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Real Estate commission....is it negotiable?

Real Estate commission....is it negotiable?

Old Apr 5th 2008, 10:41 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
But that's her/his username!!!!! "Old Bag" It's like a play on words - Shakespeare did it a lot in Hamlet.
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.
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Old Apr 5th 2008, 10:43 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by daft batty View Post
Mean post, nasty.
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.
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Old Apr 5th 2008, 10:45 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
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.
Getting back to the original question - YES all commissions are negotiable - you can can great results paying small commissions and crap results paying high commissions. Don't JUST use commission as a deciding factor for an agent though.
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Old Apr 5th 2008, 10:46 pm
  #64  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Tangram View Post
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.
I've already apologised to Old bag in the thread for referring to her as Old Bag?
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Old Apr 5th 2008, 10:49 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by ray1968 View Post
Getting back to the original question - YES all commissions are negotiable - you can can great results paying small commissions and crap results paying high commissions. Don't JUST use commission as a deciding factor for an agent though.
Quite right - second time at least that's been posted. People never read the whole thread anymore.
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Old Apr 5th 2008, 10:55 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
Quite right - second time at least that's been posted. People never read the whole thread anymore.
Not like it used to be when you were young eh?
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Old Apr 5th 2008, 11:57 pm
  #67  
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Default 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.
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Old Apr 6th 2008, 12:59 am
  #68  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
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.
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.
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Old Apr 6th 2008, 1:00 am
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Default Re: Real Estate commission....is it negotiable?

So is 4% commision on the whole sale price any good ?? Just a wondering.

mrs minihaha
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Old Apr 6th 2008, 1:17 am
  #70  
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Default 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.
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Old Apr 6th 2008, 1:50 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
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.
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.
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Old Apr 6th 2008, 2:08 am
  #72  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by kastan View Post
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.
Maybe an agent would have valued it at $50000 more and sold it in three weeks.
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Old Apr 6th 2008, 2:10 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by R I C H View Post
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.
You are wrong, I didn't say that.
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Old Apr 6th 2008, 2:20 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Surrey Expat View Post
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.
You need a more expensive lawyer. Real estate agents and brokerages are liable for the contracts they construct, not the lawyers. Commissions are split between the Buyer and Seller agents, so it might be 6% to you it is only 3% to them and less, up to half, when they split it further with the broker. There seems to be a misconception that some lucky lad has gone home with $27000 in his pocket.

Property Guys and FSBO's work in a Sellers market not in a Buyers.
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Old Apr 6th 2008, 2:25 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
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.
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.
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