Q for Realtors :whose side r u on
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Quote:
Orginally posted by Rajeev Narula
Quote:
Orginally posted by SOLARIS
Hello Rajiv,
I recently bought a house. I am not satisifed with services of my agent. To my surprise he suggested that he will get my house resale again and for that I have to pay him 1000.00 cash..
Interesting part is he said he will not put the house in MLS , he will get it sold privetely. Of course I refused , but is it ethically right on part of the real estate agent to do things like this?
No wonder people like this giving bad reputation to all the realtors.
Hi Solaris,
There are two types of sale contracts:
1. MLS: where the property on sale gets registered in the TorontoMLS's database and is accessible by all the agents as well as public on the Tronto MLS website. The contract with the agent will establish compensation for the cooperative agent as well as the Listing agent.
2. EXCLUSIVE: where the property for sale is not registered on MLS and therefore cannot be accessed by other agents and the public. This contract is more useful if the property is in a high demand area and is in Top shape. The agent may advertise or register it on his own website in order to market it and rely on his colleagues & friends to sell it. The compensation (irrespective of how many agents are involved in the transaction) remains same as at the time of the contract. This system of contratc is not suitable for someone who is in a rush to sell the property unless the listing agent has a definite client for the same.
Does this help?
Hi Rajeev,
Thanks for your contribution about real estate.
My question is why in most of listing (on mls.ca) they hide the sq. feet of the house and how many years old ?
Both above is most important thing about property and this website intensionally hide and misleading the general public or wasting the time and in many case they have not mentioned the address of the property.
Can you let us know the reason for hiding?
Thanks in advance.
Hi PK1,
I was told this is the trade secrate.
If you know full MLS or Aurora or MLXChange then all realtors will be out of their job.
MLS gives all information and they have two reasons to hide,
(a) Privacy of sellers
(b) Save their job.
Thxs for your question, I had asked the same question from my realtor.
Quote:
Orginally posted by desi in ottawa
Buying/selling a real estate is not rocket science in this country. One needs to do some homework/research. U have lawyers to do the documents, inspectors to do the home inspection, and banks to give loan. Realtors are there to do some paperwork, that’s all. It’s not their fault. It’s the people who want to buy a property but have no clue what they want. I had tried to sell my property in private. Had number of showings. Ended up giving to a desi real estate agent who sold it in a month at the price higher than I had listed on my own. He acted on both sides since the buyer called him up directly. This reduced the commission by more than 1%. Thanks god I went thru a real estate agent. It was a very frustrating experience.
Majority are scared to make a decision since they don’t know what they want or what they r looking for in a property. They want someone, a real estate agent, to hold their hand and walk thru the process. They r willing to shed out $10k-$15k for this. IMO, most goras are sh*t scared to buy a property from a non-white when it’s a private sale. I am still puzzled with these folks. Most of them were just wanderers who wanted to kill time during the weekend. Some desis wanted to compare the properties. So they showed up with no intention of making an offer. When they saw me, a desi, as a seller, they want to bargain, just like the subzi mandi. Nothing wrong in bargaining, but there is a limit. e.g. asking for 20% less than the listed price.
Desi in Ottawa has hit the bulls eye on this topic. When you do something day in and day out, you become an expert in that profession. And this is the reason why one goes to a professional- accountant, lawyer, mortgage broker etc. Because if, and I do mean if, the people are true professionals, their services should make you money.
As far as MLS system and the real estate board is concerned, the system has been place for many years now and has worked very well for the economy in North America.
Realtors are licensed professionals who must meet continuing education requirements and abide by a strict code of ethics. http://www.crea.ca/public/realtor_codes/code_of_ethics.htm
The MLS.ca (multiple listing service) is a co-operative system used only by Canada's real estate boards to give maximum exposure of properties listed for sale. About 90 per cent of all resale homes in Canada go through MLS.
Toronto Real Estate Board's Multiple Listing Service Realtors can help you search your homes in the most effective manner. More than 21000 TREB members share the same database of properties sold on the Multiple Listing Service (TREB MLS). Internet users see only the glimpse of what's available on the public mls.ca website. TREB MLS database can be searched by the Realtors to reveal sold, active and expired properties. Realtors can search specific streets, focus on a particular range and analyze the data to determine a fair listing price. From the search results of the comparable properties, such as sold price, list price and average time on the market, the Realtor can interpret the information, in light of current trends.
For a buyer, the Realtor can create a profile that depicts the buyer's housing needs in terms of basics such as price and location as well as information on other features of the property, including tax information, no. of rooms, washrooms, lot size etc. The system updates and lists potential properties that meet the buyer's particular needs from all available active properties daily. The Realtor can then search specific properties and determine historical data such as previous selling prices etc. By maintaining a comprehensive list of all active, sold and expired listings as well as historical data, the MLS system allows the real estate professional to ensure informed decisions.
In order to reap the maximum benefit of the system and to see the homes as soon as they are listed, one should work with a Realtor. Your Realtor will be able to give you a headstart by sending you the property listings as soon as they come on the market. Often good properties get sold much before they are posted on the public mls.ca website.
Please understand that myself or other Realtor/s who offer advise on this site do this in good faith and to educate newcomers or our desi friends who rent, buy and sell real estate in Ontario. This may not be good place to critcise someone's profession, as seen in some posts.
If someone is not satisfied with his/her Realtor then one sould take the right steps, visit RECO, the public site to lodge complaints http://www.reco.on.ca/ RECO is there to administer the regulatory requirements of the real estate industry as set down by the Government of Ontario and to protect consumers and members through a fair, safe and informed marketplace.
