To realtor or not to realtor?
May 16th 2011, 6:29 pm
#46
Joined: Aug 2005
Posts: 14,227
Re: To realtor or not to realtor?
Although, to a certain extent, the internet makes buyers agents unnecessary as everybody looks on mls. I would be surprised if anyone expects their realtor to suggest places rather than telling the realtor the places they'd like to look at (this is what we did at any rate). Because of this I think that buyers agent's days are numbered. At least with the traditional pricing model as it's all to transparent that the services provided don't match the money transferred (even if most of it goes to the brokerage and not the realtor themselves).
Also, if I was the government monopolies commission, I'd force the realtors association to make mls a independent entity rather than an extension of realtor stranglehold on the market. I'd like to see it operate similarly to how right-move does in the UK (I know they've taken some steps - but it doesn't go far enough imo as the realtors association still own it and have no real incentive to develop it).
May 16th 2011, 6:44 pm
#47
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,022
Re: To realtor or not to realtor?
Also, if I was the government monopolies commission, I'd force the realtors association to make mls a independent entity rather than an extension of realtor stranglehold on the market. I'd like to see it operate similarly to how right-move does in the UK (I know they've taken some steps - but it doesn't go far enough imo as the realtors association still own it and have no real incentive to develop it).
At least I hope so, in the end that depends on whether or not the person writing the description has actually seen the house. If it's FSBO then the person will have, if it's an agent's description or rather the temp girl in the agent's office's description, then not so much.
May 16th 2011, 6:46 pm
#48
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,685
Re: To realtor or not to realtor?
Also, if I was the government monopolies commission, I'd force the realtors association to make mls a independent entity rather than an extension of realtor stranglehold on the market. I'd like to see it operate similarly to how right-move does in the UK (I know they've taken some steps - but it doesn't go far enough imo as the realtors association still own it and have no real incentive to develop it).
May 16th 2011, 6:56 pm
#49
Nuther day in paradise.ca
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
Re: To realtor or not to realtor?
The problem with MLS is that in this heated market, in the GTA, the good properties listed are gone hours after, or even days before they reach the site.
This is where a Realtor has the edge on mr. Private guy sat at home humming and arring over a property.
As i said before we saw this first hand. After the offer was acepted on our new hse, the sellers Realtor put in on mls.
Imo some nicer properties are like bait to get you reeled in i supose.
This is where a Realtor has the edge on mr. Private guy sat at home humming and arring over a property.
As i said before we saw this first hand. After the offer was acepted on our new hse, the sellers Realtor put in on mls.
Imo some nicer properties are like bait to get you reeled in i supose.
May 16th 2011, 6:57 pm
#50
Joined: Aug 2005
Posts: 14,227
Re: To realtor or not to realtor?
It's what I would recommend too. We used a realtor for exactly those reasons.
May 16th 2011, 7:01 pm
#51
Joined: Aug 2005
Posts: 14,227
Re: To realtor or not to realtor?
Nothing wrong with the realtor having an edge as expertise is what they offer and what they should be paid for. Lots wrong with no real choice about the services you wish to purchase from them and lots wrong with them basing some of their business model on keeping information out of the public domain.
May 16th 2011, 7:10 pm
#52
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,022
Re: To realtor or not to realtor?
I suggest that this is a questionable practise. The best thing for the seller would be to be see the house on mls with an "offers on" date. That creates an auction with the maximum possible number of bidders. The beneficiaries of a sale where the property didn't go on the open market are the two agents and their brokerage, could it perchance be the same brokerage? Cor, stone the crows!
May 16th 2011, 7:13 pm
#53
Nuther day in paradise.ca
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
Re: To realtor or not to realtor?
I suggest that this is a questionable practise. The best thing for the seller would be to be see the house on mls with an "offers on" date. That creates an auction
with the maximum possible number of bidders. The beneficiaries of a sale where the property didn't go on the open market are the two agents and their brokerage, could it perchance be the same brokerage? Cor, stone the crows!
with the maximum possible number of bidders. The beneficiaries of a sale where the property didn't go on the open market are the two agents and their brokerage, could it perchance be the same brokerage? Cor, stone the crows!
