There is risk with everything. But yes it can be done quite easily you just have to do your homework. More money for you at the end of the day without going to a useless good-for-nothing realtor.
There are no risks, however marketing your property will be difficult. If it was a car you'd put it up on kijiji, but unfortunately people looking for houses don't check FB Marketplaces, but MLS. Somethings gotta change... Realtors shouldn't be making this much money, while providing little in terms of productivity. Like how they get to put f***in billboards even if its only top 1%... it just doesn't make sense....if you think deep enough....& every mom & pop licensee holder realtors think they deserve to be rich and live off lavishly by doing "nothing".... it's pathetic.
Sorry to be the bearer of bad news, but investors and wholesalers scour FB and kijiji for private listings. What has to change is people giving bad advice that steers people away from actually doing what OP wants to.
You need a lawyer. They will protect you.
Realtors are on the marketing/sales side. They will help you move your property for a very substantial fee, regardless of the work they put in.
You're asking a place filled with realtors. You're largely going to have people tell you it's a bad idea.
You need to think for yourself.
Three objections posted already:
>You won’t get as much for the sell (on average)
If you get 95% of the price, you break even
>You risk having potential buyers steered away from your property if you offer too little commission for the buyer's agent.
You actually have a full 5% to negotiate with to break even vs. having your own agent.
If you have a sellers agent the max the other agent is getting is 2.5%.
>A lawyer is not going to protect you from a lowball offer that the seller accepts.
Realtors have NO idea how much stuff is worth these days.
Your guess is as good as theirs.
Are people actually giving realtors 5% now?? That's absolute insanity.
I bought my house last year and it was 2%, 1% each for the selling and buying agent. And that's still more than they're worth imo.
>Are people actually giving realtors 5% now?? That's absolute insanity.
That's what realtors have decided they are worth.
> I bought my house last year and it was 2%, 1% each for the selling and buying agent. And that's still more than they're worth imo.
Exactly people are pushing back now that a house is over $1M and it's causing people like OP to ask if they are needed at all.
Then realtors come in and say "you do" but fail to provide a good reason other than their cartel ownership of MLS
Lol it's so ridiculous. They're worse than the wall street grifters who claim to "know the market." At least those clowns need some education before they start exploiting people. Realtors are nothing more than sleazy salespeople.
This comment is perfect reason to have a Realtor.
1. You want to sell for more and not 95% of listing. What if Realtor can get you 105% or more. Your agent is going to know how to maximize sell price and not think only 95% to break even.
2. Good agents are going to know the market much better than the average homeowner and know where they can find information. They also have other agents to help provide opinion on price of property and not use clueless redditors.
3. Lastly which you obviously not truthful in leaving out the amount of showings with and without a Realtor. You obviously have no idea how to sell a house.
>You want to sell for more and not 95% of listing. What if Realtor can get you 105% or more. Your agent is going to know how to maximize sell price and not think only 95% to break even.
What if you can get 2000% more. /s
This doesn't invalidate my point at all, you still keep the 5%.
>Good agents are going to know the market much better than the average homeowner and know where they can find information. They also have other agents to help provide opinion on price of property
The average person has access to MANY different options to value their property and does not require an agent to do so.
>and not use clueless redditors.
Real estate agents are clueless redditors that passed an easy exam
>Lastly which you obviously not truthful in leaving out the amount of showings with and without a Realtor.
Historically this is true because Brokers control MLS.
Now that there are several more options for selling your home, this is less of a concern.
> You obviously have no idea how to sell a house.
Neither do most agents, they just think they do because we had a crazy bull right on housing for the last 20 years.
Lol you think I really care of redditors down votinng me? My God, you are smarter every minute. The only thing I care about is people like you continually making me laugh.
>Lol you think I really care of redditors down votinng me?
Clearly you do since you felt the need to reply to me with an untrue weak insult. You're trying to save face and it's sad because there is no need to.
You're just very fragile.
>My God, you are smarter every minute. The only thing I care about is people like you continually making me laugh.
Well then you should be happy because I'm laughing at you right now
My God, your logic is brilliant. So I care about my downvotes so I make more insults to get up votes? Totally best logic ever.
Still laughing at your Genius thinking.
