I always sold my homes myself, without the assistance of a realtor - except for one time at 1%.
People forget all the commute and work we put in to pay that after tax mortgage payment month after month after month - then feel they need to hire a “good” agent to sell the home - then cut them a cheque for $30,000 out of the sale of the proceeds of sale - after the home being in the internet for 3 days.
In looking at pre-tax dollars - you’re in for what - $45,000, $50,000 or even $55,000 for these payments?
I get it - you can justify it in your mind because the fees are coming out of the increased equity of the home - but it’s still a commission that (at 50 years old) never made sense to me for a single day. The increase in equity is a tax free to you unless it’s not your principal home. So, why, again?
I have friends that are realtors, and some do work hard - very hard - and deal with the stress of first time jittery home buyers, people who look at all the bad and not the potential of the home after some upgrades, people who are cheap, annoying and just overall - very difficult. Now this isn’t always the case, of course. But the service part of the job is not easy sometimes. But the listing and sale? Come on. Research, valuate, take GOOD photos, list, sell. Close through lawyers. I’ve done it 4 times. It’s not rocket science.
Realtors deserve to make a great living, but cutting into 3,4 or 5% of the equity of your home is not proportionate to the work whatsoever - and I will never agree to it.
All that said - i liked OP’s post and with that honesty - I’d probably call him if I needed a realtor and gladly pay the 1% with all those perks - and guess what? They are probably all a taxable expense to him. Win win.
A lawyer criticizing real estate agents fees, thats funny 😄. Bud whats your hourly rate? I much rather calculate all the calls, emails and marketing time spent on working with clients. If i even charged half what lawyers charge im sure my pay would be higher then commissions and a hell of a lot more dependable. Everyone sees the top 1% agents and thinks its easy money. Do you know how hard it is to build your business to the point you can even sell 5 homes a year? Do you see the amount of deals that fall apart?
Most real estate agents lucky if they make 60k after tax.
Lmao Lawyers are educated professionals.
Real estate agents can be anyone from my mcdonalds server to a janitor. And you do hardly anything for the amount you make off people. They should be like tipping - eradicated.
Not to mention any house will sell these days considering demand.
Blanket coating a profession is not that fair. There are good realtors who work with clients for years buying and selling. They DO pay attention and hear news and work their clients who are busy in other fields or don’t have time. There are CEOs without a day of university. AI can basically take over law - watch what you preach.
LMAOOO in what world would AI take over law? you know its not simply about memorization, right? AI will never be more persuasive or cunning than the smartest lawyers.
Then why are so many criminals walking free? Why is sentencing so subjective? There wouldn't be any differences if its ''written'' and so straight forward. Go study law.
Lol AI can't take over law, and if humans were stupid enough to do that you understand that would be like us creating our own overlords 😂 all they said was for example was that they prefer to cook dinner at home rather than paying high restaurant prices. You can't get mad at their preference and account of their first-hand experience. That just makes you look defensive. People choose to self-represent themselves in court already so that's essentially the same thing. But hey if you want to start SkyNet that's on you John Connor
This is very true, we are quite gullible and don't think ahead. Sure it's great to have tech assist us in our lives, but there's a limit. When AGI arrives or God forbid ASI, we're making humans obsolete.
AI can do a hell of a lot… and will only get better. The world is changing folks and this will affect little old lawyers, doctors, everyone. Not just “the uneducated” sent out to serve and bow down to a fucking lawyer lol
Lawyers are educated - meaning they had the opportunities afforded to them to get an education. They will happily drain you of your funds and make you pay top dollar $700 an hr for their time.
Realtors are business people- sales people. Somw realtors make Millions some make shit. Its just like any other business. If you think you can make hundreds of thousands a year and sell 20+ homes a year consistently- Go do it tough guy!
Ive worked with 100s of lawyers and been through countless
Litigations.
Lawyers should never comment on what realtors fees are
You know nothing bud. U think a fucken degree entitles you to $700 an hour or $1000 to sneeze?
How many realtors work countless hours for free for deals that never come
Too. Dont talk about realtors because you obviously know fuck all. To make it in business you have to be consistent- any idiot can get lucky
So a lawyer bills $600 - $1300 for a real estate deal, and the agent bills 20x that amount, and then compare the amount of time the lawyer spends working on the deal to what the agent does, and the fact that when something goes wrong it's the lawyer who gets sued, not the agent, and you think the lawyer is the one getting the easy ride?
lol seriously. I am a realtor and did my own deal a couple years ago. The lawyer showed me her fee on the paperwork, and then the fee I paid to the buyer’s agent (which was only half of what would be charged if I hired someone to list it). The lawyer made $1600 and the realtor made $16,000….
Bud your out to lunch. First off depends on the sale amount. Second law clerk does 98%. If a lawyer charges u $1300 u can guarantee he spent less than 30mins to an hour with your precious closing. Your one of 100s prob.
Lawyers wont shit on your porch for less then $1000
Every situation is different, but in the end the client goes to the lawyer or sends a couple emails . Lets not forget most the time realtors bring the clients to the lawyers. There is a big difference - its safe its cozy and money and constancy is guaranteed. Real estate is a doggy dog world where only 1% make it. If you want to be successful you have to put in alot of unpaid work and also heavily invest in marketing to get new Clients. Again- its not easy to find 10-20 people a year that want to buy or can afford to buy multi million dollar homes.
N when i speak about lawyer fees im not talking about real estate lawyers in particular. Real estate lawyers are making a simple transaction . Ive been showed by real estate lawyers how they change title with a simple click online.
When i talk lawyers and fees im thinking legal, commercial, etc.
Where they are charging an hourly fee . Not a real estate transaction fee
Ya ya - the reality is you and the people in this chat have no clue. Ive sold over 200 properties.
Go to sleep and keep telling yourself you
Know somthing even though you
Know nothing
Pretty sure 75% agents do less than 1 deal a year. Owners learn the hard way trying to cut corners and end up leaving alot more money on the table. Hire a professional that does this for a living, worry about your bottom line and what can be done for you not what your agents making 🤦♂️
I kinda agree. This lawyer needs to keep it shut. He wants all the cost to go to lawyer fees, I’m sure. Why do we need a lawyer? It’s buying and selling a house. It’s an agreement between two parties. They can each write an agreement, maybe with a tad of research, and sign. Same argument as far as I’m concerned. We’ve also got public servants making 200k to sit back and do little. If people wanna manage their own real estate, fine. But I do think the good realtors do get it and keep clients for a long time. Some of them.
What? You’re saying that normal people can draft a comprehensive legal binding contract… that this is the part of the whole transaction that can be done easily… but the realtors job of looking up comps and putting a lock box on the door… no no… that’s where you need the real skill?
No Realtors put in specialty clauses and conditions and lawyers ask them for proof of their completion. Standard form has something called a schedule A attached where they can add terms that are not standard, but rather specific to the sale or purchase of the property.
Hate to break it to you but the lawyer also fills out forms to complete the sale. Basically every job has a process that needs to be followed and this process in particular involves filling out forms. To complete the mortgage, to complete the title search, to complete the transfer of title, the list goes on. The gigs become just as automated as real estate - welcome to 2024. Discretion is obviously required when filling out these forms and that’s where the lawyer’s knowledge and experience come in, but it’s the same with realtors. Both jobs are equally as important and have merit, and realtors (if they’re good) often know just as much about the working law behind a transaction as the lawyer does.
Are you serious? At no time was that mentioned, or implied. You're just spouting off ignorance. You need lawyers to draft a legally binding contract between parties. If you trust an agreement of such magnitude and financial value left to a tad of research by parties who have no ideas of what to cover is something that you want to engage in...you trust people way too easily.
