Real estate question

[LennyR]

That's how they have survived this long. It's a fear mentality that says "you're going to get hosed if you don't use a realtor". Everybody buys into it and that's what keeps the antiquated system going.

What most people don't realize is that the power is in the listing side. When the realtor establishment has power over the majority of the listings, they are going to dictate commissions and processes. At some point there will be a shift. Some company like purple brick will come out with a system that will gain critical mass and have the majority of listings. The listing side isn't rocket science so can be done extremely efficiently. No realtor "sells" your house..... Getting it on MLS is portraying it accurately is what sells it. It becomes part of the market. The selling side deserves decent money because it can be a slog. But again, the more things tighten up, the more realtors can afford to qualify clients and do things more efficiently.

Change is coming

Wow, Quite the broad statements you make , begs a couple questions , What career did you choose after you decided , after 6 years, real estate wasn’t for you , and Do you believe there are no circumstances where using a Realtor is the best choice for someone ?

 

[deaner]

Wow, Quite the broad statements you make , begs a couple questions , What career did you choose after you decided , after 6 years, real estate wasn’t for you , and Do you believe there are no circumstances where using a Realtor is the best choice for someone ?

My wife and I switched. I'm watching kids and she is teaching. I did well in real estate, just hit a point where I couldn't do it anymore.

Don't get me wrong, there is value in using a realtor.....just not 20-40k for the average house. A more efficient system would weed out the bad ones and leave the good ones. The main part that I think is flawed is the listing side. There is nothing to doing a listing. Like I said before.....once it's on MLS it becomes part of the going inventory where everyone looks. Once the conventional realty model loses the majority of listings they wont have as much power to decide what gets shown and what doesn't.

 

[craggar2011]

We bought the house we have now using the sellers realtor. If you don't know real estate laws you could get screwed when it comes time to do the deal. Fortunately my better half was a realtor for a few years and saved us a few thousand by the time the deal was done. There are some shady realtors out there and the one who was representing the seller was one of them in our case.

Like mentioned if the realtor is coming to take less to make the deal happen you might as well use your own realtor.

 

[Bogger]

When we bought our place at the lake the realtor I bought my acreage from was the sellers realtor so I already knew him and had dealt with him in the past, he had a buyer for my acreage in his pocket and because it was such an easy flip he only charged me 50% of the commission which I thought was fair considering he brought the buyer to the table and the house sold in under 24 hours.

If I ever sell the place at the lake I will insist on doing or at least proofing & editing the listing myself. It worked in my favour but I feel that they left out some key details about our lake property in the listing & marketing of it. They didn't say anything about lake access and the fact that there was a dock, they undersold the properties potential for vacation rentals, none of the pictures on the listing showed that the house actually has a lake view, nothing was mentioned about the lakefront separating my property from the lake being owned by the DOD and the fact that it will never be sold nor can anyone build on it, no mention that the Provincial park & beach is a 5 minute walk and nowhere did it say the west end of the city is only 35 minutes away. People always think Wabamun is so far out, but my commute is only 35-45 minutes and Stony Plain is only 15 minutes away.

I think if they had of marketed the property better they likely could have got another $100K - worked out well for me but not so great for the seller.

 

[catalac]

When we bought our place at the lake the realtor I bought my acreage from was the sellers realtor so I already knew him and had dealt with him in the past, he had a buyer for my acreage in his pocket and because it was such an easy flip he only charged me 50% of the commission which I thought was fair considering he brought the buyer to the table and the house sold in under 24 hours.

If I ever sell the place at the lake I will insist on doing or at least proofing & editing the listing myself. It worked in my favour but I feel that they left out some key details about our lake property in the listing & marketing of it. They didn't say anything about lake access and the fact that there was a dock, they undersold the properties potential for vacation rentals, none of the pictures on the listing showed that the house actually has a lake view, nothing was mentioned about the lakefront separating my property from the lake being owned by the DOD and the fact that it will never be sold nor can anyone build on it, no mention that the Provincial park & beach is a 5 minute walk and nowhere did it say the west end of the city is only 35 minutes away. People always think Wabamun is so far out, but my commute is only 35-45 minutes and Stony Plain is only 15 minutes away.

I think if they had of marketed the property better they likely could have got another $100K - worked out well for me but not so great for the seller.

From 20 years of renting in a complex in bc I can attest many owners think their places are worth a 100k more than they could ever hope to sell them for.

 

[LMLCHEVY]

I just got conditions removed and financing all done on a house I just bought and I found my realtor was really not trying to get me the best deal as she wants her 3% Or whatever it is to be as good as possible. When I made an offer that was only 6% less than asking she didn’t think they would even consider it and tried to show me other similar houses that sold in the area in the past year but covid has changed things. They took my offer on the spot with almost no conditions on their end so one has to really watch when both buying and selling. I got screwed when I sold my last house. I’m a little more educated now.

 

[Bnorth]

I just got conditions removed and financing all done on a house I just bought and I found my realtor was really not trying to get me the best deal as she wants her 3% Or whatever it is to be as good as possible. When I made an offer that was only 6% less than asking she didn’t think they would even consider it and tried to show me other similar houses that sold in the area in the past year but covid has changed things. They took my offer on the spot with almost no conditions on their end so one has to really watch when both buying and selling. I got screwed when I sold my last house. I’m a little more educated now.

You staying in Elkford?

 

[snopro]

When I sold my old acreage couldn't get a bite. was asking 125g. Got a real estate agent and sold it in 2 months. Got 159g. They have their place in the system