JonboyE

I don't necessarily disagree with you but this is the way governments have decided to regulate the business in North America. Realtors are primarily sales people but they have an important legal and fiduciary relationship with their clients. Real estate brokers maintain client’s trust funds and manage the transactions. The brokerage’s trust accounts are regularly audited, either by the Real Estate Council of British Columbia (or wherever) or by independent accountants. To me, the system of having realtors attached to a brokerage is valuable in protecting the public’s interest.

Of course, it is possible to elevate realtors from the quasi professionals they are now to full professionals. They could then manage their own offices and trust funds the same way as, for example, lawyers do. Although I have a higher opinion of realtors than most on here I am not convinced this is a step in the right direction.

I also understand why you cannot be a part-time realtor. Everybody thinks it is money for old rope. Evidence = this thread, and a gazillion others. It isn’t. The concern is that people will give up too easily when a transaction gets difficult if they have other sources of income. A full-time realtor will be more motivated to see the transaction through to their client’s satisfaction.

It is a slightly tenuous argument and I don’t doubt there is an element of protectionism.

dbd33

In BC maybe. Here I believe it to be common to be a reator and a salesperson for something else; when I bought the last car the salesman pestered me to also buy a house. I know people who computer consult in the day and sell houses at night. My neighbour at the farm was a part time estate agent and, now that I think of it, one of the better known agents for equine properties advertises that she knows her stuff because her primary business is horse breeding. Real estate sales is, I suspect, a more popular second job than bar tending.

JonboyE

I keep forgetting to be province specific. I seem to remember the realtor from Manitoba who used to post here said it as full-time only there as well. Obviously not everywhere.

dbd33

It could be that the Real Estate Board here "requires" agents to be full time but looks the other way.

R I C H

Of course, I love spending unnecessarily. It's not a matter of being cheap - it was a half day exercise showing the property and business to anyone that was seriously interested. Perhaps your time isn't so valuable that you could afford that sort of commitment whenever called upon.

jericho

I cant praise our realtor enough, and I recommend him to everyone in our area who is looking for one.
Having said that, when I see what he earned on our house purchase, it almost brings to me to tears. I would never suggest that he didn't work hard for us, but I cannot equate what he did to how much he earned.

Realtor's will argue that they have to share the fee with the other realtor, but that's not a valid argument. In fact, it only annoys me further...

Next time, we'll probably buy without the aid of a realtor, but I would agree with all the other recommendations about renting for a year or so first.

jericho

You think your realtor deserved the $30k (or whatever it was)?
A half day of his time- lets be generous and say he charges $300 an hour. We're looking at $1000 max.

dbd33

What if 20 people wanted to see the business? What if they all wanted an inspection arranged and an audit?

jericho

Yes, what if?
Is the realtor so incompetent so as to arrange 20 different appointments on 20 different days?

R I C H

Yes, I do. He showed the property over 40 times during an 18mth period. Handled half a dozen inspections, and business audits, canvassed potential buyers at various industry related events in 3 provinces and ultimately got a sale.

Could I have found the time to do all that myself? Absolutely not. Would I have had the business contacts or experience to handle what he did? Nope.

R I C H

That's not a sensible argument to make. How can he find 20 potential buyers with several million $ to spend, willing to attend and view a property on a single given day, and assume they'd all be happy to share his time and answer their questions all at once?

I think it's reasonable to assume anyone investing that sort of money into a business will want a slightly more personal service than an offer of a group tour with potentially competitive bidders.

iaink

To be fair to realtors there are a lot here in Ontario who make next to nothing.

The ones that do well and have the rewards to show for it are undoubtedly the ones who are good at their job. Sell a lot of homes for top dollar and you deserve to be rewarded.


In a word of mouth business happy customers are the best way to grow the business, and I dont doubt that at first its very hard for newcomers to break into the business.

dbd33

I don't think that's incompetence. A person phones, the business is shown, another person phones, the business is shown again. On it goes until one of them buys it.

Almost Canadian

I have to admit to not understanding this logic at all. Do you believe that you will be able to draft or pay a lawyer to draft the purchase contract for less than the realtor will charge you when purchasing ($0.00).

Argue that it is silly not to use one when selling, but to argue that it is silly to use one when buying is bizarre.

How do you anticipate obtaining access to the property that is listed? You will likely have to use the listing realtor, who will then be able to overhear all the discussions you have with your OH.

dbd33

Even if it's a $250,000 house, people will arrive when they feel like it. They'll come back multiple times, have inspections, dither, decide not to buy or be declined for financing. It all seems time consuming to me.