Real Estate commission....is it negotiable?
#61
Re: Real Estate commission....is it negotiable?
but you said stop BEING an oldbag, clearly having a go at the woman. I think I have made the point clearly to you regarding what others are saying. I can't explain it any other way mate.
#62
Re: Real Estate commission....is it negotiable?
Out or context. Old Bag already had six helpful replies and chose to ignore them.
The Broker is overall responsible for all contracts and is equally as liable as the salesperson who represents him. When a contract is signed, unless what is called a Designated Brokerage exists, every salesperson who works for the brokerage is deemed to have knowledge of it in Common Law.
There is no monopoly to break - they take the Competition Act very seriously. It's just as it is - Lawyers fees are cheaper because the agents do a lot of the contract work and so take on taht liability.
Houses are valued differently here and if anything it keeps prices down.
The Broker is overall responsible for all contracts and is equally as liable as the salesperson who represents him. When a contract is signed, unless what is called a Designated Brokerage exists, every salesperson who works for the brokerage is deemed to have knowledge of it in Common Law.
There is no monopoly to break - they take the Competition Act very seriously. It's just as it is - Lawyers fees are cheaper because the agents do a lot of the contract work and so take on taht liability.
Houses are valued differently here and if anything it keeps prices down.
#63
Re: Real Estate commission....is it negotiable?
I've checked various threads regarding real estate, but can't find a definitive answer to my question...........so advice would be appreciated.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing.
Help....please.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing.
Help....please.
#64
Re: Real Estate commission....is it negotiable?
I've already apologised to Old bag in the thread for referring to her as Old Bag?
#65
Re: Real Estate commission....is it negotiable?
Quite right - second time at least that's been posted. People never read the whole thread anymore.
#67
Re: Real Estate commission....is it negotiable?
Canadian Small towns, are very small, little more than a UK village or even smaller. They are not at all like the English villages I'm use to, more like villages in the Scottish Highlands, Everyone knows (or is most probably related) to everyone else, and the new comer is often at a disadvantage. Its like Corner Gas, but you have to take away the witty repartee, humor, and likable characters.
If there are only two agents you can negotiate till the cows come home, and they have no need to budge on price, after all if you don't go to one you have to go to the other. In the end they may lose a customer to the other agent occasionally, but then no doubt they gain them too, why should they cut their prices.
I fear the problem the OP has is the total lack of competition in her town. I'm sure it's a problem in other areas beside real estate.
If there are only two agents you can negotiate till the cows come home, and they have no need to budge on price, after all if you don't go to one you have to go to the other. In the end they may lose a customer to the other agent occasionally, but then no doubt they gain them too, why should they cut their prices.
I fear the problem the OP has is the total lack of competition in her town. I'm sure it's a problem in other areas beside real estate.
#68
itchy feet again!
Thread Starter
Joined: Sep 2007
Location: Ex-Canada: now rural West Sussex.
Posts: 1,013
Re: Real Estate commission....is it negotiable?
Out or context. Old Bag already had six helpful replies and chose to ignore them.
The Broker is overall responsible for all contracts and is equally as liable as the salesperson who represents him. When a contract is signed, unless what is called a Designated Brokerage exists, every salesperson who works for the brokerage is deemed to have knowledge of it in Common Law.
There is no monopoly to break - they take the Competition Act very seriously. It's just as it is - Lawyers fees are cheaper because the agents do a lot of the contract work and so take on taht liability.
Houses are valued differently here and if anything it keeps prices down.
The Broker is overall responsible for all contracts and is equally as liable as the salesperson who represents him. When a contract is signed, unless what is called a Designated Brokerage exists, every salesperson who works for the brokerage is deemed to have knowledge of it in Common Law.
There is no monopoly to break - they take the Competition Act very seriously. It's just as it is - Lawyers fees are cheaper because the agents do a lot of the contract work and so take on taht liability.
Houses are valued differently here and if anything it keeps prices down.
I'm soooo glad I decided against Nova Scotia.
