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Thread: What value does a realtor add? (split)

  1. #61
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    I think the problem a lot of people are having is the outsized commission in a changing market.

    20 or 30 years ago, access to information was wildly different than it is now. It took actual work to do things like dig through comps, access zoning information for the neighbouring properties... Hell, even contracts that needed wet signatures might require the agent to drive across town at 11pm... There was WORK that needed to be done.

    Now, with changes in technology, the sheer amount of information, the way we process and share that information and even the proliferation of third party services (measuring companies, floor plan renderers, photographers, etc) - none of which are without expense to the agent - there is clearly a lot less work that the actual agent does. So it's quite understandable that many people feel the cost/benefit ratio doesn't quite align. This is exacerbated by the view that realtors are restricting access to information and services to protect their "racket"... When nearly everything else in the world is becoming more accessible, people don't like that.

    Now, a good realtor will go above and beyond parroting data points and comps, and instead parse that information into useful advice for their clients. But I would guess the agent that does that is rare.

    I've never done any business with Jordan, but we have had some conversations about development properties and even from those brief interactions, I could tell he was one of the good guys and would be an asset to his clients. I think his participation in this thread is telling.

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    Quote Originally Posted by you&me View Post
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    I've never done any business with Jordan, but we have had some conversations about development properties and even from those brief interactions, I could tell he was one of the good guys and would be an asset to his clients. I think his participation in this thread is telling.
    Jordan (and his team) is great - I used him before and I am using him now. No complaints.

    The nice thing about realtors is that they all cost the same, whether they are the best or if they are fresh out of school having never sold a house. If you're going to use one, it seems silly not to get the best one you can find.

    Like you say, he's probably seen this thread and isn't here bickering with people...that says a lot.

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    Quote Originally Posted by Mitsu3000gt View Post
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    Jordan (and his team) is great - I used him before and I am using him now. No complaints.

    The nice thing about realtors is that they all cost the same, whether they are the best or if they are fresh out of school having never sold a house. If you're going to use one, it seems silly not to get the best one you can find.

    Like you say, he's probably seen this thread and isn't here bickering with people...that says a lot.
    They don’t all cost the same, that is a misconception.

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    Quote Originally Posted by 89coupe View Post
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    They don’t all cost the same, that is a misconception.
    A deliberate one too.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    A deliberate one too.
    Are we conflating cost and value, or...?

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    Quote Originally Posted by 89coupe View Post
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    I’m pretty sure I pay an Uber drive to get me from point A to B.

    I’m also pretty sure I have to pay to use the Airbnb condo.

    As for you selling your home, you have the ability to list it yourself.

    I for one would never let someone into my house who wasn’t licensed and insured.
    Suspicion confirmed.

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    Realtors still have value for people who don't have time for sure. In my opinion the fees are too high for the work that most do, so I welcome these new brokerages. I was at an economic presentation (showcasing Canada's economic health) that realtor commissions make up 2% of the canadian GDP, is that normal or healthy for an economy or just representative of the high fees? (actual question. The economist presenting said it was ridiculous how reliant Canada is on housing for growth).

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    Quote Originally Posted by The BMW Guy View Post
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    Realtors still have value for people who don't have time for sure. In my opinion the fees are too high for the work that most do, so I welcome these new brokerages. I was at an economic presentation (showcasing Canada's economic health) that realtor commissions make up 2% of the canadian GDP, is that normal or healthy for an economy or just representative of the high fees? (actual question. The economist presenting said it was ridiculous how reliant Canada is on housing for growth).
    That can't possibly be right.
    Last edited by you&me; 10-04-2019 at 12:02 PM.

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    Quote Originally Posted by you&me View Post
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    That can't possibly be right.
    Looks to be so, sort of. Transfer fees in other provinces can be pretty high and are included

    Real estate commissions, land transfer taxes, legal costs and fees for inspecting and surveying homes make up almost two per cent of Canada's economy.
    https://www.cbc.ca/news/business/rea...ales-1.4226630

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    Quote Originally Posted by pheoxs View Post
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    Looks to be so, sort of. Transfer fees in other provinces can be pretty high and are included



    https://www.cbc.ca/news/business/rea...ales-1.4226630
    I've seen the claims, I just question the validity of it...

    In any case, all the more reason and incentive to expect major disruptions to the realtor business model.

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    Wiki says Canada has a GDP of $1.93 Trillion, so
    Real estate commissions, land transfer taxes, legal costs and fees for inspecting and surveying homes make up almost two per cent of Canada's economy.
    would mean that basket of items is $38 Billion.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    OK, I looked into this a little more... It seems the 2% of GDP is sometimes being inaccurately attributed to just realtor fees (as was the case by the 'economist' doing the presentation mentioned above)... Now looking at land transfer tax rates in ON, and associated legal fees, the 2% number makes a lot more sense. Thanks for clarifying.

