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poundcruncher
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Re: Real Estate Commissions

Tue Apr 12, 2011 3:34 pm


And many buyers and sellers would KILL each other without a 'middleman'. Do you have any idea how high emotions run? I had a client want to destroy a buyer for telling them that they planned on ripping out the hardwood. I had to seperate them in the hallway. This is after the deal was firm and the seller got $123k-ish over asking.

I'm not sure why Tom had the buyer and seller in the same room working out the deal.... what's the point of the agents? might as well have the buyer and seller work alone and hire a couple of security guards.
 
eyesthebye
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Re: Real Estate Commissions

Tue Apr 12, 2011 5:30 pm

I wish you all the best Tom. What I don't understand is why you can't wish other the same whatever the endeavour - including selling their own home. Instead it's fearmongering and scare tactics.

Picture this scenario...MLS is abolished and a neutral system with flat fee listing replaces it. Sellers can be contacted directly (of through message service) by buyers. What would happen to the realtor? I've always thought that seller and buyer should sit down across the kitchen table and hammer out their own deal, without a third party. It's coming Tom - the future is nigh.
Directly from page 5.
In all honesty, good luck on the condo sale. I'm a fan of real estate, no matter who does the buying or selling. I hope you do well.
I guess you missed this part, eyes?? Sadly, you still don't quite get me. No worries.

And many buyers and sellers would KILL each other without a 'middleman'. Do you have any idea how high emotions run? I had a client want to destroy a buyer for telling them that they planned on ripping out the hardwood. I had to seperate them in the hallway. This is after the deal was firm and the seller got $123k-ish over asking.
maybe that's why you're worth your commission - ability to "ref" the match too
the cure for higher prices is moving to a destination with lower prices
 
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silverman
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Re: Real Estate Commissions

Tue Apr 12, 2011 7:08 pm

Picture this scenario...MLS is abolished and a neutral system with flat fee listing replaces it.
This won't happen, but, if everyone was charging the full 7%/2.5%... no flexibility whatsoever... you would see a parallel private MLS, with a known FSBO company like Property Guys, UsellaHome, or someone like that, taking the lead... and a good and growing chunk of listings off the MLS.
If MLS doesn't budge on giving up the stats associated with sales I can see it happening.
How about a non-profit national listing service with gov't overseeing operations, or CMHC type
arrangement?
Whatever it is it'll work a lot better for the avg folk than what is place now
The stats are not a big deal... easily available thru a realtor.
A non-profit national listing service? who's going to pay for it... ain't cheap with all the data
What's in place now works for everyone... you want full service? you can have it. You just want your home on MLS with no frills, you can have that too.
 
thinktom
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Re: Real Estate Commissions

Tue Apr 12, 2011 9:41 pm

What I don't understand is why you can't wish other the same whatever the endeavour - including selling their own home. Instead it's fearmongering and scare tactics.
Your lack of an apology for your misguided and false insinuations speaks far louder than your words. Flowers from The Flower Factory will do. Preferably a 'sunny day' motif.
It's coming Tom - the future is nigh.
Bring it on.
maybe that's why you're worth your commission - ability to "ref" the match too
RET Understatement Of The Year.
 
gse36
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Re: Real Estate Commissions

Wed Apr 13, 2011 6:48 am

While all you people are trying to stomp out sell-side commission, theres a lot of push to stomp out buy-side commission too.

I noticed metroliving.ca (the Intracorp condos being built by Metrotown station) was offering $5000 rebate to buyers who come in without a realtor.
 
eyesthebye
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Re: Real Estate Commissions

Wed Apr 13, 2011 6:53 am

"silverman"
Whatever it is it'll work a lot better for the avg folk than what is place now
The stats are not a big deal... easily available thru a realtor.
A non-profit national listing service? who's going to pay for it... ain't cheap with all the data
What's in place now works for everyone... you want full service? you can have it. You just want your home on MLS with no frills, you can have that too.
Silverman,
I know you think you have the ideal remedy, you don't.
Some folks like me do not want any realtor involvement. We want an independent non-profit listing
service where past sales and data are available to whoever wants it.
A flat fee of say 250.00 to post your home for sale on a site like this should employ enough people to manage the service.
the cure for higher prices is moving to a destination with lower prices
 
eyesthebye
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Re: Real Estate Commissions

Wed Apr 13, 2011 6:59 am

"thinktom"
"eyesthebye"
What I don't understand is why you can't wish other the same whatever the endeavour - including selling their own home. Instead it's fearmongering and scare tactics.]
Your lack of an apology for your misguided and false insinuations speaks far louder than your words. Flowers from The Flower Factory will do. Preferably a 'sunny day' motif.
I stand by this statement. I would go back and dig up more - but this is sufficient.
by thinktom » Fri Apr 08, 2011 3:00 pm

I'd LOVE to see you negotiate a multiple offer situation. LOVE to. I'd love to see if you have a clue what you're doing and how much you'd leave on the table because you decided to take something when you could have got maybe $30-$40k maybe more. In all honesty, eyes, how many homes have you sold?
the cure for higher prices is moving to a destination with lower prices
 
HomelessinSD
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Re: Real Estate Commissions

Wed Apr 13, 2011 8:05 am

"thinktom"
"eyesthebye"
What I don't understand is why you can't wish other the same whatever the endeavour - including selling their own home. Instead it's fearmongering and scare tactics.]
Your lack of an apology for your misguided and false insinuations speaks far louder than your words. Flowers from The Flower Factory will do. Preferably a 'sunny day' motif.
I stand by this statement. I would go back and dig up more - but this is sufficient.
by thinktom » Fri Apr 08, 2011 3:00 pm

I'd LOVE to see you negotiate a multiple offer situation. LOVE to. I'd love to see if you have a clue what you're doing and how much you'd leave on the table because you decided to take something when you could have got maybe $30-$40k maybe more. In all honesty, eyes, how many homes have you sold?
Rich.