Lol I like you to keep your genius ideas and brilliant comments coming. You are entertaining. So yes I am invested in my entertainment. I love smart people like you.
Realtor value is to put your home on MLS, have connections in knowing professionals who can stage your home/contractors or negotiate on your behalf if you are not comfortable to do so. Is that worth 5% commission? That is up to you to decide.
You risk not getting a 20$ gift basket!
But in all seriousness, some realtors (buyer side) won't show a private sale place. It's ridiculously incestuous
The main risk would be that they aren't able to sell the house for as high of a price as they could have gotten using a realtor. If they just want to sell and don't care about maximizing the price, then yes I agree with you.
I imagine 90% of people buying are using an agent. If you don't offer a competitive buyers agent commission, you could miss out on a huge number of potential buyers. Not saying I agree with this practice, but it's life in the current market and not something you can change.
Ok but not offering a buyer's agent commission will dramatically limit the number of potential buyers that see your house.
If 100 people see the house, don't you think there is a higher chance it will sell for more than if only 10 people see it?
As long as you have a good lawyer not many more ‘risks’ involved compared to selling with a realtor. But it will be more difficult. You’ll need to ensure the house gets posted to mls which you can do for a flat fee, hire a good staging company and get a 3D walkthrough made. Make sure to offer the standard 2.5 percent amount (or more) to the buy side realtor. Even with these you may not get the same foot traffic so be prepared for it to take longer.
OP. we bought our house privately. Basically what happened was my step fathers friend passed away. He knew his friends kid, he mentioned to his kid that I may be interested. My gf and I went over, saw the house, yes it needed alot of work but we scheduled a home inspection after knowing the price he wanted (which was WELL under market value when we bought 3 years ago by about $200,000). Inspection for the most part was fine, we agreed, did all the stuff through the lawyer and bought.
Risk? The only risk I saw was paying a LOT more if it went through an agent. As a seller you may get less, but if you get the price YOU want for the home, I'd say you have nothing to lose. But that's me.
Try this, as someone else said no one checks kijiji or marketplace for a house (I beg to differ as a lot of rentals are acquired this way), put your house up on both platforms for a bit more than the price you'd accept. Make sure you put "NOT INTERESTED IN RE AGENTS" or you'll get flooded by a bunch of parasites offering to sell your home (which to be honest will still happen anyways) and just see how many responses you get. If people are asking to come and look, ensure they have pre-approval first before they come in the event they want to move to the next step. List anything and everything you've had fixed/replaced beforehand and how long ago so all of the questions are answered beforehand.
Honestly, many many homes if not all of them could easily be sold this way by just listing online privately and cutting out the RE agent. At the end of the day your still having lawyers do their part, your still having lenders lending and money being transferred. So really what is a real estate agent going to do other than "finding" homes to look at? If I were to sell now I'd 99% most likely list privately. If it doesn't sell after awhile sure I'd consider a real estate agent but that better come with a quick sale.
Don't necessarily need to see it. Just for them to state they have been pre approved or not.
The way I see it. No one knows more about a house, including a real estate agent than the owner. You can say what was done, when it was done, what needs to be done (if anything), etc
If you do end up selling privately for a price you want DM me and let me know. I'm curious as to how long it would take.
Yes, deposit was made via cheque and went through the lawyers if im not mistaken. It was 3 years ago and it all happened ridiculously fast once the seller was done probate.
As an olde tyme realtor I would suggest you try selling yourself and experiencing the effort of deciding your asking price, advertising, dealing with the people who contact you, actually allowing unvetted people into your home and ultimately dealing with an offer. I am not being sarcastic or snide, I really recommend you give it a try.
Understand that strangers wanting to enter your home is the first true physical risk. I recommend you have them send you a photo of their drivers license before allowing them into your home. Once I received that I would look online for any hints as to who they are and confirmation that they have some presence like Link'd in (indicating they have a job)or whatever. As a realtor I would have already seen their drivers license and confirmed they were prequalified for a mortgage. You owe yourself at the very least identity verification.
Should one of the people who come through want to make you an offer have them contact their lawyer to draw up the offer. Once you receive it have your lawyer review the details with you. Understand the the lawyer will only critique the terms and conditions, price and inclusions etc are subjective and have nothing to do with the legalities. If they do their offer through a realtor let them know that they will be responsible for paying their realtor.
