Real Estate

Real Estate Commission Rebates for Buyers

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  • Nov 3rd, 2018 10:49 am
[OP]
Sr. Member
Jan 13, 2009
695 posts
262 upvotes

Real Estate Commission Rebates for Buyers

I know there is a website called flatprice.ca that gives you back 50% of real estate agents commission when you are a buyer.

1) Are there other similar agencies in Ontario?
2) Is there anything similar in Quebec (Montreal)

Need the agency to:
- Provide recent comparable sales many times while I search
- Help buy a property in a multi offer scenario

I know there is a big thread on becoming your own agent. But I dont really want to do that. Too much work and also I'm buying something small this time around.
19 replies
Jr. Member
Aug 16, 2011
198 posts
60 upvotes
Oakville, ON
Clueless Fox linked some good threads. Alternatively if you are looking for a local realtor, you should be getting a healthy chunk of flyers advertising cash back in your mailbox.

Looking at the flatprice website, it looks like their 2 options are:

1) find your own home, they will assist in the offer and give you 50% back
2) They assist in booking showings, provide market analyses and prepare offer and will give you 10% back.

I am sure if you called a few local realtors you would be able to get something similar to option 2, maybe even better. Many brokerages allow for cash back on commission as long as it comes from the agent themselves and not the brokerage.
Registered Real Estate Sales Representative
Deal Addict
Jun 29, 2007
4698 posts
1385 upvotes
elfion wrote: I know there is a website called flatprice.ca that gives you back 50% of real estate agents commission when you are a buyer.

1) Are there other similar agencies in Ontario?
2) Is there anything similar in Quebec (Montreal)

Need the agency to:
- Provide recent comparable sales many times while I search
- Help buy a property in a multi offer scenario

I know there is a big thread on becoming your own agent. But I dont really want to do that. Too much work and also I'm buying something small this time around.
Sounds like you may need more help than what a realtor would be willing to offer at 50% commission rebate level. i.e. with the help you may need, a realtor may only offer you 10% or 20% rebate rather than 50%.

Ask as many as you can and you may find one, esp in slowing market.
[OP]
Sr. Member
Jan 13, 2009
695 posts
262 upvotes
Speedy1 wrote: Sounds like you may need more help than what a realtor would be willing to offer at 50% commission rebate level.
I don't think so. Looking up comparables and representing in a multi offer scenario are two essential and super core functions. Both are not time consuming (lookups can be done by a monkey) without leaving the office. This is very standard. Flatprice people do that, if I remember correctly.
Deal Guru
Feb 29, 2008
12205 posts
7321 upvotes
Not a bad service where they get you to do the groundwork and they'll flip you some $. In this day and age people can do the heavy lifting (ie: searching for homes). After that point a realtor doesn't really add much. So if you're buying a Million dollar house, why are you giving 10s of thousands of dollars to someone who barely did anything?
[OP]
Sr. Member
Jan 13, 2009
695 posts
262 upvotes
JayLove06 wrote: Not a bad service where they get you to do the groundwork and they'll flip you some $. In this day and age people can do the heavy lifting (ie: searching for homes). After that point a realtor doesn't really add much. So if you're buying a Million dollar house, why are you giving 10s of thousands of dollars to someone who barely did anything?
I bought a 750K house and I did pretty much all the work. All they did is they looked up comparables, I ended up finding the right areas, finding the right house, and then they worked on the last day to go throught the multiple offers routine. I lost the auction. But then the winning buyer backed out, and they called the next best offer, and asked us to match, which we did. End of story. I could have done 100% of the work myself no problem. But I literally can't without a licence. Historical sold properties are pretty much impossible to get without MLS access, and then the seller will not look at the bids made without an agent in the multiple offer scenario unless they are way way above, from what I gather.
Jr. Member
Aug 16, 2011
198 posts
60 upvotes
Oakville, ON
Depending on where you are looking there might not be enough demand for a property to have multiple offers. You might only need the comparables/historical sales and possibly preparation of an offer.
Registered Real Estate Sales Representative
Jr. Member
Jun 23, 2005
117 posts
29 upvotes
elfion wrote: I bought a 750K house and I did pretty much all the work. All they did is they looked up comparables, I ended up finding the right areas, finding the right house, and then they worked on the last day to go throught the multiple offers routine. I lost the auction. But then the winning buyer backed out, and they called the next best offer, and asked us to match, which we did. End of story. I could have done 100% of the work myself no problem. But I literally can't without a licence. Historical sold properties are pretty much impossible to get without MLS access, and then the seller will not look at the bids made without an agent in the multiple offer scenario unless they are way way above, from what I gather.
Would monoghouse.com and bungol.ca not work for you? Or do you need historical info going back farther? Just a thought to help prices/comparison of the area/neighbourhood. I'm thinking about looking to do this myself with an agent... good luck!
[OP]
Sr. Member
Jan 13, 2009
695 posts
262 upvotes
brokenwords wrote: Would monoghouse.com and bungol.ca not work for you? Or do you need historical info going back farther? Just a thought to help prices/comparison of the area/neighbourhood. I'm thinking about looking to do this myself with an agent... good luck!
do you mean WITHOUT an agent? if so, how are you planning to deal with multiple offers?
Jr. Member
Aug 16, 2011
198 posts
60 upvotes
Oakville, ON
If there are not multiple offers and you are the only offer on a property do you still plan to use the agent who provided the historical sales or the agent listing the property?
Registered Real Estate Sales Representative
Deal Addict
Sep 12, 2017
1708 posts
151 upvotes
how much commission is charged as a seller anyway these days?
Deal Addict
Dec 18, 2006
1947 posts
352 upvotes
Markham
reggyDeal wrote: how much commission is charged as a seller anyway these days?
It would depend on the area and the brokerage that the seller signs with. Some sellers still pay 5% to 6% to "high end" or "luxury" brokerages, where the properties would be located in multi-million dollar areas, catering to a high-end crowd/buyer. Many brokerages have realized the market and may be charging around 3.5% to 4% total. Everything plus HST obviously (government needs their cut)

Good luck!
Jay Rana, Sales Representative
YOUR HOME SOLD GUARANTEED, OR I'LL BUY IT!*
CENTURY 21 Titans Realty Inc. Brokerage
@RE4L.ca
*conditions apply
Deal Expert
User avatar
Aug 2, 2010
15193 posts
4887 upvotes
Here 'n There
Other option is become an agent like I did and get 100% back, lol

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