The truth of the matter is real estate lawyers are doing more than real estate deals. End of the day lawyers charge the most fees. If they are closing for your property for lets say $2k i can assure you they spent less then 30mins working on your deal and their law clerk did 98% of what ever little had to be done . Lawyers are making far more
Money then real estate agents 95% of the time and fyi they charge you for every email and every call no matter what its about or if anything was accomplished
See im just gonna say you know nothing about real estate and you definitely have a peanut brain when it comes to business. Real estate lawyer fees should be smaller. First off the real estate lawyers i work with close 100+ files a month when real estate was booming. Business is coming to them dont have to do it. 3rd they are doing a pretty standard transaction- they arnt going to trial for you. 4th - their law clerks will be handling your file - so they really arnt working on this for you at all.
Realtor has to build a business where peanut brains like you will use them
Va using their cousin or selling by owner. Imagine marketing and mastering their craft enough to convince someone like you to work with them ( this is not easy as one might think).
So again your a tough guy smarty pants. Why dont you quit your day job and go make easy money? Oh ya because its not as easy as you make it sound. You might get lucky n sell you moms house- but then you brother is going to go sell with the neighbourhood expert and your going to go cry that that 30k could been yours because you have a license .
Please tell me what yoy do for a living so i can tell you any idiot can do it?
You must have graduated top of your real estate class. However much I know about real estate I know a few things about realtors…
1. You wouldn’t be the 999th employee at any corporation even with all your magical ‘client building relationship’ skills
2. People absolutely despise having to use realtors but you guys have an ability to prey off the insecurities of people who don’t have the confidence/patience to sell on their own. Does that make you feel good about your chosen profession?
3. I didn’t imply it was necessarily easy money what I was getting at was people don’t have a problem paying a real estate lawyer a set fee or someone to clear hardened shit out of their sanitary pipe because those people are actually providing an service to the customer. Realtors greet people at the front door of the house similar to at Wal Mart and then say yea it’s 4.5% for that. Go suck a tail pipe.
4. Vast majority of realtors are scum, blood sucking parasites you know it and I know it, the ones that aren’t, aren’t very successful. Anybody smart at your high school become a realtor? Didn’t think so.
Peace out Mr. Peanut
What I did when I listed on my own, like others mentioned was do a Mere listing to get on realtor.ca. I also offered a small % for a buyers agent. I found a lot of realtors showed my home but I feel like they push the narrative of a scary home owner sale and I wasn’t getting any offers at all. Ended up selling fully private though!
I had to use an agent to sell my condo in one of the nicest buildings probably in the country. Of course all he did was tell me what was wrong with it, how my price was too high. Sold it in 2 days. Of course he got all the commission for the price I insisted we sell it. My job is 1000 times harder than being a realtor.
Honestly this is why, as OP said, reputation is so important with realtors. Reputation OR referral. Using someone you can trust will give good advice is vital.
I’m looking at selling my condo and my realtor (a family run business, her parents are friends of my parents), ran all the numbers for me and told me waiting until half way through next year is going to be better for me. This has to do with a number of factors including fees and taxes AS WELL as an educated guess on how the market will be next year. I went to her eager to sell and she convinced me to hold off. Of course, she also was very clear that commissions will be negotiable.
As true with any industry, referral is always going to be your best bet.
I actually sold my condo and bought a house “with” a realtor that had a great reputation when it came to sales, but only saw him once (at the first visit). He was refered to us by a family friend. Never heard from him again. He was on vacation when we needed him (which was for the 4 days following listing when we sold and bought) We dealt with another guy from his team that was helpful, yet was telling us to offer a certain price on the house when we knew it wasn’t high enough. We finally followed our gut and offered our price and got the house. If we would have listened to him, we wouldn’t have our house. Also, pissed us off that we paid a 5% commission (because Quebec).
The commission is split in half with the realtor that brings you the buyer so the 5% might have gotten you a better sale price. In fact you can’t know for sure how much more you made using this procedure. Did you receive multiple offers?
We received 3 offers for our condo. One was under asking and the 2 others were over asking of a few thousands. Considering that we sold during a time that people were in multiple offer situations and offering sometimes more than 80k over asking, it’s hard to know if it was making a difference the commission split on it.
We did offer 45k over asking (gut feeling) when the realtor was telling us to offer only 10k. I feel like if we wanted that split in commission, he wouldn’t have argued with us when it came the amount to offer? Maybe I’m also clueless on all that happens behind this…
Let me tell you that if you had signed at a lower percentage, the brokers would not have shown your condo to their buyers because they want fair retribution for their work. Half that 5% normally ended up in the buyer’s agent pocket
They list the prices with comparable listing that sold prior in the neighborhood so if your agent told you to go 10k over the listing price and you went 45k over then you probably paid 45k over what others were paying in the neighborhood at that point in time. Unless the seller of your current house wanted to have multiple offers and reduced the price as a strategy to have more offers at the same time.
The broker actually wanted to list our condo over 310k and we weren’t ready for it so we listed at 299k (but still got over 310k). But the house, we learned later that the offer under us was only 5k lower than us, so having followed that 10k advice, we wouldn’t have the house.
5% here supposedly is a normal rate. But what do I know. That’s what the agent (that I had confidence in since he was recommended). Also, the condo was actually sold through a friend of a friend that was looking to move, so it didn’t actually go through the MLS listings to find the buyer.
Anyways, condo is sold, house is bought and we’re happy where we are. We maybe could have saved some money, but we will never know.
We don’t know if inspection was in the other deal, but inspection was in ours and after inspection we did reduce the price of 5k for windows to change and small stuff. The 5k is still not the difference between the 10k and the 45k.
Depends on your home and your needs. No one can or should really try to time your home purchase.
And as for speculating for investment purposes, here in Canada, the best time to buy a home, or upgrade your home was yesterday.
Do you think that they have some kind of crystal ball? Their guess is as good as anyone else’s. Anyone claiming to know there’s some secret sauce is lying, and of course realtors will be biased because that’s how they earn their living.
Such a question simply shouldn’t be asked.
Ahh my bad. I thought that you were saying that you were asking them for advice.
But yeah, the country could engage in a nuclear war with the US, and they’d slap her on the fake aluminum siding and say all the radiation on this baby is free heat!
Real estate agents are like car dealerships. Everyone is noticing the pointlessness and extra cost. Soon they will be gone. Plus it’s an industry comprised almost entirely of ex club promoters and anyone else who had a job they couldn’t sustain past 25
"Responsiveness is one of the most underrated traits of a good agent."Bang on. Realtor of 23 years here. I rarely give thank you gifts, but I do give access. To you, to realtors, to the public. About 16 hours a day. Clients tell me all the time they send me a text and then just hold their phone in their hand cos they know they will hear right back.
Can't wait for this corrupt leech profession to die.
We all have internet websites, cameras, a lockbox and AI to type out one paragraph of rubbish. Lawyers can prepare land transfer agreements and deal with lenders.
One house down my street sold after being on the market for 3 days with only photo uploaded of the exterior, extremely grainy picture too.
Can't believe some lazy guy made 5% of $899,999 for that.
I disagree. Not every case study is alike or a walk in the park. And yes, there is marketing involved, dealing with tenants who do not wish to leave, constant marketing if your home doesn't show well, or you're aiming to sell in a slower market or recession. There are many variables to consider. My father was a realtor from the early 1980s through 2006 when he departed the world. I watched how hard he worked day in and day out morning until evening, building, building, building... until he finally began to outsell and join the top 1% or 2% in 2002. He ran for a seat in Parliament in 1999, he managed so many door to door campaigns, and he was a political activist, a passionate and result earning one. The man was truly great.
I should've joined... I ended up the Contractor, Deck, Fence, and Renovation specialist. The other trade this individual is scrutinizing. Lol....
What they're saying doesn't apply to every situation, you cannot generalize, especially after 18 years on your way out. What, you didn't have morals in year 1?
The vast majority can't do one deal a year. The vast majority of Contractors can't make ends meet. Marketing is essential to the survival and growth of any great business, and yes, those are the business expenses that are baked into every single construction project or Real Estate deal. Anyone who says otherwise is lying or telling you half truths.
