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Real Estate commission....is it negotiable?

Real Estate commission....is it negotiable?

Old Apr 6th 2008, 1:54 pm
  #91  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
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.
Excuse me....how exactly do you know I "ignored it"? You cannot possible know what information I have retained either in my (feeble) memory, or on the notepad I keep by my laptop. I was trying to get an answer to the question I posed....not other suggestions, good as they were.
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.
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Old Apr 6th 2008, 1:57 pm
  #92  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Paradisefound View Post
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.
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?
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Old Apr 6th 2008, 1:59 pm
  #93  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
Maybe an agent would have valued it at $50000 more and sold it in three weeks.
And maybe not; maybe she took advice from the local real estate agents for a valuation.
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Old Apr 6th 2008, 2:05 pm
  #94  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by destinationnovascotia View Post
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.

Thank you for a very sensible reply....so refreshing
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Old Apr 6th 2008, 2:09 pm
  #95  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
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.
Remind me....how did you "rescue it".
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
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Old Apr 6th 2008, 2:22 pm
  #96  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by AmyDavid View Post
Paradisefound is married to Ontheboatout? I had no idea. Oooops
I don't think that it's a secret. Whether they are married or partners I don't know, but it is pretty clear from previous posts that they are together.
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Old Apr 6th 2008, 4:11 pm
  #97  
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Default 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.
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Old Apr 6th 2008, 4:15 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mrs Muesli View Post
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.
Your alarmed and running for cover why?

We may not like it but GST is "Goods and Services Tax", nothing new there.
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Old Apr 6th 2008, 4:16 pm
  #99  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Steve_P View Post
Your alarmed and running for cover why?

We may not like it but GST is "Goods and Services Tax", nothing new there.

ON TOP of the commission?? Not one real estate agent I have spoken to has mentioned this little gem!
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Old Apr 6th 2008, 4:20 pm
  #100  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Ontheboatout View Post
It is the concept that real estate agents do legal work I was trying to convey not that they are lawyers. So that conceptually the next time you have to swallow the bitter pill of commisssion it may not seem quite so bad.
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?

Last edited by Surrey Expat; Apr 6th 2008 at 4:22 pm.
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Old Apr 6th 2008, 4:21 pm
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mrs Muesli View Post
ON TOP of the commission?? Not one real estate agent I have spoken to has mentioned this little gem!
They are providing a "service" therefore tax is applicable, nothing new there, it should be no surprise.

I don't believe there is a legal requirement to inform you GST is applicable before the fact.
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Old Apr 6th 2008, 4:35 pm
  #102  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Surrey Expat View Post
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?
15 days is a long time in real estate.
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Old Apr 6th 2008, 5:02 pm
  #103  
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Default 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.
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Old Apr 6th 2008, 5:20 pm
  #104  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Steve_P View Post
They are providing a "service" therefore tax is applicable, nothing new there, it should be no surprise.

I don't believe there is a legal requirement to inform you GST is applicable before the fact.
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.
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Old Apr 6th 2008, 6:00 pm
  #105  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Poppy2 View Post
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 was in the health service for over 20 years too. Yes, the pay is terrible for the benefit people receive.

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.
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