Lastly - to all of you who have provided useful information, in a helpful and friendly manner....thank you, I really appreciate it.
#69
Joined: Nov 2005
Posts: 312
Re: Real Estate commission....is it negotiable?
So is 4% commision on the whole sale price any good ?? Just a wondering.
mrs minihaha
mrs minihaha
#70
Re: Real Estate commission....is it negotiable?
I am not sure whether too low a commission rate serves one so well. In a market where there are many properties available maybe the ones with the lower rate will stay around longer.
In my job I would always buy from the supplier that gave me the best deal.
In my job I would always buy from the supplier that gave me the best deal.
#71
Forum Regular
Joined: May 2006
Location: Vancouver Island
Posts: 47
Re: Real Estate commission....is it negotiable?
I've checked various threads regarding real estate, but can't find a definitive answer to my question...........so advice would be appreciated.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing.
Help....please.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing.
Help....please.
#72
Re: Real Estate commission....is it negotiable?
We sold our house ourselves last year,by doing one open house and getting the amount we asked for.You can sell your house yourself if you want to save a ton of money.If we had used an agent,it would have cost us $32000 in commission,for what took us one afternoon to sell.If i was you,before you pay out silly commission have a go in holding one or two open houses,and see what happens.
#73
Re: Real Estate commission....is it negotiable?
Why?
Realtors don't undergo the same length of study as lawyers to become qualified, and they do a different job. Why would I want to consider them similar?
I'm not anti-realtor, but your comment makes no sense to me. If you feel the need to justify the fees, then do a professional job for your client and make them feel that they're getting value for money, rather than trying to convince them you're virtually a lawyer.
Realtors don't undergo the same length of study as lawyers to become qualified, and they do a different job. Why would I want to consider them similar?
I'm not anti-realtor, but your comment makes no sense to me. If you feel the need to justify the fees, then do a professional job for your client and make them feel that they're getting value for money, rather than trying to convince them you're virtually a lawyer.
#74
Re: Real Estate commission....is it negotiable?
Realtors are like Lawyers? One is a salesman who has passed the real estate course, which takes what, 12 weeks of home study and has to abide by a code of conduct (largely because their predecessors didn't). The other goes to university for 5-6 years and then works their way up in a firm for several years and is controlled by the law society. I have nothing against Realtors, however with prices rising to the degree they are and if commissions do not reflect this I think we will see far more types of businesses such as www.propertyguys.com
For 6% selling a $450,000 home that is $27,000 commission. Even my lawyer has never charged me that.
For 6% selling a $450,000 home that is $27,000 commission. Even my lawyer has never charged me that.
Property Guys and FSBO's work in a Sellers market not in a Buyers.
#75
Re: Real Estate commission....is it negotiable?
So, I went "on and on and on" did I? I'd already had "six helpful replies and chose to ignore them" did I? Firstly, I don't go "on and on and on"...I had posed a question which wasn't actually being addressed, and was trying to steer the thread in an appropriate direction. Secondly, yes my "name" on here is Oldbag, but the way you posted your reply was mean, nasty and meant to belittle me. I chose to ignore it because that what I felt was appropriate. I doubt if you would behave that way if we met face to face; it's only the anonymity of a forum that allows you to display your lack of courtesy. By the way, I haven't noticed the apology you mention....perhaps you could point me in the right direction. I did ask you to enlighten all of us as to exactly what you do to earn your 6% commission, but again, I have seen no evidence of that. I'm puzzled as to why real estate agents should be thought of as lawyers..........why, then should I also employ a lawyer when I sell my house if the real estate agent can do the work.....now that would be worth 5%!
I'm soooo glad I decided against Nova Scotia.
Lastly - to all of you who have provided useful information, in a helpful and friendly manner....thank you, I really appreciate it.
I'm soooo glad I decided against Nova Scotia.
Lastly - to all of you who have provided useful information, in a helpful and friendly manner....thank you, I really appreciate it.
I aplogise profusely for inferring you are an Old Bag as your usrename inferred, as I am also sure daft batty is not daft and batty.