The brokerage for one takes a cut, the deal secretaries must be paid, the broker of record must be paid, the desk fees, the day to day expenses, the fuel, the licensing, continuing education, the insurances, the vehicle and then the marketing before you factor in your profits to pay your household expenses.
Perhaps 5% is too much to ask for in the current market conditions. Say 3-4% is an easier cost to swallow. But all factors must be considered. Is it an easy sale? Is the market on fire? Does the home have to be staged, are regular cleaners required as it's a vacant home? Is it a custom home? Ain't no 1% agent selling a custom home in a flawless transaction. And no man or woman in the right mind is selling their 5 - 10 million dollar home with the average Joe Realtor who charges .5 to 1% commission. You can price the commission into the sale if you're lucky and the market well bear it.
You can't come out and act like a know-it-all and throw thousands of people under the bus as if to be some Messiah in the world of Real Estate Construction. You aren't going to bring any reform on reddit. It's better to pick another occupation or retire quietly. Lol...
Try selling or renovating your own home people and see how it turns out. See if you get the best bang for your buck. Some can do it 90% or more cannot, that's why these industries are in place to fill in those gaps. If you want to pay 1% commission, you can find someone all day long. You'll never know if you could've made another 100 - 300k or get screwed by legalities and conditions of the buyer. Want to gut and remodel your bathroom and kitchen, give it a shot, and hire a handyman to save a buck. I know those people these cheap realtors claim to hire. They botch the job, even though sometimes it may seem anesthetically pleasing for a certain amount of time. Then good luck when you get sued, lol...
You can not generalize every deal under the same blanket statement. I hope most of you are a bit more logical and rational. Good luck!
*IMHO of course! And FYI: I do agree with much of what this Individual is saying about attempting to do much of the legwork yourself or managing the trades. Ie decluttering, DEEP cleaning Baseboards, paint, using data from the neighborhood of past sales, or communicating effectively pre-sale, during the sale and post sale. Those are some effective points*
*FYI: i wouldn't be against the idea of realtors being abolished with the rolling out of Blockchain and throwing everything on a digital Ledger, but some people need the service. They're too busy or not confident or intelligent or experienced enough to spot some of the factors a realtor will consider*
*FYI: If one has business expenses and a family to feed, today you need at least 15k if not 20k of revenue PRE TAX to survive and sustain your family, if you don't make that, your struggling. Gone are the days that 10k per a month will feed your family or allow you to survive, FACTOR IN business expenses 1000-3000 per a month without marketing costs considered lol*
Great info, thanks OP! I have sold my last 2 homes by myself, it's not really hard and you have a lawyer for a reason, ask them questions!!!
Best laugh I had was my old next door neighbour wanted to sell. He emailed 5 Realtors and the local Property guys franchise. While he waited he threw a quick ad up on Kijiji for shits and giggles. House sold over asking in hours.
OP is giving some solid advice and please sellers, don't leave money on the table when you can put in some DIY work and maximize the potential of your property when selling it.
On the other hand, buyers please don't ignore the ones that are less loved, you can easily take advantage of that and negotiate a good deal. Especially if you have a limited budget and remember you can always improve it later.
Focus on the location, building's history and whether or not the unit shows signs of big NO-NO.
How do you spot all the big NO-NOs?
Now with the real estate market more balanced than before, ask and try to do a pre-purchase inspection so you don't end up getting big surprises.
With all the fraudulent activities going on these days, get title insurance through your notary or lawyer at completion.
Educate and protect yourself when you are buying the biggest purchase in life.
Happy House hunting!
They hate it so they cannot piggyback off of government incompetence, restrictive building policies, inflated construction costs and shortage of labour.
Yup. Our agent covered the cleaning of our condo (including inside appliances), full-staging, professional photos, as well as a full clean before the buyer’s took possession. All that was a huge load off my mind as a seller. Added value, for sure. She was a bit of a ditz and wasn’t a great communicator, but she got the job done. We sold quickly and got what we were looking for.
She was a ditz and bad at communicating and you feel confident you couldn't have gotten more money with another agent? Or was the timing most important and price secondary to you? I just can't imagine feeling good about selling a (I assume) million dollar asset with someone I thought was kinda dumb.
No offence to the profession (I worked in real estate offices through university and have listed and sold a number of homes with agents in the past), but I’ve not met a single agent that I thought was highly competent across the board. I will also acknowledge I am inherently very mistrustful of anyone in sales, so that absolutely plays a role in my perception.
There were a number of units in our building that sat on the market post-pandemic, and a similar two bed, two bath unit had been listed for months and months prior to our listing ours. We had a number in mind that we felt was fair but also represented a solid investment turnaround and we were able to sell for that number within about a month. We actually listed for almost 40k above our agent's initial assessment and got very close to that higher number, so we basically told her what we wanted to do and she did it.
She needed some micromanaging, which I found annoying but necessary, given we had to chase her for stuff like showing notifications and feedback. Had to remind her about the rules of the condo building (ex: booking the elevator to move staging furniture), despite her having listed/sold two other units in the building. All stuff I would have reasonably expected to be automatic. Yes, a ditz but also a means to an end. We really didn't want the unit to go stale on the market, so we also wanted a quick sale. We got both what we wanted, price-wise, as well as a quick(er) exit out of the condo game.
🤣 exactly. They could've been sued, forced to pay more out of pocket for modifications, repairs etc at the request of the buyer...
And the 6 figure question, did an inexperienced agent leave a hundred k or more on the table.
Buying agents can be sharks. They will look for inexperienced agents and exploit them. Lol...
I remember looking at commercial properties and i vowed to never work with a realtor who has many properties in her listings. Never have I had to call a realtor to double check if a unit is available for showing. Even if i see her name anywhere near a property I will refuse to deal with her
Have your lawyer contact mine. Here is their information. Never used a realtor but almost did once and if I listened to him I’d be out $50K. Zero trust!
I gladly paid my selling agent's fee. From time on market to closing was less than 5 weeks and he got me 50% more than I paid for it.
Honestly the quick turnaround on it alone was worth anything he may have charged over 1%.
Bought in 1998 for $101,000. Sold in 2004. House was valued at $129,900. The agent figured we could probably get $10K over assessed value and listed it at $144,000 so low-ball offers might still get close to the $139,900 mark. He found two pretty motivated buyers and when the dust settled the house sold for $155,000.
Now that same house has an assessed value of just over $1.2 million. I mean it's a nice house in a good neighbourhood in a highly convenient location but it sure ain't $1.2 million worth of house and location.
You are talking about an entirely different time and your post is completely irrelevant.
And your comment:
"I mean it's a nice house in a good neighbourhood in a highly convenient location but it sure ain't $1.2 million worth of house and location".
This is probably the single most out of touch comment made by all boomers. Guess what, it is worth that much. That's because your generation made $1 million in appreciation while putting little to no money into the investment so that the next generations could buy it for $1.2 million and spend the entire amount you originally paid for it in renovation to make it livable.
Anyways, back to the point of this post by OP. Anyone can sell a house and will get almost the exact same amount for it. The Internet is not rocket science and everyone should do themselves a favour and do 10 mins of research to find someone to list their house for 1% or less and don't pay the buying agent any more than 1.5%
You should have got 175 dufus. Now this is an example of a hot market and no need at all for a real estate agent. He got you. No he got you not enough.
Lost me @ 800 dollars for a video and 200 for pictures , like let’s break this down , explain to me how taking photos of an exterior and interior of a home and uploading them to a few websites is worth 200 dollars, this right here is why the economy is broken worldwide lol , price gouging for basic shit and with zero shame to the point that you don’t even see an issue with it 😂
What's the issue a video or photos requires business expenses, fuel, insurances, digital marketing to get that lead... a vehicle, equipment and then your time and your bills.
So why don't you edit a video for me and I'll pay you say... 200$ and $100 to snap some photos, but if the quality is trash I ain't paying.
