I will help you sell your house at no cost if you are also looking to purchase another home. You must pay for the photography & the buyer’s agent fee. Photography is roughly $200 and the buyer’s agent fee is 2.5%.
No, you are not getting a sub-par/discount agent. I designed the brokerage’s website myself and am in charge of the brokerage’s advertising, online leads and live chat. I do everything from live screen-sharing home evaluations to signing deals electronically across Canada. I won’t disappoint.
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Business Brings Business – The more listings you have out there, the more opportunities there are to meet new clients. Potential clients may come from seeing the for sale sign, e-mailing from realtor.ca, open houses etc.
Price Discrimination – Some people are willing to pay more for certain services than others. Rogers and Bell might be charging you half of what they are charging your neighbour. They know they won’t be able to get you to pay more, but someone else will. I have all sorts of clients. Why not tap into those not willing to pay when selling, but will still use a realtor when buying since it is free.
I’m Making Money On The Buy Side – Of course nothing in life is free. I am only offering to sell your house for free if you use me to buy your next house. With the average house in Toronto being over a million dollars, that is $25,000 in commission when I help you find a house (you don’t pay. the seller pays me). Sure it takes time and effort, but most people work a lot longer and harder to make $25,000.
When you sit down with a Realtor who is going to sell your house, you decide on total commission. This commission is split between your realtor(who is selling your house) and the buyer’s agent. It is customary to offer up 2.5% to the buyer’s agent.
Let’s say in this example that total commission was 4%. You offer the buyer’s agent 2.5% to bring his client. This leaves 1.5% for the agent listing your house.
Can you offer less than 2.5%? Yes, you can. You can get away with 2.25% with expensive houses. Can you offer 0%? In theory you could. But your house will sit and sit and sit and sit on the market. Real estate agents are required to show and help buy any house regardless of commission offered up… but there are 40,000 agents in Toronto and most of them sell 0 houses a year. You can bet your bottom they are going to steer clear of that house if possible.
There is really no way around this buyer’s agent fee. Even as an agent who will one day sell my own house, I will offer up 2.25% or 2.5%. There is no way around it. Services like ComFree and Property guys are the poster boys for do it yourself transactions. But sellers who use their services still end up paying the pesky 2.5%.