Sold a house in T.O. for 25% over asking
#61
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Regardless, over $1000-2000/hr, or even more, of your hard earned money for the relatively little work they usually do is not justifiable in my oppinion. Why is it OK to take a percentage and not an hourly rate? How did this become OK and accaptabke by the public?
My comments are towards the realeste industry as a whole and not the individuals that work in it.
My comments are towards the realeste industry as a whole and not the individuals that work in it.
However, a good agent will pay for his or her commission and more for a buyer or seller. Some home owners just look for the absolute cheapest agent they can find, but an agent that is willing to cut their own paycheck just to get your business probably won't be the best choice to fight for you in your deal.
#62
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"The industry is very top heavy in regulation, with RECO, OREA, local real estate boards and brokerage owners all getting a piece of the pie. "
This is not true, they take less than 5%. And the real estate regulators are the biggest joke of any industry. Almost never do realtors get in trouble even when they have acted very badly.
This is not true, they take less than 5%. And the real estate regulators are the biggest joke of any industry. Almost never do realtors get in trouble even when they have acted very badly.
#63
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"The industry is very top heavy in regulation, with RECO, OREA, local real estate boards and brokerage owners all getting a piece of the pie. "
This is not true, they take less than 5%. And the real estate regulators are the biggest joke of any industry. Almost never do realtors get in trouble even when they have acted very badly.
This is not true, they take less than 5%. And the real estate regulators are the biggest joke of any industry. Almost never do realtors get in trouble even when they have acted very badly.
#64
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Where are you getting 5% from? Brokerages alone get way more then that, usually around 25%. 5% for regulators I can see, and I agree their enforcement sucks. Many broker of records let their agents do what they want with no training or guidance. I'm all for hefty penalties for agents AND brokerages that violate. It would be a non issue where I work.
#65
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Any real estate agent working at a brokerage (Remax, Royal LePage, etc) has a commission split agreement with said brokerage. This split varies based on whether the agent pays desk fees or what volume of sales they expect to do. Generally the split ends up being something like 85-15 or 90-10.
I think agents do make far too much for what they do. While I can agree that some go far and beyond, the majority are overpaid chaperones and paper pushers.
I think agents do make far too much for what they do. While I can agree that some go far and beyond, the majority are overpaid chaperones and paper pushers.
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#69
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personally i have no issue re how much a successful realtor earns, i figure good for them!
Last edited by myw; 01-24-2017 at 06:32 PM.
#70
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I became a licensed RE agent in Ontario in 1977 and worked my butt off in the first few years to carve out a living. Along the way somebody offered me a steady job and that was the end of my career in RE. Luck plays a big role in the success of a RE agent but along with that goes a 24/7 call out. As far as price goes it really is a simple proposition, willing buyer/willing seller without duress. It is the ultimate in free market enterprise. As far as commissions, those are negotiable and recently when our house was sold the split between selling and listing agent commission was purposely calculated to entice salespeople to promote and show our property. As noted earlier I had experience in the business and understand the role of greed in that marketplace.
#71
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I really struggle to see the value a real-estate agent provides, if data was public. If we had a better idea of what other houses sold for, houses could be bought and sold via websites (like cars) in an efficient manner. People could hire lawyers for the paperwork (if needed), or could consult with experts if they wanted.
In that hypothetical world, I can't imagine anyone volunteering to spend 5% to have someone help sell their house. For that reason, I think it's a dying industry, which is why Zoocasa and the like will be so important in the future.
In that hypothetical world, I can't imagine anyone volunteering to spend 5% to have someone help sell their house. For that reason, I think it's a dying industry, which is why Zoocasa and the like will be so important in the future.
#74
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I really struggle to see the value a real-estate agent provides, if data was public. If we had a better idea of what other houses sold for, houses could be bought and sold via websites (like cars) in an efficient manner. People could hire lawyers for the paperwork (if needed), or could consult with experts if they wanted.
In that hypothetical world, I can't imagine anyone volunteering to spend 5% to have someone help sell their house. For that reason, I think it's a dying industry, which is why Zoocasa and the like will be so important in the future.
In that hypothetical world, I can't imagine anyone volunteering to spend 5% to have someone help sell their house. For that reason, I think it's a dying industry, which is why Zoocasa and the like will be so important in the future.
#75
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