I could make a high quality video for less than 20 bucks (the gas it costs to drive to said location) you can’t be for real asking what the issue is😂 the issue is the price for what you pay for , it’s a basic service and they act like it should cost 800 dollars for a video of an interior and exterior of a home , are you kidding me ? Go ahead and pay that if you like but I could make the same quality video for free compared to any real estate agents making it for 800 😂 you’re getting royally ripped off that’s the issue
Sure, perhaps you can get one done for 200-400.... but your calculations are severely off lol.... you can't do a video in $20... there's a startup cost of equipment.
I have this equipment.
I do my own editing. But it's very time-consuming working on getting the footage, transferring it, editing it, rendering, and then uploading... it's a whole days work.
Everyone has a phone nowadays , your phone is capable of doing things that expensive equipment can do, you’re ignoring the fact that people are lazy and are willing to pay 200 dollars for something they should do themselves , agents take advantage of this and up charge it’s a larger issue but at its core no one should be paying upwards of 1000 dollars for online advertising that can be done for almost free
It’s not even about getting one done for a set price , anyone can take pictures and videos and post them online for free and garner attention for sales , there is no disputing that 😂 therefore charging for “better” product or higher quality video is fine but most often there realtors and real estate agents are charging 800 for photos and videos grandma and grandpa could’ve taken , do you not see my point? The original poster dropped the numbers 200 and 800 for pics and videos like its a standard amount …. That’s literally disgusting that they don’t see their own greed lol
Some people charge too much, some people charge too little lol... I can pay 200-300 for a couple of videos and edits of which I know takes an entire day of footage gathering and edits. Some people want to make $50 an hour some people want to make 100. What's the difference the market will pay what the market is willing to bear.
People don't have time to sit for a day and edit videos and gather clips much less spend time with their families.
We have reviews, portfolios and the brain to judge between what is too high or too low for the value of that which you're purchasing.
I'm a smart shopper... I look for the best bang for my buck every time lol... when I am not busy, I gather my own footage and edit my own content. When I'm too busy, I pay for it. Everything in good measure. No point complaining about it.
What I would focus on is why Trudeau inflated the value of Real Estate over the past decade or so and with the bankers turned out two largest markets of Finance and Real Estate into bloody ponzy schemes.
Ok what's your point? Realtors aren't even professional photographers so why should they deserve to get paid the professional's rate? Also everyone owns a smart phone with a decent camera just like the realtor. So it doesn't make them special or worth paying for
The dumbest post ever when this so called 18 yrs agent doesn't even explain how Realtors provide insurance against deposit fraud protection lol
You can go sell things privately and do all the wonders hut all the risks on yourself. Plus all the due diligence and navigating on a first try to sell multi million dollar property .. Best way is you go get a lawyer and do everything but some people want a profesional to do a better job at selling. That's how i see it
I think everyone knows it's a bit of a scam, just like lawyers, make something just complicated enough that you can't risk fucking up so you have to pay someone to do it for you.
>listing a home costs us up to a couple of hundred bucks
No shit. Not sure why most of you think you deserve to be paid upwards of thousands of dollars for doing nearly nothing
Real estate agents are parasites that offer minimal value and service at a tremendous unnecessary expense for extremely high-priced items
This low value/service to high commission ratio is understood by everyone— this is the main factor that draws people into the field— the perception of how much money one can earn with doing very very little— and not by selling niche products, but by selling basic human shelter
Real estate has successfully lobbied to control the industry at the stark expense of the general population
I view them as half a step above a common grifter— wrapping themselves with a thin veil of respectable business people, but they are just unnecessary middle men.
As a photographer/videographer that occasionally works for Realtors, I've always told myself :Well, at the end of the day, that job is pretty easy money. 😅
I mean, of course most of them are hard working. Taking calls on the weekend, scheduling visits... But still, for a 30 000 $ payday?! Do you know how many hours I would have to work to be able to charge 30k to a client for a video? 😂
From your experience, why do realtors act like ass holes to the people who book home inspections for them? Not all of them, but it’s a majority. I can’t imagine they act the same way towards their clients, but I’ve witnessed realtors say nasty fucking things to an agent booking them a home inspection.
Sold our house in 3 days. N.B. Post Covid and small town Canadian homeowner. I'm retired and had the time to learn a bit. Step 1. Made the house look beautiful and spent the time taking beautiful pictures (I think a few Christmas pictures was a nice idea). Step 2. Created a web site on SquareSpace and registered a domain. Only the home page was visible without registering which kept nosy neighbours and tire kickers out. Step 3. Advertised on Kijiji and Facebook Market Place with a link to the web page. No price visible unless you registered. This pissed some people off, but they weren't buyers anyway. Step 4. Booked the viewers and entertained their offers.
How did I know what the house was worth? A local realtor offered a free, no obligation, appraisal with suggestions. We were even up front and told her we were going down the do-it-ourselves route but would definitely engage her services if it didn't work out.
Step 5. Got the lawyer involved and sold the house. Total cost was under $1,000.
Any line of work that is super accessible and doesn't require much skill is going to have a vastly wide range of quality. Reminds me of graphic designers.
There are more sites and resources cropping up that are removing Realtors from the equation and I expect when I'm ready to sell in a few years I probably won't need one.
It's an antiquated industry like cabs, and will be disrupted soon I'm sure.
I always sold my homes myself, without the assistance of a realtor - except for one time at 1%. People forget all the commute and work we put in to pay that after tax mortgage payment month after month after month - then feel they need to hire a “good” agent to sell the home - then cut them a cheque for $30,000 out of the sale of the proceeds of sale - after the home being in the internet for 3 days. In looking at pre-tax dollars - you’re in for what - $45,000, $50,000 or even $55,000 for these payments? I get it - you can justify it in your mind because the fees are coming out of the increased equity of the home - but it’s still a commission that (at 50 years old) never made sense to me for a single day. The increase in equity is a tax free to you unless it’s not your principal home. So, why, again? I have friends that are realtors, and some do work hard - very hard - and deal with the stress of first time jittery home buyers, people who look at all the bad and not the potential of the home after some upgrades, people who are cheap, annoying and just overall - very difficult. Now this isn’t always the case, of course. But the service part of the job is not easy sometimes. But the listing and sale? Come on. Research, valuate, take GOOD photos, list, sell. Close through lawyers. I’ve done it 4 times. It’s not rocket science. Realtors deserve to make a great living, but cutting into 3,4 or 5% of the equity of your home is not proportionate to the work whatsoever - and I will never agree to it. All that said - i liked OP’s post and with that honesty - I’d probably call him if I needed a realtor and gladly pay the 1% with all those perks - and guess what? They are probably all a taxable expense to him. Win win.
How does one list without an agent? Do you just pay a MLS fee?
Ask a realtor for a "mere listing". They won't all do it, but you'll find an agent who will put your home up on MLS for you for a few hundred bucks.
Listing is the problem. When realtor associations gate access to the preferred listing forums, your pool of buyers dries up exponentially.
Ask a realtor for a "mere listing". They won't all do it, but you'll find an agent who will put your home up on MLS for you for a few hundred bucks.
I hear Facebook Marketplace works just as well.
A lawyer criticizing real estate agents fees, thats funny 😄. Bud whats your hourly rate? I much rather calculate all the calls, emails and marketing time spent on working with clients. If i even charged half what lawyers charge im sure my pay would be higher then commissions and a hell of a lot more dependable. Everyone sees the top 1% agents and thinks its easy money. Do you know how hard it is to build your business to the point you can even sell 5 homes a year? Do you see the amount of deals that fall apart? Most real estate agents lucky if they make 60k after tax.
Lmao Lawyers are educated professionals. Real estate agents can be anyone from my mcdonalds server to a janitor. And you do hardly anything for the amount you make off people. They should be like tipping - eradicated. Not to mention any house will sell these days considering demand.
Blanket coating a profession is not that fair. There are good realtors who work with clients for years buying and selling. They DO pay attention and hear news and work their clients who are busy in other fields or don’t have time. There are CEOs without a day of university. AI can basically take over law - watch what you preach.