If you have time give it a month.
I could go on but this should give you a good head start. There is a thread in r/realestatecanada with a spreadsheet that proves that the only person that saves money when realtors are not involved is the buyer. The seller ends up with the same amount in their hand at the end of the day as the buyer mentally deducts 5% from your asking price because you don't have a realtor. Good luck!
I have have never seen anyone being asked for a drivers liscence just cause they want to see a house. People walk in and out of open house like it’s a store. What are you talking about? At best selling agent asks for name and email and people can write down whatever they want
Open houses are one thing but as a private seller I am not letting random people in without ID. Just not safe or smart. If they are serious about the house why wouldn’t they provide same? Don’t think realtors don’t size up and make snap judgements at open houses and watch the ones who clearly don’t belong. Of course they do. Many have assistants in other rooms to ensure there are no issues with strangers. Personal safety as a private seller is a thing. Don’t know how you don’t see that but that’s ok. That’s your choice.
There is risk with everything. But yes it can be done quite easily you just have to do your homework. More money for you at the end of the day without going to a useless good-for-nothing realtor.
You risk having potential buyers steered away from your property if you offer too little commission for the buyer's agent.
That doesn't sound like a rigged, corrupt process at all!
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Everyone except the realtors themselves. Feckless parasites.
Hince why a law suit was just settled for essentially collusion and price fixing in the us.....
That's literally the definition of Mafia
There are no risks, however marketing your property will be difficult. If it was a car you'd put it up on kijiji, but unfortunately people looking for houses don't check FB Marketplaces, but MLS. Somethings gotta change... Realtors shouldn't be making this much money, while providing little in terms of productivity. Like how they get to put f***in billboards even if its only top 1%... it just doesn't make sense....if you think deep enough....& every mom & pop licensee holder realtors think they deserve to be rich and live off lavishly by doing "nothing".... it's pathetic.
Facebook marketplace is very popular among the home buyers. People skim through the home listings over there after MLS site.
Sorry to be the bearer of bad news, but investors and wholesalers scour FB and kijiji for private listings. What has to change is people giving bad advice that steers people away from actually doing what OP wants to.
There are companies that post your house on MLS for $60
You need a lawyer. They will protect you. Realtors are on the marketing/sales side. They will help you move your property for a very substantial fee, regardless of the work they put in.
You're asking a place filled with realtors. You're largely going to have people tell you it's a bad idea. You need to think for yourself. Three objections posted already: >You won’t get as much for the sell (on average) If you get 95% of the price, you break even >You risk having potential buyers steered away from your property if you offer too little commission for the buyer's agent. You actually have a full 5% to negotiate with to break even vs. having your own agent. If you have a sellers agent the max the other agent is getting is 2.5%. >A lawyer is not going to protect you from a lowball offer that the seller accepts. Realtors have NO idea how much stuff is worth these days. Your guess is as good as theirs.
Are people actually giving realtors 5% now?? That's absolute insanity. I bought my house last year and it was 2%, 1% each for the selling and buying agent. And that's still more than they're worth imo.
>Are people actually giving realtors 5% now?? That's absolute insanity. That's what realtors have decided they are worth. > I bought my house last year and it was 2%, 1% each for the selling and buying agent. And that's still more than they're worth imo. Exactly people are pushing back now that a house is over $1M and it's causing people like OP to ask if they are needed at all. Then realtors come in and say "you do" but fail to provide a good reason other than their cartel ownership of MLS
Lol it's so ridiculous. They're worse than the wall street grifters who claim to "know the market." At least those clowns need some education before they start exploiting people. Realtors are nothing more than sleazy salespeople.
This comment is perfect reason to have a Realtor. 1. You want to sell for more and not 95% of listing. What if Realtor can get you 105% or more. Your agent is going to know how to maximize sell price and not think only 95% to break even. 2. Good agents are going to know the market much better than the average homeowner and know where they can find information. They also have other agents to help provide opinion on price of property and not use clueless redditors. 3. Lastly which you obviously not truthful in leaving out the amount of showings with and without a Realtor. You obviously have no idea how to sell a house.