Quote:
Orginally posted by ashish30
I am always confused on 2 statements
1. To Sellers: we would get you the max price possible
2. To Buyers : We would get you the best deal
Isnt it playing both sides of the game?
[/ quote]
This is very good question. It can be simply explained with an example of two different lawyers working on a legal case, both representing separate parties.
When an Agent is exclusively working for Seller (listing agent), he is performing #1 duties. And when an agent works for buyers (buyer agent), he is performing#2. In general, both these roles are performed in every transcation by two different agents, not one agent.
Realtors role shift according to the situation. Same agent can be a buyer agent in one transaction and a seller agent in the other.
Seldom an agent works for both the parties (Dual Agency) in one transaction. This is not something that is encouraged by the real estate boards. Both the buyer and seller must give their informed consent to this form of representation. But then, sometimes it does work, more for the seller than the buyer, desi Ottawa (seller) did end up getting 1% discount.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Location: Canada-Glorious and Free
Posted on: 17-01-06 11:06:26
Perhaps I did not explain myself when I said the buyers agent works for the seller. This is how it goes - the agents do not get paid unless they close the deal. They have to work in concert to make it happen. It is the buyers agent's role to convince the buyer that the price offered by the seller is reasonable. I have some good friends that work in real estate. The buyers agent will show the buyer homes that are in the market and suitable for the buyer. Once the buyer likes a property, the agent will usually prepare an offer. In the meantime, both agents have had a frank discussion about the sellers expectations (lowest price the agent can convince the seller to go). The Buyers agent will then work with the buyer to raise expectations.
With all due respect to the agents here who keep pointing to RECO as a solution for disgruntled consumers. I have this to say :-
RECO is a self-governing body, in no way directly connected to the goverment - unlike earlier suggestions. The department of consumer affairs outsourced managing of real estate agents to RECO after many years of lobbying. It is a body set up by real estate agents for the real estate agents in Ontario. By default, a self-governing body is biased towards it members. Plain and simple. A truly consumer friendly body would have rules that say we will prosecute any agent on behalf of consumers if there is a hint of impropriaty. Instead, RECO proposes adjudication based on rules that they set out. Remember these rules were set up by agents for other agents. This akin to saying we will follow rules set up by criminals to adjudicate victims of crime.
BV
There are always bad apples in any profession, lawyers, accountants, consultants, IT firms, etc. The % is very small. They are the one who bring bad name to others.
I am glad that I went thru an agent to get it sold. When I tried to sell on my own, it was such an aggravation. No written offers, most of them were just wanderers who wanted to kill time. Every time I had to drive to the place, do the showing and listen to the BS. I have observed that these people dont do the BS with an agent since agents are smart enough to know whether the party is a real buyer or not.
DIO
Quote:
Orginally posted by Big Vee
Perhaps I did not explain myself when I said the buyers agent works for the seller. This is how it goes - the agents do not get paid unless they close the deal. They have to work in concert to make it happen. It is the buyers agent's role to convince the buyer that the price offered by the seller is reasonable. I have some good friends that work in real estate. The buyers agent will show the buyer homes that are in the market and suitable for the buyer. Once the buyer likes a property, the agent will usually prepare an offer. In the meantime, both agents have had a frank discussion about the sellers expectations (lowest price the agent can convince the seller to go). The Buyers agent will then work with the buyer to raise expectations.
With all due respect to the agents here who keep pointing to RECO as a solution for disgruntled consumers. I have this to say :-
RECO is a self-governing body, in no way directly connected to the goverment - unlike earlier suggestions. The department of consumer affairs outsourced managing of real estate agents to RECO after many years of lobbying. It is a body set up by real estate agents for the real estate agents in Ontario. By default, a self-governing body is biased towards it members. Plain and simple. A truly consumer friendly body would have rules that say we will prosecute any agent on behalf of consumers if there is a hint of impropriaty. Instead, RECO proposes adjudication based on rules that they set out. Remember these rules were set up by agents for other agents. This akin to saying we will follow rules set up by criminals to adjudicate victims of crime.
BV
Big Vee,
I somehow disagree to what you say about RECO. It is true that it is a self governing body set up by the Realtors, but was set up at the insistance of the Ontario Government. I encourage people to visit the website http://www.reco.on.ca" rel="nofollow">LINK and click further on Regulatory Activity. thereafter click on Discipline and Appeal Decisions. You will be able to see how heavily the agents and their employer brokerages been punished for their misconduct. Please bear in mind, and that agents don't like to be face the RECO complaints department as it is certain loss for them and that RECO acts on the complaints received and not on the rumours. So if someone has been burnt by the percieved misconduct by a Realtor, you have this avenue available to redress it. If you are not satisfied with the decision, there are further avenues available. What we hear against the Realtors conduct in this forum is not concrete issues but just unsubstantiated issues of misconduct.
Quote:
Hi Rajeev,
Thanks for your contribution about real estate.
My question is why in most of listing (on mls.ca) they hide the sq. feet of the house and how many years old ?
Both above is most important thing about property and this website intensionally hide and misleading the general public or wasting the time and in many case they have not mentioned the address of the property.
Can you let us know the reason for hiding?
Thanks in advance.
In addition to what Amit and other Cds have written in response to your question, I would also say that agents wilfully don't hide this information. While the square footage of new properties is made available by the builders, confirming this \"square footage\" is a challenge, more so for the older properties. I would not dare write my \"guessed\" square footage of the property on MLS to avoid any potential lawsuit for Misleading. Therefore, it is left blank in the cases where this information in not available or verifiable. (Remember, even in the new homes, you cannot take the builder's word about square footage as they have the right to change the measurements).
Not giving address on MLS.ca is to address the privacy concerns of clients.
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