When he's responding to a guy who did it to lawyers it's perfectly fair.
LMAOOO in what world would AI take over law? you know its not simply about memorization, right? AI will never be more persuasive or cunning than the smartest lawyers.
To do basic real estate transactions they aren’t needed
ChatGBT coming for us all
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Unless you live in California...
You've never been in a courtroom and it couldnt be more obvious. Step away from topics you have zero insight on.
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Then why are so many criminals walking free? Why is sentencing so subjective? There wouldn't be any differences if its ''written'' and so straight forward. Go study law.
Lol AI can't take over law, and if humans were stupid enough to do that you understand that would be like us creating our own overlords 😂 all they said was for example was that they prefer to cook dinner at home rather than paying high restaurant prices. You can't get mad at their preference and account of their first-hand experience. That just makes you look defensive. People choose to self-represent themselves in court already so that's essentially the same thing. But hey if you want to start SkyNet that's on you John Connor
Never underestimate how stupid humans really are. Mass layoffs in tech this year because how quick AI has advanced.
This is very true, we are quite gullible and don't think ahead. Sure it's great to have tech assist us in our lives, but there's a limit. When AGI arrives or God forbid ASI, we're making humans obsolete.
AI can do a hell of a lot… and will only get better. The world is changing folks and this will affect little old lawyers, doctors, everyone. Not just “the uneducated” sent out to serve and bow down to a fucking lawyer lol
Lol who pissed in your Cheerios? Who said anything about uneducated? Take your pissy little attitude somewhere else dick head lol
Lawyers are educated - meaning they had the opportunities afforded to them to get an education. They will happily drain you of your funds and make you pay top dollar $700 an hr for their time. Realtors are business people- sales people. Somw realtors make Millions some make shit. Its just like any other business. If you think you can make hundreds of thousands a year and sell 20+ homes a year consistently- Go do it tough guy! Ive worked with 100s of lawyers and been through countless Litigations. Lawyers should never comment on what realtors fees are
Lol you’ve been through “countless litigations”? Bullshit.
What are you expecting me To reply to this useless comment
Realtors shouldnt even exist, the modern day huckster. Doing little to gain a commission on a huge sale.
Ya ya go cry in your pillow
Ask 10 people if they can see themselves becoming or being a real estate agent.
100% agree
>A lawyer criticizing real estate agents fees, Because lawyers require real education where real estate agents are the modern 'used car salesman'?
You know nothing bud. U think a fucken degree entitles you to $700 an hour or $1000 to sneeze? How many realtors work countless hours for free for deals that never come Too. Dont talk about realtors because you obviously know fuck all. To make it in business you have to be consistent- any idiot can get lucky
So a lawyer bills $600 - $1300 for a real estate deal, and the agent bills 20x that amount, and then compare the amount of time the lawyer spends working on the deal to what the agent does, and the fact that when something goes wrong it's the lawyer who gets sued, not the agent, and you think the lawyer is the one getting the easy ride?
lol seriously. I am a realtor and did my own deal a couple years ago. The lawyer showed me her fee on the paperwork, and then the fee I paid to the buyer’s agent (which was only half of what would be charged if I hired someone to list it). The lawyer made $1600 and the realtor made $16,000….
Bud your out to lunch. First off depends on the sale amount. Second law clerk does 98%. If a lawyer charges u $1300 u can guarantee he spent less than 30mins to an hour with your precious closing. Your one of 100s prob. Lawyers wont shit on your porch for less then $1000
Not a real estate closing, especially if a seller's attorney. The closing itself can take well over an hour.
Every situation is different, but in the end the client goes to the lawyer or sends a couple emails . Lets not forget most the time realtors bring the clients to the lawyers. There is a big difference - its safe its cozy and money and constancy is guaranteed. Real estate is a doggy dog world where only 1% make it. If you want to be successful you have to put in alot of unpaid work and also heavily invest in marketing to get new Clients. Again- its not easy to find 10-20 people a year that want to buy or can afford to buy multi million dollar homes. N when i speak about lawyer fees im not talking about real estate lawyers in particular. Real estate lawyers are making a simple transaction . Ive been showed by real estate lawyers how they change title with a simple click online. When i talk lawyers and fees im thinking legal, commercial, etc. Where they are charging an hourly fee . Not a real estate transaction fee
Spoken like a realtor who actually has no clue & doesn't care what happens after they get their deal signed.
Ya ya - the reality is you and the people in this chat have no clue. Ive sold over 200 properties. Go to sleep and keep telling yourself you Know somthing even though you Know nothing
Pretty sure 75% agents do less than 1 deal a year. Owners learn the hard way trying to cut corners and end up leaving alot more money on the table. Hire a professional that does this for a living, worry about your bottom line and what can be done for you not what your agents making 🤦♂️
I kinda agree. This lawyer needs to keep it shut. He wants all the cost to go to lawyer fees, I’m sure. Why do we need a lawyer? It’s buying and selling a house. It’s an agreement between two parties. They can each write an agreement, maybe with a tad of research, and sign. Same argument as far as I’m concerned. We’ve also got public servants making 200k to sit back and do little. If people wanna manage their own real estate, fine. But I do think the good realtors do get it and keep clients for a long time. Some of them.
What? You’re saying that normal people can draft a comprehensive legal binding contract… that this is the part of the whole transaction that can be done easily… but the realtors job of looking up comps and putting a lock box on the door… no no… that’s where you need the real skill?
realtors draft the contract on your homes purchase and sale. not lawyers
You mean they fill out the standard OREA form. The lawyers do the actual legal stuff like title search, mortgage legalities, etc.
No Realtors put in specialty clauses and conditions and lawyers ask them for proof of their completion. Standard form has something called a schedule A attached where they can add terms that are not standard, but rather specific to the sale or purchase of the property.
Ya. Realtors fill out a form. Then the lawyer does the actual hard part.
Hate to break it to you but the lawyer also fills out forms to complete the sale. Basically every job has a process that needs to be followed and this process in particular involves filling out forms. To complete the mortgage, to complete the title search, to complete the transfer of title, the list goes on. The gigs become just as automated as real estate - welcome to 2024. Discretion is obviously required when filling out these forms and that’s where the lawyer’s knowledge and experience come in, but it’s the same with realtors. Both jobs are equally as important and have merit, and realtors (if they’re good) often know just as much about the working law behind a transaction as the lawyer does.
No but plenty of apps and Ai can. The world is changing for all… not just some.
Are you serious? At no time was that mentioned, or implied. You're just spouting off ignorance. You need lawyers to draft a legally binding contract between parties. If you trust an agreement of such magnitude and financial value left to a tad of research by parties who have no ideas of what to cover is something that you want to engage in...you trust people way too easily.
The truth of the matter is real estate lawyers are doing more than real estate deals. End of the day lawyers charge the most fees. If they are closing for your property for lets say $2k i can assure you they spent less then 30mins working on your deal and their law clerk did 98% of what ever little had to be done . Lawyers are making far more Money then real estate agents 95% of the time and fyi they charge you for every email and every call no matter what its about or if anything was accomplished
A lawyer’s hourly rate isn’t their take home…it’s a bit more nuanced than that.
Lawyer is the last person that should talk about fees
My favourite legal fee is see in my job “photocopying” $75
No my favourite is when they make a mistake n you tell them and they charge you $1000 to read your email and fix the typo
When it comes to selling a house the lawyer fees are minuscule compared to the commission the moron realtors receive
See im just gonna say you know nothing about real estate and you definitely have a peanut brain when it comes to business. Real estate lawyer fees should be smaller. First off the real estate lawyers i work with close 100+ files a month when real estate was booming. Business is coming to them dont have to do it. 3rd they are doing a pretty standard transaction- they arnt going to trial for you. 4th - their law clerks will be handling your file - so they really arnt working on this for you at all. Realtor has to build a business where peanut brains like you will use them Va using their cousin or selling by owner. Imagine marketing and mastering their craft enough to convince someone like you to work with them ( this is not easy as one might think). So again your a tough guy smarty pants. Why dont you quit your day job and go make easy money? Oh ya because its not as easy as you make it sound. You might get lucky n sell you moms house- but then you brother is going to go sell with the neighbourhood expert and your going to go cry that that 30k could been yours because you have a license . Please tell me what yoy do for a living so i can tell you any idiot can do it?
