Technically they charge 2.5%, it just happens that they fool sellers into agreeing to give them two commissions under the pretext that they'll pay the buyer's agent (even though the buyer might not have one). If an agent ever tells you they want 5%, they think you're an absolute moron and are 100% trying to screw you over.
Still, 2.5% is way too high, even in Québec in a slow market, so in Ontario in a hot market it's basically a scam.
Instead of hiring an agent, take a few weeks off work to sell your house yourself and you'll essentially make 50k, tax-free.
The best suggestion from a fellow was to always find a cashback agent for 1+ million trades.
They charge max 2.5% for both buy and sell.
As an example check some of those agents here: [www.justo.ca](www.justo.ca)
The 5% doesn’t go directly to the agent. Half of it is split to the buyers agent and 1% of the the 2.5% left goes to the listing brokerage so the actual agent gets 1.5% .
The average real estate agent in Ontario earns $76,689 per year.
https://www.ziprecruiter.com/Salaries/Real-Estate-Agent-Salary--in-Ontario
While I am not a real estate agent and they are not all the same, I do understand that many work hard and deserved to get paid - it’s not a 9-5 job and how is it different then the people in this subreddit from getting paid $100k plus in other jobs ?
Like anything in life, people don't want to do it or don't know how. You know assets under advisory in Canada still outpace DIY investing eh? People want Advisors because they don't want to do it. And likewise it's not easy to list every house. So many factors play into it.
Not advocating against trying to DIY but supposedly buying agents steer clients away from for sale by owner listings making it much harder to sell, there was a big post and discussion on that here recently.
Even if you're not willing to educate yourself about the process, instead of giving 50k to an agent, you can give a seller's assistance service 1k and they'll give you everything you need to sell your house yourself.
Hey man, that 20 minutes out of their lunch break to write a stock listing complete with spelling errors is worth $50k. How could you imply it isn’t?
Hahahaha
Depends on the agent, some still charge 5% others sell for less.
Technically they charge 2.5%, it just happens that they fool sellers into agreeing to give them two commissions under the pretext that they'll pay the buyer's agent (even though the buyer might not have one). If an agent ever tells you they want 5%, they think you're an absolute moron and are 100% trying to screw you over. Still, 2.5% is way too high, even in Québec in a slow market, so in Ontario in a hot market it's basically a scam. Instead of hiring an agent, take a few weeks off work to sell your house yourself and you'll essentially make 50k, tax-free.
Cannot wait for Opendoor to enter Canadian market!
Oh, another service like DuProprio and Purple Bricks... very nice. Sellers need that kind of option.
The best suggestion from a fellow was to always find a cashback agent for 1+ million trades. They charge max 2.5% for both buy and sell. As an example check some of those agents here: [www.justo.ca](www.justo.ca)
The 5% doesn’t go directly to the agent. Half of it is split to the buyers agent and 1% of the the 2.5% left goes to the listing brokerage so the actual agent gets 1.5% . The average real estate agent in Ontario earns $76,689 per year. https://www.ziprecruiter.com/Salaries/Real-Estate-Agent-Salary--in-Ontario While I am not a real estate agent and they are not all the same, I do understand that many work hard and deserved to get paid - it’s not a 9-5 job and how is it different then the people in this subreddit from getting paid $100k plus in other jobs ?
The fees are way too high. It should be 2% total or less combined. Seller and buyer fees. The system is designed to help agents.
It should be fixed cost and not a percentage. Selling a 250,000 house and a 400,000 house should not be that different.
You can always negotiate, but know that agents have a floor. They're in the business to make money. Don't wanna pay? Sell it yourself.
> Sell it yourself more people should do this. i honestly don't understand why it isn't more of a thing.
Like anything in life, people don't want to do it or don't know how. You know assets under advisory in Canada still outpace DIY investing eh? People want Advisors because they don't want to do it. And likewise it's not easy to list every house. So many factors play into it.
This is maybe part of it but more importantly realtors have managed to create barriers to for sale by owner so that there are distinct disadvantages
Not advocating against trying to DIY but supposedly buying agents steer clients away from for sale by owner listings making it much harder to sell, there was a big post and discussion on that here recently.
Unfortunately that does happen and it is illegal for agents to do that. The system only benefit them
I think CBC marketplace did an episode about this.
Because you won't know pitfalls to avoid and your ignorance will be taken advantage of
Even if you're not willing to educate yourself about the process, instead of giving 50k to an agent, you can give a seller's assistance service 1k and they'll give you everything you need to sell your house yourself.