If you need an agent to take you to a showing, they will book it and charge you $40 per visit, but they tell you to just get a showing through the selling agent. The shell brokerage gets the buyers commission and then give it all to you minus $1000 fee to use their service. They also have lawyers you can use at $290 per hour.
Someone had also posted that there is a brokerage that submits offers for $200/offer. I forget the name, someone had posted it here.
Realtor®
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes
bLuPhYrE wrote: that is against the representation agreement and the realtor could lose their license / and or get fined. As the other realtors have mentioned you clearly dont really know how the process works, but i wish you all the best.

good luck
Correct, because realtors are other worldly beinga immune to the temptation of extra money

I will let the reddit thread which I found while searching for info on Zero Value Realty speak for itself ...

https://amp.reddit.com/r/TorontoRealEst ... ue_realty/
Deal Fanatic
Mar 27, 2004
7067 posts
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Toronto
These types of gimmick brokerages and services come and go for a reason.

People want advice buying the most expensive asset in their life. There are plenty of realtors that will provide you with the insight and advice plus offer you rebate. these types of services are meant for people who feel comfortable doing it on their own. problem is you now are asking listing agents to show you a property and then you want to submit offers via another brokerage. good luck with that.
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Jul 23, 2020
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oasis100 wrote: These types of gimmick brokerages and services come and go for a reason.

People want advice buying the most expensive asset in their life. There are plenty of realtors that will provide you with the insight and advice plus offer you rebate. these types of services are meant for people who feel comfortable doing it on their own. problem is you now are asking listing agents to show you a property and then you want to submit offers via another brokerage. good luck with that.
So what is the listing agents role, if not to sell. Kinda redundant that listing agents take % of sale and act as a secretary for the buying realtors.
[OP]
Member
Sep 17, 2016
326 posts
148 upvotes
oasis100 wrote: These types of gimmick brokerages and services come and go for a reason.

People want advice buying the most expensive asset in their life. There are plenty of realtors that will provide you with the insight and advice plus offer you rebate. these types of services are meant for people who feel comfortable doing it on their own. problem is you now are asking listing agents to show you a property and then you want to submit offers via another brokerage. good luck with that.
Gotcha. A listing agent is gonna be afraid, rightly so, that by accepting an offer made thru Bode, they will have to pay Bode the buyer's agent fees, although Bode claims they won't attenpt to do so.

Now I understand why all the listing agents we have made offers thru so far have insisted on using their own brokerage to re-write the offer. That's cool with me
Member
Jul 14, 2009
238 posts
86 upvotes
desm0nd wrote: I would never use the selling agent as the buyer. They have an obligation to the seller to get them the highest price possible. They do not have your best interests
bLuPhYrE wrote: that is against the representation agreement and the realtor could lose their license / and or get fined. As the other realtors have mentioned you clearly dont really know how the process works, but i wish you all the best.

good luck
Is it though? Maybe it's illegal in some provinces but not Ontario. Isn't the practice to disclose double representations to both sides and get signatures? At least that's how it happened for us in the past. In our case, we used the listing agent and bought a house the night it hit the market. To this day both seller (that still lives in the neighborhood) and us think he was a fair agent. He got 3% total and that 2% the seller saved helped us win the deal (about 80k!)

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