Who Needs A Realtor? (NF)

[Harrison]

In a nutshell, some of us really are worth a fee. {/end of well-meaning realtor spam}

 

JF

 

Thanks for the post JohnF and it sounds like you might very well be a great agent/broker.

Have any houses listed east of TO?

Edited May 3, 2010 by Harrison

[JohnF]

Thanks for the post JohnF and it sounds like you might very well be a great agent/broker.

Have any houses listed east of TO?

 

That's out of my area of expertise. If I had anyone wanting to do business with me up that way I'd be best serving them by referring them to someone better equipped to work in the area. I'm okay for general information about the business but I leave the specifics of geographical areas up to people who work in those areas. The best way I can help is to hook you up with someone I know in the area, someone I know to be reliable and knowledgeable.

 

JF

[fish_fishburn]

Harrison.. Usually two different brokerages would split a 5 0/0 commission down the middle, 2.5% each. And as John said in a nutshell,you have someone looking out for your best interests,all for free, imagine that. Thanks John any chance you will be teaching in Ottawa next month

[JohnF]

Harrison.. Usually two different brokerages would split a 5 0/0 commission down the middle, 2.5% each. And as John said in a nutshell,you have someone looking out for your best interests,all for free, imagine that. Thanks John any chance you will be teaching in Ottawa next month

 

Sorry. Ottawa's outa my area. I wouldn't be able to find my way home and I don't parle le francais anyway which is kinda important in that area. My next class is a Course II in Stoney creek starting May 31. What are you taking - II or III?

 

JF

[Harrison]

5 0/0 commission down the middle, 2.5% each.

 

Oh oh, Got my numbers mixed...I better check the ledger I just sent to finance. Thanks Fish..

[The Urban Fisherman]

That's awesome Mike! Ginny and I have been on the fence about moving for a long time now, and were considering trying to sell privately for the same reasons...also, I'd rather put the % that the realtor get's into my own pocket! lol John F. has helped me out a few times looking at houses and I have to say he's a stand up guy! I owe him more than a few beers already.

 

Congrats!

 

Ryan

[HTHM]

That's awesome Mike! Ginny and I have been on the fence about moving for a long time now, and were considering trying to sell privately for the same reasons...also, I'd rather put the % that the realtor get's into my own pocket! lol John F. has helped me out a few times looking at houses and I have to say he's a stand up guy! I owe him more than a few beers already.

 

Congrats!

 

Ryan

How about a listing instead???

[JohnF]

How about a listing instead???

 

You looking for a bird dog fee? Did you know they're actually illegal?

 

Seriously though. Ryan's place is outside my trading area so I really wouldn't be helping him by listing it on my board or putting up my sign. What I would do there is steer him to someone I know to be reputable in the area and let them do the job properly. In fact we went thru that exercise and it turned out I really didn't have anyone I knew personally that could do the job. In his circumstances I understand why he would want to try to sell it privately. I'm happy to be his sounding board on it so he doesn't make a misstep.

 

Housebuying out of my area is a little different, depending on what kind of property you're looking for. My situation is kind of unique in that I like to gather info about different markets to use in my classroom work. One of the things the students really like are war stories and as you may have noticed, I really like to tell stories.

 

It would be perfect to have an excuse to go up to the Kawarthas on a property hunt for someone during bass season. I'd even pay my own gas and accommodation. The house hunting would happen after about 3 pm most days.

 

There may be other areas that would serve equally well depending on the fishing regs and open seasons.

 

JF

[HTHM]

John,

I know your ethics are beyond reproach. If I give a reccomendation, it is because I feel the person/company is worth refering not because of any kickbacks.

So, there ya have it folks, HTHM thinks JohnF is OK.

[JohnF]

John,

I know your ethics are beyond reproach. If I give a reccomendation, it is because I feel the person/company is worth refering not because of any kickbacks.

So, there ya have it folks, HTHM thinks JohnF is OK.

 

So where do I send the money?

 

JF

[fish_fishburn]

Going into III next week John, I hope hehe.

[JohnF]

Going into III next week John, I hope hehe.