You must have graduated top of your real estate class. However much I know about real estate I know a few things about realtors… 1. You wouldn’t be the 999th employee at any corporation even with all your magical ‘client building relationship’ skills 2. People absolutely despise having to use realtors but you guys have an ability to prey off the insecurities of people who don’t have the confidence/patience to sell on their own. Does that make you feel good about your chosen profession? 3. I didn’t imply it was necessarily easy money what I was getting at was people don’t have a problem paying a real estate lawyer a set fee or someone to clear hardened shit out of their sanitary pipe because those people are actually providing an service to the customer. Realtors greet people at the front door of the house similar to at Wal Mart and then say yea it’s 4.5% for that. Go suck a tail pipe. 4. Vast majority of realtors are scum, blood sucking parasites you know it and I know it, the ones that aren’t, aren’t very successful. Anybody smart at your high school become a realtor? Didn’t think so. Peace out Mr. Peanut
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All these assumptions All this shit you talk you sound like a poser and a wannabe
Grow some
What I did when I listed on my own, like others mentioned was do a Mere listing to get on realtor.ca. I also offered a small % for a buyers agent. I found a lot of realtors showed my home but I feel like they push the narrative of a scary home owner sale and I wasn’t getting any offers at all. Ended up selling fully private though!
seems like you have enough time to scroll and post on reddit lmao
And write long ass novels on Reddit too
You don't know what it's like.
I had to use an agent to sell my condo in one of the nicest buildings probably in the country. Of course all he did was tell me what was wrong with it, how my price was too high. Sold it in 2 days. Of course he got all the commission for the price I insisted we sell it. My job is 1000 times harder than being a realtor.
Nicest building in the country???
ICE buildings downtown
🍿🍿🍿
Not near Vaughan! lol
😂
Are realtors ever truthful when asked if it’s a good time to buy or sell, or do they always say it’s good time no matter what the market is like?
Should we even bother asking them that question when trying to decide when to buy or sell?
I think we all know the answer.
Honestly this is why, as OP said, reputation is so important with realtors. Reputation OR referral. Using someone you can trust will give good advice is vital. I’m looking at selling my condo and my realtor (a family run business, her parents are friends of my parents), ran all the numbers for me and told me waiting until half way through next year is going to be better for me. This has to do with a number of factors including fees and taxes AS WELL as an educated guess on how the market will be next year. I went to her eager to sell and she convinced me to hold off. Of course, she also was very clear that commissions will be negotiable. As true with any industry, referral is always going to be your best bet.
I actually sold my condo and bought a house “with” a realtor that had a great reputation when it came to sales, but only saw him once (at the first visit). He was refered to us by a family friend. Never heard from him again. He was on vacation when we needed him (which was for the 4 days following listing when we sold and bought) We dealt with another guy from his team that was helpful, yet was telling us to offer a certain price on the house when we knew it wasn’t high enough. We finally followed our gut and offered our price and got the house. If we would have listened to him, we wouldn’t have our house. Also, pissed us off that we paid a 5% commission (because Quebec).
The commission is split in half with the realtor that brings you the buyer so the 5% might have gotten you a better sale price. In fact you can’t know for sure how much more you made using this procedure. Did you receive multiple offers?
We received 3 offers for our condo. One was under asking and the 2 others were over asking of a few thousands. Considering that we sold during a time that people were in multiple offer situations and offering sometimes more than 80k over asking, it’s hard to know if it was making a difference the commission split on it. We did offer 45k over asking (gut feeling) when the realtor was telling us to offer only 10k. I feel like if we wanted that split in commission, he wouldn’t have argued with us when it came the amount to offer? Maybe I’m also clueless on all that happens behind this…
Let me tell you that if you had signed at a lower percentage, the brokers would not have shown your condo to their buyers because they want fair retribution for their work. Half that 5% normally ended up in the buyer’s agent pocket They list the prices with comparable listing that sold prior in the neighborhood so if your agent told you to go 10k over the listing price and you went 45k over then you probably paid 45k over what others were paying in the neighborhood at that point in time. Unless the seller of your current house wanted to have multiple offers and reduced the price as a strategy to have more offers at the same time.
The broker actually wanted to list our condo over 310k and we weren’t ready for it so we listed at 299k (but still got over 310k). But the house, we learned later that the offer under us was only 5k lower than us, so having followed that 10k advice, we wouldn’t have the house. 5% here supposedly is a normal rate. But what do I know. That’s what the agent (that I had confidence in since he was recommended). Also, the condo was actually sold through a friend of a friend that was looking to move, so it didn’t actually go through the MLS listings to find the buyer. Anyways, condo is sold, house is bought and we’re happy where we are. We maybe could have saved some money, but we will never know.
That offer was 5k under before inspection. Most people inspect and reduce after so unless that inspection wasn’t in the deal, you don’t know.
We don’t know if inspection was in the other deal, but inspection was in ours and after inspection we did reduce the price of 5k for windows to change and small stuff. The 5k is still not the difference between the 10k and the 45k.
Yes this! Good educated real professionals with industry knowledge in their field do exist.
It's almost always either a good time to buy or a good time to sell. And since you're doing one, you really should be doing the other.
Depends on your home and your needs. No one can or should really try to time your home purchase. And as for speculating for investment purposes, here in Canada, the best time to buy a home, or upgrade your home was yesterday. Do you think that they have some kind of crystal ball? Their guess is as good as anyone else’s. Anyone claiming to know there’s some secret sauce is lying, and of course realtors will be biased because that’s how they earn their living. Such a question simply shouldn’t be asked.
That’s my point. If they don’t know, they should just say they don’t know instead of saying it’s the right time. Who are they fooling?
Ahh my bad. I thought that you were saying that you were asking them for advice. But yeah, the country could engage in a nuclear war with the US, and they’d slap her on the fake aluminum siding and say all the radiation on this baby is free heat!
Great post thank you 👏🏻👏🏻
This isn’t entirely true. A good agent will pay much more for quality work.
Just need to find that 1%, vs the 99% that are garbage....then the 1% only want to deal with bigger reoccurring deals....that's all you have to do lol
Real estate agents are like car dealerships. Everyone is noticing the pointlessness and extra cost. Soon they will be gone. Plus it’s an industry comprised almost entirely of ex club promoters and anyone else who had a job they couldn’t sustain past 25
I sold my condo privately in my early 20’s. Realtors are a rip.
Realtors are parasites.
We knew all this. Realtors are fucking jokes. Thanks for sharing
100% true!! Also they will tell you "they're bringing an offer".....buyers are often liars.
buyers are liers and sellers are worse is a common phrase in the industry.
"Responsiveness is one of the most underrated traits of a good agent."Bang on. Realtor of 23 years here. I rarely give thank you gifts, but I do give access. To you, to realtors, to the public. About 16 hours a day. Clients tell me all the time they send me a text and then just hold their phone in their hand cos they know they will hear right back.
PS. I am in BC, where our commission rates are nowhere near yours lol
that’s why good people live in metro vancouver where commissions are only 2 or 3 percent after the first 100k
Can't wait for this corrupt leech profession to die. We all have internet websites, cameras, a lockbox and AI to type out one paragraph of rubbish. Lawyers can prepare land transfer agreements and deal with lenders. One house down my street sold after being on the market for 3 days with only photo uploaded of the exterior, extremely grainy picture too. Can't believe some lazy guy made 5% of $899,999 for that.
