Friday, September 7, 2007

Weekend Poll

Just trying something a bit different. Who have you used to buy or sell? Who would you use again? Who would you recommend? Comments of course are welcome. This is unsolicited, and totally not scientific. Just curious to see what the readers of HHV think about the various full service realty companies in Victoria.


Joe said...

I'm about to sell my house, and basically I just want to get it on MLS the cheapest possible way.

I'm aware of the 0.5% lawyers group, which aside from for sale by owner, they are nearly the cheapest.

I may also look into any added benefits or not of the ONE PERCENT REALITY

But I recall a couple of years ago there was some guy offering to put your house on MLS for some flat rate of $500 to $800? I forget the exact price. Anybody know what I am talking about? Or can anyone recommend a better (cheaper) way to get on MLS?


greg said...

That's common in the US - don't think the agents here like it. Good luck finding someone to do it, that would be cool.

Anonymous said...

i had family friends use 1% and they are kinda weird the realtor from 1% was using there house to cook dinner when they weren't home and never took her shoes off. kinda weird eh

Anonymous said...

When selling or buying a home the misconception is that you are dealing with the respective buyer or seller. Actually, the agents are "buffers" between the buyer and seller. In truth, it is the agent that you have to motivate as you will never have face-to-face negotiations with the seller or buyer.

Agents are motivated by MONEY and referals POTENTIAL MONEY - just as you are!

If you are selling your home and intend on buying back into the market, think of using the same agent as this motivates them with a double commission and will allow them to reduce their commission.

There are generally two agents involved with most sales. The listing and selling agent. When you use a discount listing agent - this also reduces the commision of the selling agent. Human nature dictates that a selling agent showing two identical properties to a prospective client will encourage the full commission property over the discount commission property. Hence, you save on the commission - but receive fewer and most likely lower offers.

My advise is that you drive around your neighbourhood and find out which agent is the most active in your neighbourhood. Give the agent two weeks exclusive listing (not on the MLS) where his/her company may have a buyer for your home. In this way the "company" double ends on the commission - hence you now have leverage to negotiate the commission down.

The motivating factors in real estate are fear and greed - but you have to apply them to the right person - and thats the agent.


Anonymous said...

Joe, Maybe you should interview this guy. Commission is only 1%, and you only pay when your house actually sells, unlike the choice you mentioned where you have to pay $500-$800 just to get your house on mls. If your house does NOT sell, you've wasted that money.

1% is just about fair, to me. All the other companies claim "full-service" , which is a pile of nonsense, as the service is EXACTLY the same, and even better, as the 1% realtors answer their own phones, put your home on mls, advertise it, negotiate offers on your behalf, etc, etc.

Check out this fellow's credentials too. Might as well get an intelligent, educated person for your money. Good luck. You have nothing to lose by interviewing.

Anonymous said...

Sorry, that first link was not complete

Anonymous said...

My link isn't working, but the agent's name is Steve Salloum, in Victoria. You can find him with the search function.

hhv said...

my understanding about 1% agents is that they don't have assistants to host open houses, so they get the seller to do it instead. I've been through a few open houses hosted by the seller them self and not the agent. Its an awkward experience. One is less likely to be honest about the condition/decoration when the owner is present... to me it doesn't make sense.

As a buyer I expect my buying agent to help me out with tips and hints, in a way I'm looking for their experience. If I see something as a decoration issue, they make actually be able to point out that wall I want to take out is a load bearing wall or not.

I like that I can laugh or cry at places without offending anyone but Ms HHV. The owner present when I'm looking makes me feel awkward and I won't buy that place, nor spend much time there.

solipsist said...

some guy offering to put your house on MLS for some flat rate of $500 to $800? I forget the exact price. Anybody know what I am talking about?

I believe that's silverman - over at RET. I further believe the price is $800.

Anonymous said...

" hhv said...

my understanding about 1% agents is that they don't have assistants to host open houses, so they get the seller to do it instead....."

