Comments on: Save Money By Selling Your House Without A Real Estate Agent

By: Aolis

Aolis — Tue, 15 Dec 2009 19:28:00 +0000

The big issue here is the MLS monopoly. If it gets cracked, people will be able to list without paying a fixed percentage to an agent. This will make agent fees more competitive than there are now.

By: Luxury homes for sale

Luxury homes for sale — Thu, 03 Dec 2009 17:46:24 +0000

Seems like a high risk strategy to save money that most people won’t feel comfortable with (buyers included). And most buyers expect a discount anyway when they see “for sale by owner”. The problem is also exposure. Site like ByTheOwner are probably gaining more traffic year over year, but the first place most people still check is the MLS websites.
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By: Financial Samurai

Financial Samurai — Mon, 09 Nov 2009 06:22:25 +0000

Thnx for the article. I think a lot of people get in over their head regarding selling their own home to save money. Sure, you may save 2.5% in commissions (you still have to pay 2.5% to the buying agent), you could lose 5%+ in the final sale value of your home!

I’m pretty against the current system. Why should I still pay 5% commission on my $2 million house, given it should be a similar effort made on a $500,000 house?

It’s all about a fixed rate mortgage!
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By: Abdullah

Abdullah — Sun, 08 Nov 2009 00:04:10 +0000

I think it can be a great idea to save money by selling your own home without hiring an agent. You can be more competitive in pricing than other home sellers who are using a real estate agent.

Of course, you have to do your homework and be fully aware what you are getting into.

By: William

William — Thu, 05 Nov 2009 21:33:13 +0000

Hi Trevor,

Were still waiting to hear if CREA will be changing their rules based on the competition bureau’s findings. The public should know by January. I have seen some agents try to put homes on mls for a flat fee ($999), but that doesn’t include the co-operating brokers fees (Usually 2.5%). Plus agents are not allowed to accept a dollar amount and a percent because that goes against The Real Estate Business and Brokers Act. It would be wise to check the fine print of anyone offering MLS for $999!

William

By: Trevor

Trevor — Thu, 05 Nov 2009 18:17:33 +0000

Great post especially since the MLS system is going through some changes due to competition/monopoly laws.

I have heard that you can post to MLS through a realtor for a small fee. Has anyone tried this before?

I am guessing you still have to pay a lawyer to draft up the final paperwork which still might cost you $500-$1000.