Is it Cheaper to Sell your Home Without a Realtor?
Is it Cheaper to Sell your Home Without a Realtor
The Canadian Real Estate Association will vote next month regarding the restrictions for the use of the Multiple Listings Service, the database of real estate and commercial listings. The proposed changes could make it easier for sellers to post their homes for sale on CREA without having to sign up with an agent’s fee package.
The CREA has said that they would make changes to the system so consumers would also have access to cheaper services. So does this mean that Canada would follow US’s style of budget brokers?
Companies like Redfin and Zillow have had a surge in users on their websites in the past few months despite the troubles that the American housing has encountered.
Canada’s rising sell-it- yourself companies like PropertyGuys and Homebuyandsell have also bitten a piece of the pie offering low fee marketing instead of paying the usual high commission structure used by agents.
Does this mean that real estate agents are no longer needed?
First off, the public has to understand the job and costs to be a realtor. There are brokerage fees, real estate board fees, insurance fees, marketing fees, office fees, ongoing education and among many other fees. They can also offer valuable services such as negotiation expertise, legal advice and deal structuring. Is the work still worth the 5-7% commission fee? Like any other industry, there are the good apples and the bad apples. There are the agents who actually work for the client while crossing their t’s and dotting the i’s not because of their company slogan. Then there are the agents who work on a part time bases using the same cookie cutter method trying to earn a quick buck. Shop around for the perfect real estate agent, they can help relieve some of the stress that goes into buying the perfect home.
Whatever the outcome is in the next couple of months, the agents’ role and accompanying costs might change in the long run. To stay ahead of the curve, Realtors must keep themselves educated in their profession and marketing to prove that they are worth their services to potential clients.
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