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Selling your house by yourself

mmmnaked said:
Do you know for a fact that a realtor wouldn't have gotten you more money and negated that savings? Was this recent?
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Having a realtor doesn't automatically give you the highest selling price either. I've seen time and again realtors entering the market that are: laid off and can't find work, housewives that aren't able to enter workforce as being home with kids for years stopped their careers, and people thinking its a quick buck.

not saying all realtors are garbage, but the majority are useless and can't do any more than an informed person can do on their own. They just need to put in the effort.
 
I have several friends that are realtors, they work evenings and weekends and when the phone rings they have to be available. But they sure have a lot of down time. And like any industry, there are some very capable ones, and some soccer moms that reinvented themselves and have no business being in the business.
 
mimico_polak said:
Having a realtor doesn't automatically give you the highest selling price either. I've seen time and again realtors entering the market that are: laid off and can't find work, housewives that aren't able to enter workforce as being home with kids for years stopped their careers, and people thinking its a quick buck.

not saying all realtors are garbage, but the majority are useless and can't do any more than an informed person can do on their own. They just need to put in the effort.
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The bar of entry is relatively low. If you can read and memorize stuff to pass a test, you can be a realtor. It takes a certain personality to actually do well in the field.
 
Realtors should be paid more than minimum wage. While in point of fact they produce nothing of value they do facilitate a higher and lower cash flow on behalf of other people not unlike car salespeople new or pre enjoyed.
 
My 2 cents. Before I got into the business I would agree most realtors ( residential) trade at a pretty low level. If I were to buy a house privately why wouldnt I deduct the commission after we agree on a price?

More importantly, what idiot would sell a home privately and not get other offers? I am going to buy your house for top dollar when there are no other parties involved. Yah, ok

As a private seller, you are opening yourself up to unbelievable liability these days which has financial consequences. The lawyer ( for closing) does not shield you from any material misrepresentation. Our current liability insurance is at least 1,000,000 for errors and omissions.

BB
 
busabim said:
My 2 cents. Before I got into the business I would agree most realtors ( residential) trade at a pretty low level. If I were to buy a house privately why wouldnt I deduct the commission after we agree on a price?

More importantly, what idiot would sell a home privately and not get other offers? I am going to buy your house for top dollar when there are no other parties involved. Yah, ok

As a private seller, you are opening yourself up to unbelievable liability these days which has financial consequences. The lawyer ( for closing) does not shield you from any material misrepresentation. Our current liability insurance is at least 1,000,000 for errors and omissions.

BB
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"in the business"? ok...

my father and I together sold more than seven homes privately. never used a realtor. do it.
 
Neutralizes might be a better word.
 
busabim said:
Our current liability insurance is at least 1,000,000 for errors and omissions.

BB
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All a realtor has to say is 'I didn't know about this issue your honour...' and he's free and clear.

i had it happen to me where the deal went south. Sellers were adamant the agent knew, agent said 'I didn't know' and as the Buyer I lost $ because of it. Realtor only offered to give me back my money from his cut if I bought a diff place with him. I was young so I did otherwise I'd be out 7k.

called and filed with the board and they responded 'agent wasn't aware so not covered and no reprimand.'

Your comment about liability for errors and omissions bu realtors mean nothing. It's a game with other people's money for many shady and if you can play the game and can hustle you're ahead of the game.
 
mmmnaked said:
The bar of entry is relatively low. If you can read and memorize stuff to pass a test, you can be a realtor. It takes a certain personality to actually do well in the field.
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The last time I checked. They put a 2 by 4 inch piece of glass under your nose and if it fogs up, you pass!
 
SunnY S said:
The last time I checked. They put a 2 by 4 inch piece of glass under your nose and if it fogs up, you pass!
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It was like that some years ago. They've been raising the bar... Partly to take more money from people for courses and book sales, but also as an attempt to weed out the completely useless. Not sure if working.
 
I love this thread.

There are over 66000 agents with Toronto real estate board. 80% of the business done in Toronto is done by the top 20% of the agents in the city.

More than 60% of these agents didn't register a transaction last year

If you are dealing with a part timer, there are things bound to go missing. When you work with professionals that do this day in and day out, they know the game and play it well for their clients.



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I love the Toronto Real Estate Board. There are 66,000 agents. 60% didn't register a transaction last year.
 
busabim said:
My 2 cents. Before I got into the business I would agree most realtors ( residential) trade at a pretty low level. If I were to buy a house privately why wouldnt I deduct the commission after we agree on a price?

More importantly, what idiot would sell a home privately and not get other offers? I am going to buy your house for top dollar when there are no other parties involved. Yah, ok

As a private seller, you are opening yourself up to unbelievable liability these days which has financial consequences. The lawyer ( for closing) does not shield you from any material misrepresentation. Our current liability insurance is at least 1,000,000 for errors and omissions.

BB
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and if if you buy privately... you'll end up living next to a concert stage, your house will get raided and you'll have to join the local bike gang... right!?
 
inreb said:
I love the Toronto Real Estate Board. There are 66,000 agents. 60% didn't register a transaction last year.
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Going to do the math. Brb.

sent from my Purple LGG4 on the GTAM app
 
26,400
So is the top 20% now 13,200, or is it 20% of the 66,000?
Math is hard.
I'm confused.
(@Addy good to see you back. Miss that ask me anything about real estate thread)

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When the time comes I'll be selling our house myself via something like Property Guys. If a realtor becomes involved via the other party I'll inform him that I'll give them a flat rate of perhaps $1000 or something for their time, but that's it. I'm NOT giving them 2%, or even 1%. If they don't like it, well, too bad, move along, I'll find another buyer - we live in a crazy high demand neighborhoods where things rarely last 48 hours on the market, so I'lll not be overly concerned.

Sorry, but I find the idea of handing over potentially $30,000+ (or likely more by the time we decide to sell, the way values are going up out here) to a real estate agent for the amount of work involved in a "regular" listing sounds patently insane to me. I'm good with keeping that in my pocket, thank you very much.
 
Joe Bass said:
26,400
So is the top 20% now 13,200, or is it 20% of the 66,000?
Math is hard.
I'm confused.
(@Addy good to see you back. Miss that ask me anything about real estate thread)

sent from my Purple LGG4 on the GTAM app
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My numbers are off. Here is an article that a friend of mine and past president of TREB Mark Mclean wrote in 2012 about the status of the industry. Great insight here

https://realtylaboratory.com/2012/03/07/agent-statistics-the-top-1-of-toronto-real-estate-board/

I should go back and find that ask me anything thread. I love answering questions :)


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