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Real Estate commission....is it negotiable?

Real Estate commission....is it negotiable?

Old Apr 7th 2008, 9:44 pm
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Default Re: Real Estate commission....is it negotiable?

I worked out what I wanted from my home based on the realtors estimate which was 282k, then I worked out his cut at the time of our agreement 11k, leaving me with a little over 270k, so when I received a offer which was less than my asking, all I told my realtor was I was walking away from any deal with 270k or the deal wouldn't go through. He decided to take the hit and received 7k in commission.

I think we both got a result, he did very little work for 7k and I got what I wanted for my house.

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Old Apr 7th 2008, 9:47 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by happy hatter View Post
I worked out what I wanted from my home based on the realtors estimate which was 282k, then I worked out his cut at the time of our agreement 11k, leaving me with a little over 270k, so when I received a offer which was less than my asking, all I told my realtor was I was walking away from any deal with 270k or the deal wouldn't go through. He decided to take the hit and received 7k in commission.

I think we both got a result, he did very little work for 7k and I got what I wanted for my house.

HH
yep,that's pretty well what we did......
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Old Apr 7th 2008, 10:03 pm
  #153  
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Default Re: Real Estate commission....is it negotiable?

With only two realtors in town your chances of playing one against the other are pretty slim I think. Under those circumstances 5% could be worse.

I would be tempted to try FSBO, but its a bit of a gamble if you need to sell in a hurry. As you got valuations done in good faith and then found the local agents uninterested in negotiation over the commision I wouldnt lose too much sleep over the ethics, and really what do you have to lose? Is it likely they will both be pissed off enough that they wont try and sell it for you if you end up changing your mind?
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Old Apr 8th 2008, 5:43 pm
  #154  
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Default Re: Real Estate commission....is it negotiable?

An update for anyone interested....
We have decided to list the house ourselves using one of the websites mentioned; I have spoken to both real estate agents this morning, thanking them for their help and explaining our decision. They were both fine.....one has offered as much help as we need.....as and when any offers are made she will go through the paperwork with us and make sure everything is hunky-dory (at no cost to her!).....how lovely is that! This is the one we would have gone to had we gone through and agent. They have also both asked if they may bring interested parties (as they have several, whch is what we suspected)....to which we have glady agreed. Obviously if someone they introduce then buys, we will pay a commission of 2.5%......GREAT! Everyone is happy.

The cost of listing through www.bytheowner.com is $300 + GST (5%)!!

Last edited by Jay Bird; Apr 8th 2008 at 5:44 pm. Reason: Added that last bit of info.
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Old Apr 8th 2008, 5:48 pm
  #155  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
An update for anyone interested....
We have decided to list the house ourselves using one of the websites mentioned; I have spoken to both real estate agents this morning, thanking them for their help and explaining our decision. They were both fine.....one has offered as much help as we need.....as and when any offers are made she will go through the paperwork with us and make sure everything is hunky-dory (at no cost to her!).....how lovely is that! This is the one we would have gone to had we gone through and agent. They have also both asked if they may bring interested parties (as they have several, whch is what we suspected)....to which we have glady agreed. Obviously if someone they introduce then buys, we will pay a commission of 2.5%......GREAT! Everyone is happy.

The cost of listing through www.bytheowner.com is $300 + GST (5%)!!
Glad you have found a solution that suits you - keep us updated!!
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Old Apr 8th 2008, 5:54 pm
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Default Re: Real Estate commission....is it negotiable?

Perhaps this sets the standard of co-operation for all Canadian realtors.
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Old Apr 8th 2008, 6:11 pm
  #157  
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Default Re: Real Estate commission....is it negotiable?

Mr Oldbag and I certainly feel like we've made headway in this, and I'm glad we took our time, and didn't rush off to list it with an agent immediately. Just shows what can be achieved!
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Old Apr 8th 2008, 6:13 pm
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Default Re: Real Estate commission....is it negotiable?

Good for you. I hope all goes well.
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Old Apr 19th 2008, 2:29 pm
  #159  
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Default Re: Real Estate commission....is it negotiable?

As OP on this thread I just thought I'd give you an update:
We listed with www.bytheowner.com on April 9th, in those 10 days we've had 5 showings/viewings whatever you call them, and last night an offer of almost the full asking price came in! We have accepted, and are ecstatic, not just because we have saved so much money, but because if all goes well, we should be out by mid-June and starting the next chapter.

I know the FSBO way won't suit everybody, and it is nerve-wracking, but all the information and the necessary forms are there on the website, making it less daunting than it would appear at first.

I must add that having informed the two local real estate agents of our decision to go it alone, we have had so much positive help from one in particular. Not only did she bring a couple of clients to see the house, but has offered help and advice along the way. What a star! I'm now trying to think of a suitable gift for her to show our appreciation....suitable suggestions, anyone? Champagne? Flowers?

Good luck to anyone else willing to give it a go!
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Old Apr 19th 2008, 3:58 pm
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Old Apr 19th 2008, 6:00 pm
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Default Re: Real Estate commission....is it negotiable?

Another good site is www.propertyguys.ca
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Old Apr 19th 2008, 7:56 pm
  #162  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by garvard View Post
Another good site is www.propertyguys.ca

It is a good site, but I just didn't take to the guy I spoke to. The rates are about the same for listing, but for me it came down to which is the biggest site in this country, with the best success rate(bytheowner) and rapport with the people I spoke to on the day.
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Old Apr 19th 2008, 11:44 pm
  #163  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
It is a good site, but I just didn't take to the guy I spoke to. The rates are about the same for listing, but for me it came down to which is the biggest site in this country, with the best success rate(bytheowner) and rapport with the people I spoke to on the day.
Well done.
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Old Apr 20th 2008, 3:40 am
  #164  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
As OP on this thread I just thought I'd give you an update:
We listed with www.bytheowner.com on April 9th, in those 10 days we've had 5 showings/viewings whatever you call them, and last night an offer of almost the full asking price came in! We have accepted, and are ecstatic, not just because we have saved so much money, but because if all goes well, we should be out by mid-June and starting the next chapter.

I know the FSBO way won't suit everybody, and it is nerve-wracking, but all the information and the necessary forms are there on the website, making it less daunting than it would appear at first.

I must add that having informed the two local real estate agents of our decision to go it alone, we have had so much positive help from one in particular. Not only did she bring a couple of clients to see the house, but has offered help and advice along the way. What a star! I'm now trying to think of a suitable gift for her to show our appreciation....suitable suggestions, anyone? Champagne? Flowers?

Good luck to anyone else willing to give it a go!
Maybe she bought it for herself through a friend because she knew you had seriously underpriced. Why didn't she at least try to get a Fee Agreement/Customer Status Acknowledgement form signed? Very suspicious.
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Old Apr 20th 2008, 3:59 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
Maybe she bought it for herself through a friend because she knew you had seriously underpriced. Why didn't she at least try to get a Fee Agreement/Customer Status Acknowledgement form signed? Very suspicious.
I was wondering when you'd appear to stir the pot
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