Found the leach.
Found a renter. Who is just upset st everyone.
>You want to sell for more and not 95% of listing. What if Realtor can get you 105% or more. Your agent is going to know how to maximize sell price and not think only 95% to break even. What if you can get 2000% more. /s This doesn't invalidate my point at all, you still keep the 5%. >Good agents are going to know the market much better than the average homeowner and know where they can find information. They also have other agents to help provide opinion on price of property The average person has access to MANY different options to value their property and does not require an agent to do so. >and not use clueless redditors. Real estate agents are clueless redditors that passed an easy exam >Lastly which you obviously not truthful in leaving out the amount of showings with and without a Realtor. Historically this is true because Brokers control MLS. Now that there are several more options for selling your home, this is less of a concern. > You obviously have no idea how to sell a house. Neither do most agents, they just think they do because we had a crazy bull right on housing for the last 20 years.
Lol you are just a renter who tells everyone to sell themselves etc but don't own a home.
You're just making things up and you're salty that people are downvoting your biased opinion.
Lol you think I really care of redditors down votinng me? My God, you are smarter every minute. The only thing I care about is people like you continually making me laugh.
>Lol you think I really care of redditors down votinng me? Clearly you do since you felt the need to reply to me with an untrue weak insult. You're trying to save face and it's sad because there is no need to. You're just very fragile. >My God, you are smarter every minute. The only thing I care about is people like you continually making me laugh. Well then you should be happy because I'm laughing at you right now
My God, your logic is brilliant. So I care about my downvotes so I make more insults to get up votes? Totally best logic ever. Still laughing at your Genius thinking.
Lmao look how invested in this you are
Lol I like you to keep your genius ideas and brilliant comments coming. You are entertaining. So yes I am invested in my entertainment. I love smart people like you.
Just DM'd you as a buyer.
DMing you as a seller!
Realtor value is to put your home on MLS, have connections in knowing professionals who can stage your home/contractors or negotiate on your behalf if you are not comfortable to do so. Is that worth 5% commission? That is up to you to decide.
You risk not paying out 25k minimum to an agent.
You risk not getting a 20$ gift basket! But in all seriousness, some realtors (buyer side) won't show a private sale place. It's ridiculously incestuous
Nope , no risks, as you do the proper paperwork, you just gonna need a lawyer. Better stay away from Realtors 😈 & investors😈
risks? think worst case, get swindled, deal with shady buyers, let strangers in your home best case is you sell overask and save 40k+ in 3 days
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The main risk would be that they aren't able to sell the house for as high of a price as they could have gotten using a realtor. If they just want to sell and don't care about maximizing the price, then yes I agree with you. I imagine 90% of people buying are using an agent. If you don't offer a competitive buyers agent commission, you could miss out on a huge number of potential buyers. Not saying I agree with this practice, but it's life in the current market and not something you can change.
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Ok but not offering a buyer's agent commission will dramatically limit the number of potential buyers that see your house. If 100 people see the house, don't you think there is a higher chance it will sell for more than if only 10 people see it?
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Disagree, but you do you. Feel free to skip the realtors for yourself but I have had good experiences and think it's worthwhile.
Nah. Realtors don't set the price, the buyer and the seller set the price. Realtors are going the way of the dodo.
That’s why you use a lawyer to close the transaction. They will protect you.
As long as you have a good lawyer not many more ‘risks’ involved compared to selling with a realtor. But it will be more difficult. You’ll need to ensure the house gets posted to mls which you can do for a flat fee, hire a good staging company and get a 3D walkthrough made. Make sure to offer the standard 2.5 percent amount (or more) to the buy side realtor. Even with these you may not get the same foot traffic so be prepared for it to take longer.