Last edited by magnumpi; May 16th 2011 at 7:37 pm.
May 16th 2011, 8:01 pm
#54
New Scotland Girl
Joined: Jan 2010
Location: Halifax, Nova Scotia
Posts: 187
Re: To realtor or not to realtor?
I found my realtor that way as well, although we are still not ready to buy. It's amazing how many realtors will ignore you or put very little effort into it. The ones who do put the effort for a sale that might not go anywhere are the good ones.
Had some recommendations from friends, but now don't really know how to choose between them!
May 16th 2011, 11:43 pm
#55
BE Forum Addict
Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,033
Re: To realtor or not to realtor?
As a Realtor, I obviously have a biased opinion on this subject. A few posters are correct in the fact that the buyer does indirectly pay the commission as it is built into the purchase price and it's the buyers money that pays it, but there typically isn't a fee paid directly from the buyer. Some agents will require a buyers agency agreement be signed that states the buyer must use that agent for any purchase for a certain amount of time. If the buyer finds a FSBO that isn't willing to pay the agent a commission, then the buyer is on the hook for it. Although I see why some agents do this, I don't. I feel that if I wasn't able to find them a home through my efforts, why should I be compensated.
A good agent should know the area they are selling in and bring value to their clients through their knowledge, negotiating abilities and the like.
One poster mentioned visiting open houses to get a sense of the agent, and I think that's a great approach. If you are not in the area you are looking to buy in, email a few agents with some general questions and see how they respond and how long it takes them to respond. Personal references from people you know and trust is also a good source IMO as most people don't want to suggest someone they don't feel comfortable with.
As with any profession, there are good and bad, and Real Estate is no different. There are many posters here that obviously have a negative opinion about Realtors, but not all of us are bad people, devious or solely looking out for their own pocket book. Personally, I would rather have a happy client who didn't buy a home as opposed to an upset one who felt they bought the wrong one through some underhandedness on my part.
A good agent should know the area they are selling in and bring value to their clients through their knowledge, negotiating abilities and the like.
One poster mentioned visiting open houses to get a sense of the agent, and I think that's a great approach. If you are not in the area you are looking to buy in, email a few agents with some general questions and see how they respond and how long it takes them to respond. Personal references from people you know and trust is also a good source IMO as most people don't want to suggest someone they don't feel comfortable with.
As with any profession, there are good and bad, and Real Estate is no different. There are many posters here that obviously have a negative opinion about Realtors, but not all of us are bad people, devious or solely looking out for their own pocket book. Personally, I would rather have a happy client who didn't buy a home as opposed to an upset one who felt they bought the wrong one through some underhandedness on my part.
I will take a buyer out to look at houses with no Buyers Representation agreement until the time they find a house they want to offer for - at which time we sign the agreement so it is documented that I represent them but I only make the agreement run for a couple of days - just long enough to negotiate that particular offer. Be wary of anyone that tries to lock you in to an agreement the first time they take you out or meet you. The way I do it there is no chance of the buyer having to pay me the commission on top of the purchase price as we know what the seller is offering to pay at the time of the agreement and the agreement is only valid for that sale.
If I sell one of my listings directly to a buyer (with no representation of their own) then I reduce the commission for the Seller but generally that does not show up in the price the buyer pays so there is no advantage to the buyer.
A good realtor can definitely help you, particularly if you are new to Canada and maybe don't understand that once you sign that offer you are in the deal - no changing your mind in a week or two as you can in the UK.
A realtor's business grows from recommendations, 2.5% of an extra 10,000 is not worth an unhappy client - that is just not good business. Also I spend hours and hours with people looking for houses and I get to like them.
May 16th 2011, 11:56 pm
#56
Joined: Aug 2005
Posts: 14,227
Re: To realtor or not to realtor?
They say this, but it actually is quite easy with the right subjects.
May 17th 2011, 12:35 am
#57
BE Forum Addict
Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,033
Re: To realtor or not to realtor?
You can get out if you have conditions in the offer that are not met - most commonly home inspection and financing but they can be anything. Once that deal goes firm - it is not at all easy to get out and you can wave bye bye to at least your deposit.
