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 Post subject: Real estate agents
PostPosted: Mon Sep 16, 2019 8:05 pm 
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Joined: Mon Jan 27, 2014 10:13 pm
Posts: 294
Hello
I have two questions related to real estate agents in Milton .
1. What is the standard buying agent commission? I know certain areas have 2% and some parts of the city 2.5%

2. Is it right move to hire an agent to sell your house when she is primarily selling in another part of the city ?

Thanks


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 Post subject: Re: Real estate agents
PostPosted: Sun Oct 20, 2019 8:21 pm 
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Joined: Tue Nov 15, 2016 5:41 pm
Posts: 6
Location: Milton
Hi,

The standard cooperating commission is 2.5%.

It is always recommending to hire a professional in the same city. I just saw your post now, like a month late but hope that helps. Any more questions feel free to pm or contact me.
Cheers

Filip Hajduk
Cloud Realty
647 460 0911


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 Post subject: Re: Real estate agents
PostPosted: Thu Oct 24, 2019 11:05 pm 
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Joined: Sun Feb 21, 2010 6:46 pm
Posts: 3429
Fred


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 Post subject: Re: Real estate agents
PostPosted: Mon Oct 28, 2019 2:42 pm 
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Joined: Thu Nov 15, 2007 3:55 pm
Posts: 5278
Location: 4th line / St Laurent
Thanks for the 'tag' Burrcold.
Sorry I'm only seeing this now.
In Milton, you're right, the standard is still 2.5%.

2% is common in London, Kitchener/Waterloo, some Guelph, and some in Hamilton.
Burlington is starting to flirt with 2.25% a little more often and so are some parts of Vaughan.

I'm looking forward to when it is 2% across the board. 2% Buyer Commission is absolutely fair in my opinion... but when you list, you definitely shouldn't be the only one offering 2 if everyone else is at 2.5%, unless it is a heavy sellers market and inventory is very low, otherwise you run the very real (albeit unfair) risk that your end net result will be impacted.

As for out of town agents, I say use LOCAL all the time, unless that out of town agent has a TON of knowledge in the local market. I take listings outside of Milton only when I know the market inside-out and have done a TON of research to make sure I maximize my client's end result.

Any questions on this stuff, let me know!
Fred

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Fred De Carolis
FREDHELPS.COM or on Facebook
Thanks for your support in the
search for Milton's Favourite Realtor!

REVEL REALTY -- MILTON'S FAVOURITE REAL ESTATE BROKERAGE, as voted by YOU!!!


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 Post subject: Re: Real estate agents
PostPosted: Tue Oct 29, 2019 3:07 pm 
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Joined: Fri May 30, 2008 8:28 pm
Posts: 446
Location: Shady Glen Model in August 2008
Curious how many hours an agent puts into selling a home?

Lets say its 40 hrs. So a 2.5% commission on a $800k home is $20k for the selling agent....or $500/hr. The buying agent might put in 10 hrs, so that is a commission rate of $2000/hr.

Man this industry is ripe for disruption. That is stupid money and equity to give away.


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 Post subject: Re: Real estate agents
PostPosted: Tue Oct 29, 2019 3:30 pm 
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Joined: Thu Nov 15, 2007 3:55 pm
Posts: 5278
Location: 4th line / St Laurent
That's why I don't charge 2.5% on the listing side.
Some are 40hrs, some are 25 hrs, and some are hundreds and hundreds of hours... And some don't sell at all.

Take those and average it along with all of the pro bono work that we like to do to help people in need, also add in all the non-billable hours of general marketing activities, and then subtract all of the membership fees and all of the marketing costs and it has to make sense as a small business. I also provide jobs for a few local people and support other small businesses.
If it averages out to an hourly rate that I'm happy with then it makes sense ...
Let me state.. I agree ...5% is way too much with the property values the way they are today. I'm glad consumers have choice between full price, dirt cheap, and everything in between.

_________________
Fred De Carolis
FREDHELPS.COM or on Facebook
Thanks for your support in the
search for Milton's Favourite Realtor!

REVEL REALTY -- MILTON'S FAVOURITE REAL ESTATE BROKERAGE, as voted by YOU!!!


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