I disagree. Not every case study is alike or a walk in the park. And yes, there is marketing involved, dealing with tenants who do not wish to leave, constant marketing if your home doesn't show well, or you're aiming to sell in a slower market or recession. There are many variables to consider. My father was a realtor from the early 1980s through 2006 when he departed the world. I watched how hard he worked day in and day out morning until evening, building, building, building... until he finally began to outsell and join the top 1% or 2% in 2002. He ran for a seat in Parliament in 1999, he managed so many door to door campaigns, and he was a political activist, a passionate and result earning one. The man was truly great. I should've joined... I ended up the Contractor, Deck, Fence, and Renovation specialist. The other trade this individual is scrutinizing. Lol.... What they're saying doesn't apply to every situation, you cannot generalize, especially after 18 years on your way out. What, you didn't have morals in year 1? The vast majority can't do one deal a year. The vast majority of Contractors can't make ends meet. Marketing is essential to the survival and growth of any great business, and yes, those are the business expenses that are baked into every single construction project or Real Estate deal. Anyone who says otherwise is lying or telling you half truths. The brokerage for one takes a cut, the deal secretaries must be paid, the broker of record must be paid, the desk fees, the day to day expenses, the fuel, the licensing, continuing education, the insurances, the vehicle and then the marketing before you factor in your profits to pay your household expenses. Perhaps 5% is too much to ask for in the current market conditions. Say 3-4% is an easier cost to swallow. But all factors must be considered. Is it an easy sale? Is the market on fire? Does the home have to be staged, are regular cleaners required as it's a vacant home? Is it a custom home? Ain't no 1% agent selling a custom home in a flawless transaction. And no man or woman in the right mind is selling their 5 - 10 million dollar home with the average Joe Realtor who charges .5 to 1% commission. You can price the commission into the sale if you're lucky and the market well bear it. You can't come out and act like a know-it-all and throw thousands of people under the bus as if to be some Messiah in the world of Real Estate Construction. You aren't going to bring any reform on reddit. It's better to pick another occupation or retire quietly. Lol... Try selling or renovating your own home people and see how it turns out. See if you get the best bang for your buck. Some can do it 90% or more cannot, that's why these industries are in place to fill in those gaps. If you want to pay 1% commission, you can find someone all day long. You'll never know if you could've made another 100 - 300k or get screwed by legalities and conditions of the buyer. Want to gut and remodel your bathroom and kitchen, give it a shot, and hire a handyman to save a buck. I know those people these cheap realtors claim to hire. They botch the job, even though sometimes it may seem anesthetically pleasing for a certain amount of time. Then good luck when you get sued, lol... You can not generalize every deal under the same blanket statement. I hope most of you are a bit more logical and rational. Good luck! *IMHO of course! And FYI: I do agree with much of what this Individual is saying about attempting to do much of the legwork yourself or managing the trades. Ie decluttering, DEEP cleaning Baseboards, paint, using data from the neighborhood of past sales, or communicating effectively pre-sale, during the sale and post sale. Those are some effective points* *FYI: i wouldn't be against the idea of realtors being abolished with the rolling out of Blockchain and throwing everything on a digital Ledger, but some people need the service. They're too busy or not confident or intelligent or experienced enough to spot some of the factors a realtor will consider* *FYI: If one has business expenses and a family to feed, today you need at least 15k if not 20k of revenue PRE TAX to survive and sustain your family, if you don't make that, your struggling. Gone are the days that 10k per a month will feed your family or allow you to survive, FACTOR IN business expenses 1000-3000 per a month without marketing costs considered lol*
i have a 130x50foot lot for sale and a realiter wants to make 5000 off me for a lot worth barely 10k
Why does a buying agent get a minimum 2.5% for just asking for a fucking lockbox
Great info, thanks OP! I have sold my last 2 homes by myself, it's not really hard and you have a lawyer for a reason, ask them questions!!! Best laugh I had was my old next door neighbour wanted to sell. He emailed 5 Realtors and the local Property guys franchise. While he waited he threw a quick ad up on Kijiji for shits and giggles. House sold over asking in hours.
Not all hero’s wear capes. Thanks for posting
OP is giving some solid advice and please sellers, don't leave money on the table when you can put in some DIY work and maximize the potential of your property when selling it. On the other hand, buyers please don't ignore the ones that are less loved, you can easily take advantage of that and negotiate a good deal. Especially if you have a limited budget and remember you can always improve it later. Focus on the location, building's history and whether or not the unit shows signs of big NO-NO. How do you spot all the big NO-NOs? Now with the real estate market more balanced than before, ask and try to do a pre-purchase inspection so you don't end up getting big surprises. With all the fraudulent activities going on these days, get title insurance through your notary or lawyer at completion. Educate and protect yourself when you are buying the biggest purchase in life. Happy House hunting!
Appreciate the wisdom!
The mafia are orea crea and brokerages. I think the agents are underpaid in the equation.
How do you feel about the flat fee listing model?
They hate it so they cannot piggyback off of government incompetence, restrictive building policies, inflated construction costs and shortage of labour.
Yeah - if the value added is the same, I can't think how it would be a bad thing for anyone other than Real estate agents
So you're saying, being a licensed electrician I should charge more for fixtures lol
You should a % of the electric bill 😂😂😂
You should make a markup on any materials you buy and use in a job… just like auto mechanics do.
Yup. Our agent covered the cleaning of our condo (including inside appliances), full-staging, professional photos, as well as a full clean before the buyer’s took possession. All that was a huge load off my mind as a seller. Added value, for sure. She was a bit of a ditz and wasn’t a great communicator, but she got the job done. We sold quickly and got what we were looking for.
She was a ditz and bad at communicating and you feel confident you couldn't have gotten more money with another agent? Or was the timing most important and price secondary to you? I just can't imagine feeling good about selling a (I assume) million dollar asset with someone I thought was kinda dumb.
No offence to the profession (I worked in real estate offices through university and have listed and sold a number of homes with agents in the past), but I’ve not met a single agent that I thought was highly competent across the board. I will also acknowledge I am inherently very mistrustful of anyone in sales, so that absolutely plays a role in my perception. There were a number of units in our building that sat on the market post-pandemic, and a similar two bed, two bath unit had been listed for months and months prior to our listing ours. We had a number in mind that we felt was fair but also represented a solid investment turnaround and we were able to sell for that number within about a month. We actually listed for almost 40k above our agent's initial assessment and got very close to that higher number, so we basically told her what we wanted to do and she did it. She needed some micromanaging, which I found annoying but necessary, given we had to chase her for stuff like showing notifications and feedback. Had to remind her about the rules of the condo building (ex: booking the elevator to move staging furniture), despite her having listed/sold two other units in the building. All stuff I would have reasonably expected to be automatic. Yes, a ditz but also a means to an end. We really didn't want the unit to go stale on the market, so we also wanted a quick sale. We got both what we wanted, price-wise, as well as a quick(er) exit out of the condo game.
🤣 exactly. They could've been sued, forced to pay more out of pocket for modifications, repairs etc at the request of the buyer... And the 6 figure question, did an inexperienced agent leave a hundred k or more on the table. Buying agents can be sharks. They will look for inexperienced agents and exploit them. Lol...
I remember looking at commercial properties and i vowed to never work with a realtor who has many properties in her listings. Never have I had to call a realtor to double check if a unit is available for showing. Even if i see her name anywhere near a property I will refuse to deal with her
U sound like a real tough guy
This has been posted in other Reddit threads.
Here’s a question. Do you recommend real estate as a career? Do you regret becoming an agent or do you feel fulfilled
Have your lawyer contact mine. Here is their information. Never used a realtor but almost did once and if I listened to him I’d be out $50K. Zero trust!
Freakanomics. I wasn't surprised to see they will take a lower offer price just to unload the property and only lose a couple hundred on the comish.