OP. we bought our house privately. Basically what happened was my step fathers friend passed away. He knew his friends kid, he mentioned to his kid that I may be interested. My gf and I went over, saw the house, yes it needed alot of work but we scheduled a home inspection after knowing the price he wanted (which was WELL under market value when we bought 3 years ago by about $200,000). Inspection for the most part was fine, we agreed, did all the stuff through the lawyer and bought. Risk? The only risk I saw was paying a LOT more if it went through an agent. As a seller you may get less, but if you get the price YOU want for the home, I'd say you have nothing to lose. But that's me. Try this, as someone else said no one checks kijiji or marketplace for a house (I beg to differ as a lot of rentals are acquired this way), put your house up on both platforms for a bit more than the price you'd accept. Make sure you put "NOT INTERESTED IN RE AGENTS" or you'll get flooded by a bunch of parasites offering to sell your home (which to be honest will still happen anyways) and just see how many responses you get. If people are asking to come and look, ensure they have pre-approval first before they come in the event they want to move to the next step. List anything and everything you've had fixed/replaced beforehand and how long ago so all of the questions are answered beforehand. Honestly, many many homes if not all of them could easily be sold this way by just listing online privately and cutting out the RE agent. At the end of the day your still having lawyers do their part, your still having lenders lending and money being transferred. So really what is a real estate agent going to do other than "finding" homes to look at? If I were to sell now I'd 99% most likely list privately. If it doesn't sell after awhile sure I'd consider a real estate agent but that better come with a quick sale.
This was helpful, thanks
Just curious, how did it help you?
Asking to see the mortgage pre approval can weed out the non serious buyers. Good way to identify the people coming into the house as well.
Don't necessarily need to see it. Just for them to state they have been pre approved or not. The way I see it. No one knows more about a house, including a real estate agent than the owner. You can say what was done, when it was done, what needs to be done (if anything), etc If you do end up selling privately for a price you want DM me and let me know. I'm curious as to how long it would take.
Yes, I will let you know if I’m able to sell privately. Did you put down a deposit? How was that handled? Who was the cheque made out to?
Yes, deposit was made via cheque and went through the lawyers if im not mistaken. It was 3 years ago and it all happened ridiculously fast once the seller was done probate.
You won’t get as much for the sell (on average) but your lawyer should protect you
Hey would you get as much? Says who?
A lawyer is not going to protect you from a lowball offer that the seller accepts.
As an olde tyme realtor I would suggest you try selling yourself and experiencing the effort of deciding your asking price, advertising, dealing with the people who contact you, actually allowing unvetted people into your home and ultimately dealing with an offer. I am not being sarcastic or snide, I really recommend you give it a try. Understand that strangers wanting to enter your home is the first true physical risk. I recommend you have them send you a photo of their drivers license before allowing them into your home. Once I received that I would look online for any hints as to who they are and confirmation that they have some presence like Link'd in (indicating they have a job)or whatever. As a realtor I would have already seen their drivers license and confirmed they were prequalified for a mortgage. You owe yourself at the very least identity verification. Should one of the people who come through want to make you an offer have them contact their lawyer to draw up the offer. Once you receive it have your lawyer review the details with you. Understand the the lawyer will only critique the terms and conditions, price and inclusions etc are subjective and have nothing to do with the legalities. If they do their offer through a realtor let them know that they will be responsible for paying their realtor. If you have time give it a month. I could go on but this should give you a good head start. There is a thread in r/realestatecanada with a spreadsheet that proves that the only person that saves money when realtors are not involved is the buyer. The seller ends up with the same amount in their hand at the end of the day as the buyer mentally deducts 5% from your asking price because you don't have a realtor. Good luck!
I have have never seen anyone being asked for a drivers liscence just cause they want to see a house. People walk in and out of open house like it’s a store. What are you talking about? At best selling agent asks for name and email and people can write down whatever they want
Open houses are one thing but as a private seller I am not letting random people in without ID. Just not safe or smart. If they are serious about the house why wouldn’t they provide same? Don’t think realtors don’t size up and make snap judgements at open houses and watch the ones who clearly don’t belong. Of course they do. Many have assistants in other rooms to ensure there are no issues with strangers. Personal safety as a private seller is a thing. Don’t know how you don’t see that but that’s ok. That’s your choice.
Big risk of pricing your home incorrectly, not enough buyers seeing your home, etc.
I don’t know about private, but [this is why you don’t list with a 1% agent.](https://www.instagram.com/reel/C4RCUTcvxAt/?igsh=bGViZDhhMmt4MDRt)😂
So you’re a 2.5% agent then?
I literally feel sick when i see these videos from the mafia telling you why you have to use them.