I think you are mixing up a couple of companies with SIMILAR names....

I am referring to "ONE PERCENT REALTY, VANCOUVER ISLAND" (written out), as opposed to "1% ...whatever.." Google them both. they are different.

Yes, HHV, the former, whom I highly recommend, offer so much service for very low commissions. They are full-service, with a simple, cut-rate commission, and their focus is to do high-volume sales.

I know that some other full-commission (notice I did NOT say "full-service")..realtors don't care for the 'competition', and that IS understandable, as it cuts into their income significantly.

That is why we hear and read about the low-commission listings being by-passed by the realtors who are looking to fill their own pockets, instead of looking out for their buyers' best fitting houses!

I'm outraged to read that some realtors actually have told their buyers that the low-commission houses they (buyer) enquire about are already sold. The realtor then steers the buyer to a house which will pay the realtor higher commissions!

Not a thing is wrong with the service of the low-commission guys. SAME mls, etc, blah. The 'others' dislike them, but cannot justify WHY the high-commission guys should be paid much bigger fees.

Of course, there are unethical realtors out there, I'm sure. And they work for every single company, so we must choose carefully. The part about holding your own open house is just not right. But I guess that if the seller wants to pay "only" $600-800 to get on mls, they should expect to do their own work. It is not the agent's problem, non?

If the seller pays 1% or 6%, he/she should get some service for that money. You get what you pay for, and I truly believe that lower commissions are wave of the future.

If you read the RE (thursday printed) flyer thing, you'll see that ONE PERCENT REALTY holds open houses BY REALTOR, NOT owner. Go to one, and speak to them.

Anonymous said...

I have rented off Pemberton and if that is any indication I would NEVER go anywhere near them!!!

hhv said...

Anon at 7:21: in the interest of full disclosure, do you make a living off of RE? You are welcome to remain anon here. You seem to be very knowledgeable about the way RE sales work, happy to have your insights here.

Anonymous said...

Thanks for the compliment, HHV. In actuality, I currently rent, and am awaiting a correction to buy.

I sold my home in an Eastern province, but Victoria prices are 4 times or more what I sold for, for a similar (or worse) home. It is insane to consider buying now.

Very few people here in Victoria agree with my forecasts of gloom-and-doom to come. But guess who they are? Home owners.

As is often pointed out, RE owners are living in some kind of denial. I tend to watch my mouth, rather than trigger the 'shoot the messenger' thing. I'm careful about whom I opine to!

They truly believe that prices can only ever go UP. They cannot fathom that RE follows a cycle, like all other economics. My background is in economics. I am not a realtor, and have never worked in construction or anything related.

My experience comes from logical observation over many, MANY years. Yes, HHV, I'm an old bag....sigh...I'm a grandparent.

But y'know, old age does not guarantee sensibility, methinks. An acquaintance who is a senior, like yours truly, just sold his house and bought another one which he had to get a mortgage for!!!???**&%(:

Does that not tell you STAT that insanity has overtaken this market? The psychology is shot. From here on it's downhill, at the speed of sound.

WHY would anyone that age want a mortgage? Anyone who is not financially secure by then, unless there's a compelling reason like disability or something, is a joker.

HHV, I read you daily, and admire your blog. I am more than delighted to contribute my rants. I hope you sorted out the differences between "1%" and "ONE PERCENT". Have you? Enjoy the weekend, and please hang in there for awhile yet.

Buying and selling will continue to go on, regardless of conditions. But follow your gut, and SLEEP on any decision. Don't allow anyone to try to convince you that the situation is oh-so-wonderful.

Impulsive decisions are expensive. Don't regret being a renter. It will work out that you've saved a few years' rent when you eventually buy, compared to IF you'd bought between 2004-2007.

"He who laughs last....."

vg said...

Stay away from Newport for rentals, they are total idiots and a real bag runs the office. I have never met such a classless operation,AVOID at all costs.