I gladly paid my selling agent's fee. From time on market to closing was less than 5 weeks and he got me 50% more than I paid for it. Honestly the quick turnaround on it alone was worth anything he may have charged over 1%. Bought in 1998 for $101,000. Sold in 2004. House was valued at $129,900. The agent figured we could probably get $10K over assessed value and listed it at $144,000 so low-ball offers might still get close to the $139,900 mark. He found two pretty motivated buyers and when the dust settled the house sold for $155,000. Now that same house has an assessed value of just over $1.2 million. I mean it's a nice house in a good neighbourhood in a highly convenient location but it sure ain't $1.2 million worth of house and location.
You are talking about an entirely different time and your post is completely irrelevant. And your comment: "I mean it's a nice house in a good neighbourhood in a highly convenient location but it sure ain't $1.2 million worth of house and location". This is probably the single most out of touch comment made by all boomers. Guess what, it is worth that much. That's because your generation made $1 million in appreciation while putting little to no money into the investment so that the next generations could buy it for $1.2 million and spend the entire amount you originally paid for it in renovation to make it livable. Anyways, back to the point of this post by OP. Anyone can sell a house and will get almost the exact same amount for it. The Internet is not rocket science and everyone should do themselves a favour and do 10 mins of research to find someone to list their house for 1% or less and don't pay the buying agent any more than 1.5%
You should have got 175 dufus. Now this is an example of a hot market and no need at all for a real estate agent. He got you. No he got you not enough.
Sandbagging realtors just to try and generate leads from Reddit. How original.
Can you stop posting this in literally every Ontario based subreddit
Hahahaha was waiting for this comment 😭
I swear lmao I’ve seen it like 5 times
Either that or someone is copy pasting this from the person who actually wrote it
Lost me @ 800 dollars for a video and 200 for pictures , like let’s break this down , explain to me how taking photos of an exterior and interior of a home and uploading them to a few websites is worth 200 dollars, this right here is why the economy is broken worldwide lol , price gouging for basic shit and with zero shame to the point that you don’t even see an issue with it 😂
What's the issue a video or photos requires business expenses, fuel, insurances, digital marketing to get that lead... a vehicle, equipment and then your time and your bills. So why don't you edit a video for me and I'll pay you say... 200$ and $100 to snap some photos, but if the quality is trash I ain't paying.
I could make a high quality video for less than 20 bucks (the gas it costs to drive to said location) you can’t be for real asking what the issue is😂 the issue is the price for what you pay for , it’s a basic service and they act like it should cost 800 dollars for a video of an interior and exterior of a home , are you kidding me ? Go ahead and pay that if you like but I could make the same quality video for free compared to any real estate agents making it for 800 😂 you’re getting royally ripped off that’s the issue
Sure, perhaps you can get one done for 200-400.... but your calculations are severely off lol.... you can't do a video in $20... there's a startup cost of equipment. I have this equipment. I do my own editing. But it's very time-consuming working on getting the footage, transferring it, editing it, rendering, and then uploading... it's a whole days work.
Everyone has a phone nowadays , your phone is capable of doing things that expensive equipment can do, you’re ignoring the fact that people are lazy and are willing to pay 200 dollars for something they should do themselves , agents take advantage of this and up charge it’s a larger issue but at its core no one should be paying upwards of 1000 dollars for online advertising that can be done for almost free
It’s not even about getting one done for a set price , anyone can take pictures and videos and post them online for free and garner attention for sales , there is no disputing that 😂 therefore charging for “better” product or higher quality video is fine but most often there realtors and real estate agents are charging 800 for photos and videos grandma and grandpa could’ve taken , do you not see my point? The original poster dropped the numbers 200 and 800 for pics and videos like its a standard amount …. That’s literally disgusting that they don’t see their own greed lol
Some people charge too much, some people charge too little lol... I can pay 200-300 for a couple of videos and edits of which I know takes an entire day of footage gathering and edits. Some people want to make $50 an hour some people want to make 100. What's the difference the market will pay what the market is willing to bear. People don't have time to sit for a day and edit videos and gather clips much less spend time with their families. We have reviews, portfolios and the brain to judge between what is too high or too low for the value of that which you're purchasing. I'm a smart shopper... I look for the best bang for my buck every time lol... when I am not busy, I gather my own footage and edit my own content. When I'm too busy, I pay for it. Everything in good measure. No point complaining about it. What I would focus on is why Trudeau inflated the value of Real Estate over the past decade or so and with the bankers turned out two largest markets of Finance and Real Estate into bloody ponzy schemes.
Ok what's your point? Realtors aren't even professional photographers so why should they deserve to get paid the professional's rate? Also everyone owns a smart phone with a decent camera just like the realtor. So it doesn't make them special or worth paying for
Has this recession killed realtors for good?
OP just cut and pasted this from r/Oakville. At least be original in your thoughts.
The dumbest post ever when this so called 18 yrs agent doesn't even explain how Realtors provide insurance against deposit fraud protection lol You can go sell things privately and do all the wonders hut all the risks on yourself. Plus all the due diligence and navigating on a first try to sell multi million dollar property .. Best way is you go get a lawyer and do everything but some people want a profesional to do a better job at selling. That's how i see it
What was your salary when you started and what is it now?
I think everyone knows it's a bit of a scam, just like lawyers, make something just complicated enough that you can't risk fucking up so you have to pay someone to do it for you.
>listing a home costs us up to a couple of hundred bucks No shit. Not sure why most of you think you deserve to be paid upwards of thousands of dollars for doing nearly nothing
!read later
Real estate agents are parasites that offer minimal value and service at a tremendous unnecessary expense for extremely high-priced items This low value/service to high commission ratio is understood by everyone— this is the main factor that draws people into the field— the perception of how much money one can earn with doing very very little— and not by selling niche products, but by selling basic human shelter Real estate has successfully lobbied to control the industry at the stark expense of the general population I view them as half a step above a common grifter— wrapping themselves with a thin veil of respectable business people, but they are just unnecessary middle men.
Dying profession lmao… only industry that openly ripoff customers other than dentists.
Lawyers are the next big lawsuit for their ridiculous arbitrary fees.
thanks for taking the time to share this!!!
So if I do a “mere listing” should I offer 1.5 percent? And how do I get a sign for my lawn?
As a photographer/videographer that occasionally works for Realtors, I've always told myself :Well, at the end of the day, that job is pretty easy money. 😅 I mean, of course most of them are hard working. Taking calls on the weekend, scheduling visits... But still, for a 30 000 $ payday?! Do you know how many hours I would have to work to be able to charge 30k to a client for a video? 😂
From your experience, why do realtors act like ass holes to the people who book home inspections for them? Not all of them, but it’s a majority. I can’t imagine they act the same way towards their clients, but I’ve witnessed realtors say nasty fucking things to an agent booking them a home inspection.
Realtors starting to return to industry work right now (bottle girls & bartenders).. The world is healing ❤️🩹
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Sold our house in 3 days. N.B. Post Covid and small town Canadian homeowner. I'm retired and had the time to learn a bit. Step 1. Made the house look beautiful and spent the time taking beautiful pictures (I think a few Christmas pictures was a nice idea). Step 2. Created a web site on SquareSpace and registered a domain. Only the home page was visible without registering which kept nosy neighbours and tire kickers out. Step 3. Advertised on Kijiji and Facebook Market Place with a link to the web page. No price visible unless you registered. This pissed some people off, but they weren't buyers anyway. Step 4. Booked the viewers and entertained their offers. How did I know what the house was worth? A local realtor offered a free, no obligation, appraisal with suggestions. We were even up front and told her we were going down the do-it-ourselves route but would definitely engage her services if it didn't work out. Step 5. Got the lawyer involved and sold the house. Total cost was under $1,000.
Any line of work that is super accessible and doesn't require much skill is going to have a vastly wide range of quality. Reminds me of graphic designers. There are more sites and resources cropping up that are removing Realtors from the equation and I expect when I'm ready to sell in a few years I probably won't need one. It's an antiquated industry like cabs, and will be disrupted soon I'm sure.
Confessions are ment for your local parish.
Where do you find the right guy for photos and video under $800??