Real Estate commission....is it negotiable?
#91
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?
No you don't appreciate it at all, you've just ignored it. Once again, real estate agents are liable for the contracts they construct, not the lawyers. They have to check conditions are fulfilled, not the lawyers, they have to pay outstanding moneys at closing, not the lawyers. The lawyers check the quality and quantity of Title.
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.
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.
Also - please do not apologise for calling me a "old bag".......the apology should be for the way you posted your reply which was mean, nasty and belittling, but nothing to do with my name. Ther really is no need for that type of post - unless it was deserved, which IMO it wasn't.
#92
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?
This is a small town with very few properties on the market, so at the moment it is a vendors' market and a good time to sell. My query is regarding the high commission which never varies, and what exactly do the real estate people do to earn what seems a proportionately high fee. Might I ask what your job is....just as a matter fo curiosity?
#93
itchy feet again!
Thread Starter
Joined: Sep 2007
Location: Ex-Canada: now rural West Sussex.
Posts: 1,013
#94
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?
When a questions is posted on here it invariably generates a discussion and anecdotes which deviate slightly (and occasionally greatly) from the question. I will admit that when I posted the first reply (which was an opinion on the subject rather than a direct answer) and then I read your response I kind of reacted "Ooo, that was a little snappy". However, I am aware that at times I could easily do the same. The problem with a forum is that you can only see the written word, not all the other stressful things going on around a person. I therefore didn't see the need to respond to this.
Off the cuff remarks aside (and I really have taken no offence) I know that you are not inclined to post rude or abusive posts. Neither should you be the subject of any upsetting posts. I also accept that you are at liberty to ignore any of the advice that you receive from here, or anywhere else for that matter. When I ask a question, I read all the answers and then I take what is useful for me and use it. If the questions isn't fully answered I would ask for clarification.
It is a shame that what was presented as a perfectly reasonable questions has become a slanging match. I have the greatest respect for Canadian realtors, mine was brilliant when we were house-hunting. In your situation however, the commission does feel alot, whether it's 4 or 6%, it's just so much more than you would pay in the UK, there just doesn't seem to be much choice. Even if you go down the FSBO route, the purchasers realtor will be after their money, but at least you will only be standing out half of it.
I wish you luck selling you house. Personally, living in a small town where everyone knows who's house is on the market the FSBO route may well work. If you google FSBO+Ontario you should get a number of websites to look at.
I am sorry that you have been the subject of such disrespect. You really don't need that on top of everything else.
Off the cuff remarks aside (and I really have taken no offence) I know that you are not inclined to post rude or abusive posts. Neither should you be the subject of any upsetting posts. I also accept that you are at liberty to ignore any of the advice that you receive from here, or anywhere else for that matter. When I ask a question, I read all the answers and then I take what is useful for me and use it. If the questions isn't fully answered I would ask for clarification.
It is a shame that what was presented as a perfectly reasonable questions has become a slanging match. I have the greatest respect for Canadian realtors, mine was brilliant when we were house-hunting. In your situation however, the commission does feel alot, whether it's 4 or 6%, it's just so much more than you would pay in the UK, there just doesn't seem to be much choice. Even if you go down the FSBO route, the purchasers realtor will be after their money, but at least you will only be standing out half of it.
I wish you luck selling you house. Personally, living in a small town where everyone knows who's house is on the market the FSBO route may well work. If you google FSBO+Ontario you should get a number of websites to look at.
I am sorry that you have been the subject of such disrespect. You really don't need that on top of everything else.
Thank you for a very sensible reply....so refreshing
#95
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?
Don't you talk down to me! How dare you?!!! And it's Ontheboatout not Outontheboat - please have more respect....
Disrespecting others good replies is what happened in this thread - all I did was rescue it.
Just thought I'd liven up the day. How many hits are we at now - could be a record. Think what interest I could create for a property...........oh yes, I remember now, that's 6% please BE.
Disrespecting others good replies is what happened in this thread - all I did was rescue it.
Just thought I'd liven up the day. How many hits are we at now - could be a record. Think what interest I could create for a property...........oh yes, I remember now, that's 6% please BE.
So you admit you came on here just to "liven up the day"....I think you'd better stay on that boat and keep on sailing.............you might even fit in well in this town hmmmmmmmmmm
#97
Re: Real Estate commission....is it negotiable?
Just to throw my hat into this discussion. I was somehwat alarmed by this
http://www.rbcroyalbank.com/RBC:R-jl...mmissions.html
I'm in the "thinking about selling" stage, and came across this yesterday! It's that last little paragraph that has me running for cover.
http://www.rbcroyalbank.com/RBC:R-jl...mmissions.html
I'm in the "thinking about selling" stage, and came across this yesterday! It's that last little paragraph that has me running for cover.
#98
Joined: Jul 2005
Posts: 15,883
Re: Real Estate commission....is it negotiable?
