Competition board rules TREB must release Real Estate Sales Data

[max_boost]

What should it be?
What’s “fair”

[bjstare]

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What should it be?
What’s “fair”

Significantly less than the current model. Realtors add a lot of value if they do their job properly... but they also shoulder absolutely zero risk, and have proven time and again that they employ shady sales tactics not fitting of fiduciaries.

[89coupe]

It’s crazy considering most new homes in good neighborhoods are selling between $1-2.5M

Commissions between $17k to $40k per transaction, and that’s just one side.

Sell 20 of those a year

[max_boost]

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It’s crazy considering most new homes in good neighborhoods are selling between $1-2.5M

Commissions between $17k to $40k per transaction, and that’s just one side.

Sell 20 of those a year

[ExtraSlow]

Probably fits here. This will impact Canada, and treb will be the first place this lands.
https://apnews.com/article/national-...c3b429053a22c5

[94boosted]

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Probably fits here. This will impact Canada, and treb will be the first place this lands.
https://apnews.com/article/national-...c3b429053a22c5

Good. I hope something similar happens here.

[89coupe]

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Probably fits here. This will impact Canada, and treb will be the first place this lands.
https://apnews.com/article/national-...c3b429053a22c5

How will it impact Canada? We already have negotiable commission rates. There are no fixed rates.

[killramos]

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How will it impact Canada? We already have negotiable commission rates. There are no fixed rates.

Some people really need their hands held with these sort of things.

Ironically the kind of people who probably really need a realtor hahaha

[89coupe]

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Some people really need their hands held with these sort of things.

Ironically the kind of people who probably really need a realtor hahaha

Did you use a Realtor?

[pheoxs]

One take away from that is the seller / listing won’t set the commission for the buying realtor rather it’d be up to the buyer to negotiate it themselves with their realtor. That does seem like a reasonably smart change that should happen.

[killramos]

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Did you use a Realtor?

Absolutely, I get great value for the money from Beyonds #1 Realtor

[ExtraSlow]

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How will it impact Canada? We already have negotiable commission rates. There are no fixed rates.

There is the appearance of fixed rates, and anti-competitve behaviour by TREB, which is who will get sued first. The merit of those claims will need to be judged by someone smarter than me. I don't buy houses, so I am admittedly not an expert.

[Brent.ff]

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Absolutely, I get great value for the money from Beyonds #1 Realtor

lol, shots fired.

[RedDawn]

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How will it impact Canada? We already have negotiable commission rates. There are no fixed rates.

Except the rates aren't actually negotiable. Realtors advertise the rates are negotiable, but then deny all attempts to negotiate with canned gems provided by their broker like this:

"I don't work for free"
"I know my worth and won't move on my fee"
"A good agent will save your more money than you'll pay in commission so just pay full commission"

It's like Costco advertising "ALL PRICES ARE NEGOTIABLE" while telling all their cashiers to deny all attempts at negotiation. This means the prices aren't negotiable at all while Costco continues gaslighting the public that they are. Just like realtors and their "Negotiable" commission rates.

[msommers]

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Absolutely, I get great value for the money from Beyonds #1 Realtor

What value did you get for paying $xx,xxxx?

[RedDawn]

The settlement is also ending the "buyer's agents are free" lie that has been tossed around here and anywhere else realtors crawl out of the shadows:

From the settlement:
"prohibit MLS Participants, subscribers, and other real estate brokers and
agents accessing the multiple listing service from representing to a client or customer that
their brokerage services are free or available at no cost to their clients, unless they will receive
no financial compensation from any source for those services"

The best part is that the DOJ still has their coup de grace lawsuit on the go which will prohibit seller's agents from offering any form of compensation to buyer's agents. This will take a major step in freeing real estate from the financial leach that is the entire realtor "industry".

[RedDawn]

Average U.S. 6% commission cost per hour @ 40 hours:

$100,000 @ 6% = $6,000 or $150 hr

$200,000 @ 6% = $12,000 or $300 hr

$300,000 @ 6% = $18,000 or $450 hr

$400,000 @ 6% = $24,000 or $600 hr

$500,000 @ 6% = $30,000 or $750 hr

$600,000 @ 6% = $36,000 or $900 hr

$700,000 @ 6% = $42,000 or $1,050 hr

$800,000 @ 6% = $48,000 or $1,200 hr

$900,000 @ 6% = $54,000 or $1,350 hr

$1,000,000 @ 6% = $60,000 or $1,500 hr

Average U.S. 3% commission cost per hour @ 40 hours:

$100,000 @ 3% = $3,000 or $75 hr

$200,000 @ 3% = $6,000 or $150 hr

$300,000 @ 3% = $9,000 or $225 hr

$400,000 @ 3% = $12,000 or $300 hr

$500,000 @ 3% = $15,000 or $375 hr

$600,000 @ 3% = $18,000 or $450 hr

$700,000 @ 3% = $21,000 or $525 hr

$800,000 @ 3% = $24,000 or $600 hr

$900,000 @ 3% = $27,000 or $675 hr

$1,000,000 @ 3% = $30,000 or $750 hr

[killramos]

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What value did you get for paying $xx,xxxx?

$xxx,xxx unconditional over list price in 72 hours was a good start.

[msommers]

And you think that was specific to that realtor or the overall market conditions? Was it priced low to (A) sell quickly and (B) incite a bidding war?

I don't need answers to these btw

[bjstare]

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And you think that was specific to that realtor or the overall market conditions?

I had the same experience with Jordan, and definitely attribute some of it to him. Obviously the market is the market, but he helped with staging, photos, etc. There’s zero chance it would have been marketed as well if we didn’t use him, and I would have spent lots of hours of my own time to get a worse outcome.