All Home Hunters Unite!
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Network: All Home Hunters
Hello All
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Ajit
It happens that buyer pays nearly as much as 5% commission when buys the house. What I have observed that the major part that contributes in increase in resale price is the commission factor. When somebody buys the house say for 300,000.00 he has paid 5 % extra as commission. Now when he sells house he adds 5 % more in addition to any profit anticipated. Out of the whole deal the lions's share goes to realtor. Now what amazes me is the lack of any kind of resposibility or after sale commitment on realtor's side. You are buying a property worth of 300,000.00 without anykind of back up gurantee or commitment. When you buy somthing woth 10 bucks you get exchage guarentee or reapir gurantee for one year but not for a house worth 300,000.00.I am not talking about new homes. I fail to understand what is the role of realator, just showing the house or recommanding the house. If it is just showing then anybody can serch it thr MLS. But recommandation is somthing different. It menas you have taken pain to study the history and physical condition as well as current scenerio and recommandes a price not considering the commission factor. As higher the price higher the commission. Surprisingly all commitments are for buyers only not much on realtor's side.
I have bought and sold house and surprisingly I have seen total change in responses after signing the deal i.e. what one calls after sale service.
Nice Q. Let me try to give ans.
A realtor is working with 5 people and let say giving equal time to all. He makes only one deal. He has to pay bills, gas, advertisement, to their company (CIR/Remax) and other expenses. You are paying for all including other 4 people.
“It is hard to make someone understand something, if his salary depends upon him not understanding it.”
- Al Gore
It holds good for lot of professions and experts.
Quote:
Originally posted by SOLARIS
It happens that buyer pays nearly as much as 5% commission when buys the house. What I have observed that the major part that contributes in increase in resale price is the commission factor. When somebody buys the house say for 300,000.00 he has paid 5 % extra as commission. Now when he sells house he adds 5 % more in addition to any profit anticipated. Out of the whole deal the lions's share goes to realtor. Now what amazes me is the lack of any kind of resposibility or after sale commitment on realtor's side. You are buying a property worth of 300,000.00 without anykind of back up gurantee or commitment. When you buy somthing woth 10 bucks you get exchage guarentee or reapir gurantee for one year but not for a house worth 300,000.00.I am not talking about new homes. I fail to understand what is the role of realator, just showing the house or recommanding the house. If it is just showing then anybody can serch it thr MLS. But recommandation is somthing different. It menas you have taken pain to study the history and physical condition as well as current scenerio and recommandes a price not considering the commission factor. As higher the price higher the commission. Surprisingly all commitments are for buyers only not much on realtor's side.
I have bought and sold house and surprisingly I have seen total change in responses after signing the deal i.e. what one calls after sale service.
Quote:Love it !
Originally posted by rahul_singh23
“It is hard to make someone understand something, if his salary depends upon him not understanding it.”
- Al Gore
Except that it is Upton Sinclair and not Al Gore.
He did use this line in his Inconvenient Truth video.
But then he invented the Internet as well
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Location: God's own country
Posted on: 06-11-08 17:55:51
Deleted by moderator
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I am a Gents and not a Ladies.
It will be interesting to hear a Realtor's point of view on this... Anyone?
On the side note, in my community area at least, I can see more number of FSBO signs...
Quote:
Originally posted by tamilkuravan
Quote:
Originally posted by SOLARIS
It happens that buyer pays nearly as much as 5% commission when buys the house. .................
edited by TK.
..................I have bought and sold house and surprisingly I have seen total change in responses after signing the deal i.e. what one calls after sale service.
This is what I have been telling since time immemorial. The recent crash in Canadian / US housing can be attributed partly to this. Each time a house is sold you loose 5% of the value which is then passed off to the next seller.
A house inspector (who is a key person in the housing deal) is paid $100 to $250, A lawyer who inspects your deal is paid $1000 to $1500, a realtor who just has access to the MLS is paid max. of 5% (2.5% each side). For a sale of $300,000 house, You pay $15,000 to the realtor. What kind of joke is this? His fees can be max. $500 each way and anything more than this is just plain gouging.
I am really surprised that the "canot be cheated Canadian system" allows loopholes like this.
Peace by TK
TK (and others)
Firstly, your logic is ridiculous. A lawyer or a home inspector don't proactively show you homes and tag along with you for a couple of months (it took me 2 months to pick my home, I saw about 26 in total before that, my realtor came to each one).
Secondly, as you're aware, we have realtors on the forum who are active members and try to assist other members to the best of their ability. Making these kinds of accusations without understanding their job profiles/descriptions is ludicrous and an insult to people who're trying to do their jobs.
If you don't agree with realtor commissions, in this country you have the very simple option to go for a private purchase/sale. And you can state your choice in a civil way in your post, accusing people of things like "price-gouging" and cheating is unacceptable.
I'm going to delete your post shortly, please use more restraint and common-sense when posting next time.
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