This is the guy who says he knows more about real estate and construction than any realtor he's ever met... and then throws in the the dig that he's met Thinktom.

Somehow it's easier to believe that Tom has completed 4 major home renovations, sold dozens upon dozens of homes, and knows the Vancouver real estate market better.
 
eyesthebye
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Re: Real Estate Commissions

Wed Apr 13, 2011 9:02 am

not sure what your comment has to do with Tom fearmongering the readers here.
Perhaps you should start a new thread.
the cure for higher prices is moving to a destination with lower prices
 
thinktom
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Re: Real Estate Commissions

Wed Apr 13, 2011 11:18 am

not sure what your comment has to do with Tom fearmongering the readers here.
Perhaps you should start a new thread.
If 'fearmongering' = defending my profession and experience against your insecure arrogance I'm guilty as charged.

What a sad direction we've gone, eyes. Want to hug it out?

(Incidently, 'fear mongering' is two words or sometimes a dash is used. Forget the flowers, make a donation somewhere).
 
eyesthebye
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Re: Real Estate Commissions

Wed Apr 13, 2011 11:54 am

not sure what your comment has to do with Tom fearmongering the readers here.
Perhaps you should start a new thread.
If 'fearmongering' = defending my profession and experience against your insecure arrogance I'm guilty as charged.

What a sad direction we've gone, eyes. Want to hug it out?

(Incidently, 'fear mongering' is two words or sometimes a dash is used. Forget the flowers, make a donation somewhere).

We're just having a discussion Tom - no need for huggies yet.

If you had said...I've handled numerous multiple offer situations in the past and I stand by my track record. I frequently am able to secure a much higher selling price for the seller. I, Tom Everitt will earn every penny in commission you pay me as your listing agent.

But you didn't.

Your post has an air of superiority mixed with a few dashes of scare tactic.

again:
by thinktom » Fri Apr 08, 2011 3:00 pm

I'd LOVE to see you negotiate a multiple offer situation. LOVE to. I'd love to see if you have a clue what you're doing and how much you'd leave on the table because you decided to take something when you could have got maybe $30-$40k maybe more. In all honesty, eyes, how many homes have you sold?
the cure for higher prices is moving to a destination with lower prices
 
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silverman
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Re: Real Estate Commissions

Wed Apr 13, 2011 5:05 pm

This is the guy who says he knows more about real estate and construction than any realtor he's ever met... and then throws in the the dig that he's met Thinktom
I don't think ETB meant it that way. Both Tom and ETB made valid points.
Silverman,
I know you think you have the ideal remedy, you don't.
Some folks like me do not want any realtor involvement. We want an independent non-profit listing
service where past sales and data are available to whoever wants it.
A flat fee of say 250.00 to post your home for sale on a site like this should employ enough people to manage the service.
There is no such thing as a "perfect" solution, but there is the "best available", I think. A listing in-between full MLS and FSBO.

Who really wants an independent government run listing service?
What are you going to get for your $250? another FSBO like website with maybe 5% of homes for sale.
Realtor involvement is inevitable. Not too many buyers and sellers can sign million dollar contracts with a steady hand... without at least a second opinion or advise/consultation from someone in the business. Maybe you are very good and know everything that there is to know, but most people don't.

And are you going to run to the lawyers for subject removals, addendums, amendments, date extensions, inclusions, exclusions etc? lawyers don't work for $50 an hour y'know. One missed day, or a missed initial, the buyer is off the hook, contract is void... and you wished you offered Tom $20K to look after the sale of your home.
 
thinktom
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Re: Real Estate Commissions

Wed Apr 13, 2011 6:46 pm

Eyes, seriously? Using an identical quote twice, on the same page, while trying to make the same point.... come on.

You are officially in charge of 'The Department of Redundancy Department'. :wink:

I think this is an excellent thread for people who are looking to research commission structures. The arguments presented from many sides here are excellent and I've said my 'bit'.

Silverman, gse36, Homeless... and yes, Eyes, you.... a job well done.

Don't forget. 2% Realty is apparently heading here from Calgary or somewhere like that. Yet even more choices for the consumer and the Competition Bureau.
 
poundcruncher
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Re: Real Estate Commissions

Wed Apr 13, 2011 7:39 pm

Realtors think they are worth their commissions.

Personally, I think they prey on those that are clueless and don't realize that paying $30K for realtor commissions is a complete rip-off. Anybody that does a day of their own work would have enough confidence to sell the house on their own... one day.. about the same time to get through the realtor course.
 
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jesse1
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Re: Real Estate Commissions

Wed Apr 13, 2011 7:53 pm

@pound what I take issue with is commission rates remaining unchanged despite a massive runup in prices. Service the same so why remuneration on a per sales basis so much higher? Nobody is talking about that in any meaningful way; instead the Realtor ranks expand and the agencies have made mint in the past ten years.

New firms with lower costs are going to start muscling in. The good agents should be encouraging this IMO. Crimping the marginal performers out and returning to more listings per agent will be better for the industry in the long run. But it will take a severe housing recession, where commissions make or break solvency, for that to happen.

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