 

III's a great course. It's more about the real work than II which is more about law and history. Almost everybody likes it best. There's a great resource for the more commonly used forms on the TREB site. Check it out. Good luck with the course.

 

JF

[Moosebunk]

Congrat Mike. There's a house just around the corner from me for sale. Lots of room for your toys, barn, horses... something to keep your kids busy while you and I sneak out. lol.

[solopaddler]

Congrat Mike. There's a house just around the corner from me for sale. Lots of room for your toys, barn, horses... something to keep your kids busy while you and I sneak out. lol.

 

 

Thanks buddy!

Let me get the divorce papers signed first and I'll be heading to Bunkviile.

[justin elia]

Our licencing act (REBBA) actually makes it illegal for us on the basis of commission amount to avoid informing our clients of an unlisted property that we know is on the market.

 

Some folks find that there are major benefits to having a realtor representing you instead of only the sellers benefiting from one-sided representation. By entering into a Buyer Representation agreement with a RECO registrant you have now got full representation and a legal obligation for the realtor to help you determine what the fair market value on the property is as well as to dig out material facts (information about the property which might affect your decision on whether or not to buy) that might be relevant based on the information and instructions you've given your realtor/agent at the outset of your house hunt. A listing representative who has no contractual obligations with you has certain confidentiality obligations to the seller that may preclude sharing certain info and advice with you. Working with the listing realtor there is some protection for you, certainly better than you get buying from a private seller who has little obligation to disclose facts which you'd want to know, but not as much as if you have our own representation agreement with a realtor with all the legal weight of the REBBA requirements and Agency Law to inform & protect you.

 

I know this sounds very self-serving but I really don't expect to get business from this since I work in one little area and most of you are spread all over Ontario. Our industry is working hard to get the message out that there are potential pitfalls in trying to deal privately for both buyers and sellers and many of us honestly believe that we bring specific knowledge and expertise to the table that makes whatever commission we work for worthwhile. And as long as I'm on that issue, don't believe all you read in the media about high fixed commissions etc. We've been negotiating them with consumers for years. Even without the threat of Competition Bureau consequences we work in a very competitive market that necessitates some wheeling and dealing while still requiring a high standard of ethics and service. In a nutshell, some of us really are worth a fee. {/end of well-meaning realtor spam}

 

The fact is I'd rather give a little helpful advice to the limit I'm allowed by law, if only to nudge you in the right direction, than to see any of you get yourselves in a legal jackpot of some kind through inexperience.

 

JF

 

Fantastic advise John F. As a Realtor myself and a Broker of Record, I run into this situation alot. The most important thing I suggest to clients, or potential clients is to work with someone they trust. Being represented as a buyer is extremely important in my opinion, especially in this market(Sellers). I recently sold a condo downtown to a friend (Buyer Represented)in a multiple offer situation, and because of our strategy, we were able to solidify the deal for less than what other offers were brought in at.

 

John, let me know your area of expertise and maybe I'll be able to send something your way. Rather send the referal to a fellow fisherman.

[justin elia]

I was just thinking of ways to maximize my budget.

 

If the listing agent sells the house they get 5% say, now the buyers agent gets the other 5% each minus broker fees and expenses.

 

I just negoitated with a seller agent that they would take a lower commission if it meant selling the house with-in my budget considering now they would get the whole 10%. I sign a deal with them for this individual property only and put in an offer. The little savings on the real estate fees may put me in a house I otherwise might not have had a chance at.

 

Not in real estate either, just a family man on a fixed income.

 

10%!!!! I wish I made that on every deal. Standard fee's are 5% in our industry but with the competitive nature of our business, Im sure you could negotiate a better fee structure as a seller.

[JohnF]

Fantastic advise John F. As a Realtor myself and a Broker of Record, I run into this situation alot. The most important thing I suggest to clients, or potential clients is to work with someone they trust. Being represented as a buyer is extremely important in my opinion, especially in this market(Sellers). I recently sold a condo downtown to a friend (Buyer Represented)in a multiple offer situation, and because of our strategy, we were able to solidify the deal for less than what other offers were brought in at.

 

John, let me know your area of expertise and maybe I'll be able to send something your way. Rather send the referal to a fellow fisherman.

 

Message sent, Justin.

 

JF