1% Realty

Anybody here ever used them to sell a property? If so how long did it sit on the market? Any input appreciated. Thanks NBR guru's!

I am required to sell a lot property in my work. Generally speaking I have nothing but contempt for realtors and what they do to earn their money, which is an unwarranted tax on all transactions. That said …..

While the concept of 1% realty may sound attractive, the big problem you will face is that buy side realtors will be unwilling to show your property to their clients, unless you have agreed to pay them an equivalent to what they would earn in a normal rate MLS transaction. And you really do rely on buyers having their realtors show your property.

It's an odd game, but if you want buy side attention, you will end up paying significantly more than 1%. Otherwise your property will sit on the market for a long time.

I'm starting to think that realty might be a great gig to get into. Mine will make several thousand dollars on a combined maybe 2 days worth of work with me and my fiancee. If she wasn't in the picture, he would make several thousand dollars on me after maybe 3 showings.

G'head. Find the passive aggressive in the above :)

You get what you pay for.

You get what you pay for.

Haha

You get what you pay for.

If thats the case the standard vancouver sale should come with a complimentry BJ by twin hookers!

I don't know much about much… But I think Realtors are the same as any other service person you hire.

The difference in price between a good plumber (or any other trade) and a shitty (npi) one is not much scratch up front, but the potential disruption and cash outflow at the other end can be a mess. Personally, I would hire someone who I know has more of a vested interest in my Buying/Selling transaction then just the bottom line.

We have a great community (riders) and I think we are - for all the anonimity of an Internet forum - more accountable to each other (given our community) both in terms of the services we provide but also making choices that support other riders in their endeavors.

Any ways - and with a HUGE disclaimer that I have not used his services and know him only as a friendly acquaintance - Chris Brown puts in a lot of volunteer hours with the NSMBA and has a reputation as a friendly, straight talking, guy who gets the job done. If you are just picking names out of a hat maybe fire him a hello?

-D

*edit: I assume Chris helps buy/sell all homes despite the "boutique" write
up… http://christopherbdotcom.wordpress.com/chris-brown

You can't squat in the woods for less then $400K these days.

-D

if you want the mls guys to show you love forget about 1% realty options. if you have serious view home or waterfront i.e. hot property..then 1% might work as they aren't making more of that in demand stuff..regular run of the mill listing …foolish to not go mls…and yes its a scam and a fixed system. realtors are generally pond scum…

1% Realty Commissions on 800k sale: $8900,
big deal realty co commissions: $23,500.
And 1% are part of the MLS listings BTW.
Over.

1% Realty Commissions on 800k sale: $8900,
big deal realty co commissions: $23,500.
And 1% are part of the MLS listings BTW.
Over.

True, but buying agents will actively avoid showing your house to clients, or demand that their fee get 'topped up' as part of the sale (if it happens), which provides a disincentive to the purchaser.

Also, you should compare the level of service or advertising that you will get from 1% compared to a full agent. My understanding is that they will spend significantly less on marketing of your house (less money to spend).

Not arguing one versus another, but it's not cut and dried IMHO.

And 1% are part of the MLS listings BTW.
Over.

oreely, thnx for pointing that out..

While the concept of 1% realty may sound attractive, the big problem you will face is that buy side realtors will be unwilling to show your property to their clients, unless you have agreed to pay them an equivalent to what they would earn in a normal rate MLS transaction. And you really do rely on buyers having their realtors show your property.

It's an odd game, but if you want buy side attention, you will end up paying significantly more than 1%. Otherwise your property will sit on the market for a long time.

It depends where you live but the internet, mls, craigslist etc… are game changers as far as I'm concerned. I know more than a few people that have purchased a house without a realtor (on the north shore anyway). Used car is the same, I can't remember the last time I purchased a car from a car lot. If you want to get ripped off that's your business.

^^
A work colleague and I purchased houses at about the same time and we're comparing notes through the process. He hated the realtor fees (as a purchaser - LOL) so did all the legwork himself and negotiated with the seller to drop the realtor fee on the list price (prob 20K). I went with a realtor, who when it came time to negotiating the offer, ground the seller down by roughly 80K (I wanted to offer 20 under list).

^^^

CS, i don't think you can compare things like that unless your buying the same or very similar condos in the same building. there's so many variables to consider like the property itself, buyers interest in the property, owner's need to sell, etc. just because you got $80K off your deal doesn't mean it was all due to the realtor. if your offer was the only one on the table and there hadn't been any action for a while maybe the owner was just up against a wall and needed to sell.

^ or maybe Splinky started doing renos three years earlier and they were never finished, prompting the seller to want to just leave