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Real Estate Professional | 15 Jan 2015, 09:11 AM Agree 0
Real estate commissions to fall?... B.C. town a home for boomers?... Detached homes lead price growth in Vancouver...
  • Tyler Hancock | 15 Jan 2015, 09:35 AM Agree 0
    Creston was the other BC town in that report! It's awesome!
  • e. harold | 15 Jan 2015, 11:10 AM Agree 0
    yes - commissions should fall - it costs the same for a 1/4 page ad for a $100,000 property as a $1,000,000.00 property But the full scale of consumers should benefit - Realtors with up to date technology spend less time per sale as 15 yrs back but collect Tremendous unearned fees - should be cost based as per accountants and lawyers and fully accountable
  • Bob | 15 Jan 2015, 12:09 PM Agree 0
    e.harold

    When you say commissions "should fall", you are almost saying that there is a regulatory body that sets the amount to be paid to realtors on a deal. The commissions a consumer pays to his/her agent are totally up to them, as there is no rule that says you must pay 5% to sell your home. This is the one misconception that really bugs me. If you offer a realtor a different commission structure (based on what you feel is fair), then it is up to them to decide whether to go into business with you, or not. In my experience, there will be dozens of realtors jumping at the opportunity to take on your business (at your commission structure), but the quality of agent you will get is a different story. The term "you get what you pay for" is nowhere more true than in the real estate industry.

    Therefore, the statement "commission should fall" sits directly in the hands of the consumer. You have all the power.
  • Jay | 15 Jan 2015, 12:51 PM Agree 0
    I have been in the business over 25 years and Commissions have been the same from day one whereas, the cost of doing business on the other hand had gone up 10 fold. We are held to a far greater standard than we were 25 years ago, which by the way, costs us in increased fees, dues, levies... so I take offence to the statement that we collect "tremendous unearned fees?"
    Who writes this drivel?
  • Denis | 15 Jan 2015, 01:51 PM Agree 0
    True costs have gone up but so has revenue. If 25 yr ago a fee of 5% on a house selling at 140k w/b $7,000. That same house today could likely sell for 340k at 5% t/w/b $17,000.
    Your comment regarding covering expenses s/b mute.
  • P Fusco | 15 Jan 2015, 03:24 PM Agree 0
    Does the government reduce the HST on goods and services when the price of those goods and services rise? as in the 40% tax we pay on gasoline? the answer is a big fat NO. 4% or 5% of something is always the same, the vendor gets his or her 95% or 96% all the time, no exceptions what so ever.
    What's next forcing the home owner to take a 1% increase in the sale of his hove vs. what he or she can generate in an open market?
    The bottom line is that the commissions have come down, the standard used to be 6% and even7% or higher in some markets.
    It's the price of the product that has gone up and what product has not gone up in price lately! therefore all things remain pretty much relative,
    If anything, as I said before, the commission percentage has come down and is still very much negotiable.
  • R Prashar | 15 Jan 2015, 05:34 PM Agree 0
    There is no set rule or guideline about the commission. The Realtor can ask for what he/ she charges, Its up to the client how much they want to pay for the transaction. If a client needs good service and best value for their property, then they'll have to pay more commission. There are a lot of agents who might cut their commission to get the business. But if he/she doesn't know what they are doing, then a client might end up loosing more than they would save on the commission. "If you pay peanuts you get monkeys".
  • TOUR GUIDE | 15 Jan 2015, 07:24 PM Agree 0
    Realtors are dinasours using the same old argument. They are tour guides,taxi drivers and some online paperwork/searching. They see previous sales and shoot for that in listings/sales. Where is the skill in that? Their party is coming to end very soon. Lawyers make $1,000 and they have more responsibility and way more schooling, you don't even have to a high school diploma to become a agent.

    50,000 dollar home or 2,000,000 home no extra work just nicer suite/car maybe that you are end up paying for

    Agents say home owners aren't moving because of land transfer taxes when Realtor fees are 5 times as much.. that is the real reason!!!

    there are plenty of agents who will list for 1,000-2,000 and sell for the same commission look online ...don't over pay for the tour guide/taxi service
  • John D | 15 Jan 2015, 08:36 PM Agree 0
    Its their profession. They are getting paid for their service. If you are getting a cheaper service, why not. You don't even have to pay $1000 or $2000 to sell. You can list with the brokerage called Com Free for $500 or even a Taxi driver or a trucker who is a part time realtor can do the same for $500.
  • REALITY | 16 Jan 2015, 12:10 PM Agree 0
    They should change their title to Reality not Realtor. Stop acting like they invented the wheel with their ancient tour service.
  • Lana | 16 Jan 2015, 01:18 PM Agree 0
    Commission, paid to REALTOR for the sale of the property by the seller had been reduced already.
    Not long time ago usually it was 7% of the sale price.
    Then it was reduced to 5%. And now very often it is btw. 3%-4%.
    Where less it should go?
    To $1 per sale? :)
    But how REALTORs gonna pay their OREA and CREA due, and other expenses?
  • Lana | 16 Jan 2015, 01:37 PM Agree 0
    Do not forget, John, that you are NOT getting service with Com Free for $500. :)
    You are mistaken. You are paying $500 for advertisement, which you can place on any other site for much less.

    Yes, you pay $500 for the ad and you have to sell your property yourself!
    And of course, Taxi driver or a trucker who is a part time realtor can do the same for $500.
    The question is: will you be happy with trucker's real estate "service" at the end of the sale? :)

    I am sure, if you pay a Taxi driver for the dress, he will make the dress for you as well. :)
  • SUCKERS | 16 Jan 2015, 07:50 PM Agree 0
    again no one is justifying being paid anymore than $1,000....check previous sales ,sign here ,list,wait ,other agents show,offer ,shoot for previous sales and add a lillte..sold....collect commission,new suit..next sucker

    no matter what system,agent,stars,seasoned,special,experienced...nobody is worth 20,000-50,000 to do the above..

    Lawyers do more and or similar and they make a 1,000.....wake up everyone and stop being a SUCKER
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