Just to throw my hat into this discussion. I was somehwat alarmed by this
http://www.rbcroyalbank.com/RBC:R-jl...mmissions.html
I'm in the "thinking about selling" stage, and came across this yesterday! It's that last little paragraph that has me running for cover.
http://www.rbcroyalbank.com/RBC:R-jl...mmissions.html
I'm in the "thinking about selling" stage, and came across this yesterday! It's that last little paragraph that has me running for cover.
We may not like it but GST is "Goods and Services Tax", nothing new there.
#100
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Re: Real Estate commission....is it negotiable?
Realtors have no formal legal training or qualifications, nor are they allowed to undertake legal work or represent themselves as anything more than a property seller. I think you might find it is a bit harder to become a lawyer than a realtor.
To be a registered real estate agent or salesperson in Nova Scotia, a person must complete a 15-day licensing course or correspondence course offered by the Nova Scotia Association of Realtors (NSAR) and pass a final exam. How is that in any way comparable to a lawyer or being qualified to do legal work?
Last edited by Surrey Expat; Apr 6th 2008 at 3:22 pm.
#101
Joined: Jul 2005
Posts: 15,883
Re: Real Estate commission....is it negotiable?
I don't believe there is a legal requirement to inform you GST is applicable before the fact.
#102
Re: Real Estate commission....is it negotiable?
Think you are getting confused with what constitutes legal work. Lawyers do legal work, real estate agents complete documents that have been prepared by lawyers within a legal and regulated framework.
Realtors have no formal legal training or qualifications, nor are they allowed to undertake legal work or represent themselves as anything more than a property seller. I think you might find it is a bit harder to become a lawyer than a realtor.
To be a registered real estate agent or salesperson in Nova Scotia, a person must complete a 15-day licensing course or correspondence course offered by the Nova Scotia Association of Realtors (NSAR) and pass a final exam. How is that in any way comparable to a lawyer or being qualified to do legal work?
Realtors have no formal legal training or qualifications, nor are they allowed to undertake legal work or represent themselves as anything more than a property seller. I think you might find it is a bit harder to become a lawyer than a realtor.
To be a registered real estate agent or salesperson in Nova Scotia, a person must complete a 15-day licensing course or correspondence course offered by the Nova Scotia Association of Realtors (NSAR) and pass a final exam. How is that in any way comparable to a lawyer or being qualified to do legal work?
#103
Re: Real Estate commission....is it negotiable?
Here in Manitoba we have 3 exams to pass and a background check before we are licensed by the security commision. Then during the next 2 years we have to pass a further 2 exams. Plus we do monthly professional development courses and an annual 2-day workshop.
We have to study both Contract law and Property Law and pass an exam in that.
We are not Lawyers, but in our own limited field we do have to have a good working knowledge of Property Law, as we are frequently required to devise our own wording for unexpected conditions to be inserted into Offers to Purchase. It's not just filling in forms with pre-approved clauses.
We as Realtors write the Contract (offer to purchase), the lawyers execute that contract. Both have their set roles in the North American Real estate market.
Its a system that has matured over the last 100 years, the Winnipeg Real Estate Board is the oldest in Canada (formed in 1903), and the system of co-operation between agents was started then, its this co-operation that make the buying or selling of a house so different here than in the UK. The MLS (multiple listing system) was in operation long before computers and the internet.
We have to study both Contract law and Property Law and pass an exam in that.
We are not Lawyers, but in our own limited field we do have to have a good working knowledge of Property Law, as we are frequently required to devise our own wording for unexpected conditions to be inserted into Offers to Purchase. It's not just filling in forms with pre-approved clauses.
We as Realtors write the Contract (offer to purchase), the lawyers execute that contract. Both have their set roles in the North American Real estate market.
Its a system that has matured over the last 100 years, the Winnipeg Real Estate Board is the oldest in Canada (formed in 1903), and the system of co-operation between agents was started then, its this co-operation that make the buying or selling of a house so different here than in the UK. The MLS (multiple listing system) was in operation long before computers and the internet.
#104
Re: Real Estate commission....is it negotiable?
Fair enough.....I must admit to being naive and not having considered it at all! I agree with the OP, though, it's a helluva lot to pay, and the splitting of the commission is immaterial....it's still coming out of the vendor's pocket.
#105
Re: Real Estate commission....is it negotiable?
OK, so if you made $7,000 on a sale. Sold 15 houses over 12 months, and paid approximately 1/3 taxes, you will make $70,000 after tax.
I am a nurse, will be paid $30 an hour, working on a delivery suite where life and death can hang in the balance on any given day and I full time might expect to get $50,000 BEFORE tax.
In the wrong job for earning well, but in the right job for job satisfaction and contributing to the community well being.
I am a nurse, will be paid $30 an hour, working on a delivery suite where life and death can hang in the balance on any given day and I full time might expect to get $50,000 BEFORE tax.
In the wrong job for earning well, but in the right job for job satisfaction and contributing to the community well being.
I'm not sure on your figures - out of $7000 commission for a sale I would only get $1750 less tax and if I sell 15 houses I would be very pleased. I am told to expect around 5 in my first year if I am lucky.