    (Quick MARTH - at 2% of GDP for just real estate fees, that would be roughly $320,000 in commissions for every realtor in Canada)
    Last edited by you&me; 10-04-2019 at 01:57 PM.

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    Quote Originally Posted by ExtraSlow View Post
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    Wiki says Canada has a GDP of $1.93 Trillion, so

    would mean that basket of items is $38 Billion.
    And that would equate to about 2.7 million houses sold annually (assuming average price of $300k).
    Still sounds like horse shit.

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    Quote Originally Posted by 89coupe View Post
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    I’m not offended, I’m quite amused, I’m just stating facts.

    Numbers don’t lie.

    If a person is willing to take the time and do the leg work to save themselves a bunch of money, all the power to you.

    I’m just saying, most don’t.
    numbers don't lie but realtors do. It's hilarious you think selling a house is hard. It's the same song and dance from realtors to scare people into their services but when theres an issue guess who's not helping??? The realtor.

    Lots of reasons to use a realtor but the garbage you hear from realtors justifying things is out of control.

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    Are the above % of GDP strictly residential? If you include commercial it would make a whole lot more sense... they get some BIG numbers.

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    Quote Originally Posted by gwill View Post
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    numbers don't lie but realtors do. It's hilarious you think selling a house is hard. It's the same song and dance from realtors to scare people into their services but when theres an issue guess who's not helping??? The realtor.

    Lots of reasons to use a realtor but the garbage you hear from realtors justifying things is out of control.
    That’s a very blanket statement.

    I for one approach each client accordingly, some situations are very difficult, some are very easy, not one is ever the same.

    Sorry that you had such a negative experience.

    Best of luck.

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    Here is a portion of my rant on Realtors. (And screw off if you start reading this thinking I'm saying "all Realtors = bad").
    It's too easy to become a realtor and it attracts the wrong kind of lazy people who think they can #MakeMoneyFromHome which leads to WAY too many Realtors overall which their association shouldn't allow because it's too hard for that number of them to make a living at it.
    Aside from word of mouth, there's no good way to pick a realtor and no one has that option when moving to a new city they've never lived in. So there are signs on buses and billboards and hot females who scrape by selling only a few houses a year because many people can't weed out the lazy, part timers.

    There's a fundamental dichotomy in saying "I'm the best listing agent because I can sell your house for the most money" when your other brochure says "I'm the best buying agent because I can bargain you into a house below market value". Plus, their fee is a % of the selling price so it's also tough to argue any of them want to see houses selling well under listed prices.

    Here's where many many of them really get greasy... They undervalue houses to make quick sales which makes them appear like marketing geniuses when all they really did was give your house away. That's stealing from clients and it needs to stop but it won't because they are rewarded for it. That quick sale only cost the realtor a few hundred bucks from their overall commission but now they can brag "I am expert cuz I sell your house in average <7 days!!!" No shit you did! I can sell my Volk TE37's for $1,000 cash money in 10 minutes if I wanted to. It doesn't make me a gifted seller, it makes me an idiot for leaving money on the table. But... If the money I'm leaving on the table wasn't mine - I am motivated to care a lot less.

    Three of these "esteemed professionals" tried to list the last house I sold. Each told me it was worth $30k-$50k less than what I wanted (and knew) it would sell for. I used a friend who had a realty license. He charged me less than half the standard fee and my house sold for more than 15% higher than the three other "esteemed professionals" said they would list it for. Three of them tried to get me to walk away from tens of thousands of dollars. My house also sold within the average selling time period. I didn't need to sell it in a 48hr bidding war to pay back a loan shark before he cut off my fingers. It sold in less than 90 days and in the winter.

    So the industry really needs to clean itself up and their professional association needs to take a lot of this blame. I'm glad there are excellent Realtors but there are far too many predators and instead of the association dealing with it, they are trying to cling to their Golden Goose while new undercutting vultures are moving in to correct their market share.

    *AGAIN - no hurt feelings reports needed from any Realtors in this board. I'm not painting YOU with this brush. I don't know any of you but I sure remember who tried to screw me and I refused to lay down and take it. I'm tens of thousands "richer" now for it.
    Last edited by ThePenIsMightier; 10-04-2019 at 06:35 PM.

  18. #78
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    As long as there are licensing fees and desk fees, you probably won't see the industry cull the heard of agents (not literally... honest)

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    surprised how no ones mentioned how useless reca is. If anyones ever tried to hold a realtor accountable to their job theyll see their just as bad or worst then the rcmp. Hah.

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    Quote Originally Posted by gwill View Post
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    surprised how no ones mentioned how useless reca is. If anyones ever tried to hold a realtor accountable to their job theyll see their just as bad or worst then the rcmp. Hah.
    Industry members constantly get banned, clients sue... E&O covers them... as insurance should. But yes, just like any governing body they constantly have to keep inventing new BS to justify their existence. Like the latest advertising rules

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