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FSBO's finally get access to MLS

dpylyp

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http://www.myrealty.ca/notice.asp


Thank-you for taking the time to visit this web page. We want you to have a rewarding experience with our service. To that end, please note the following:

1. Requests for Information, Appointments, and Presentation of Offers:
The fastest way to get additional information or arrange a showing or an offer presentation on one of our listings is to use the online request form for the listing of interest. This can be found by clicking on the address of the listing of interest on our Listings web page.

2. Selling Commission:
Our clients set the amount of selling commission offered. Sometimes our clients wish to leave the amount of selling commission as 'negotiable' and so offer less through your local board's MLS® system than what they may be prepared to pay. If you would like to find out if their is any flexibility in the amount of selling commission offered, please make your information request as described above.

3. Showings:
Our client will show their own home once an appointment has been arranged as described above.

4. Property Information Statements:
4.1 Disclosure: Our clients provide myrealty.ca with property information statements containing the minimum amount of information required by your local board's MLS® system to list. This information is provided solely for the purpose of listing our client's home on your local board's MLS® system. If you would like additional information on a listing, please make your information request as described above.
4.2 Measurements: myrealty.ca has no professional surveying ability nor are our clients expected to have or use any professional surveying ability and so rough measurements are provided to the nearest foot.

5. Offers:
You may present an offer to our client without myrealty.ca in physical attendance once an appointment has been arranged as described above. If you would prefer that myrealty.ca present an offer, please fax us the offer and we will present it to our client but please bear in mind that it can take up to one business day for presentation to occur.

6. Multiple Offers:
6.1 Disclosure: For most listings we will be unaware of the existence of multiple offers. When we are aware of multiple offers, we will disclose their existence as required by applicable law.
6.2 Commission: Where a buyer makes an offer and the buyer is not represented by a real estate agent, myrealty.ca waives any claim it may have to the selling commission offered. The effect of this is that our client may accept a lower priced offer from a buyer unrepresented by a real estate agent even though your buyer made a higher priced offer. The amount of commission waived by myrealty.ca is exactly equal to the amount of selling commission offered.

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David Pylyp:

What do you think?
 
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Why would there be any lawsuits? Realtors don't offer you any legal counsel, other than perhaps to recommend a lawyer to you to close your deal. FSOB eliminates the realtor, but you still need a lawyer to do the heavy lifting of the transaction
 
Broker to Post on MLS for 0.5%

In response to posting a page from the website of MyRealty.ca
the page I took the information from is clearly posted as information to Agents. I have edited my comments but welcome yours.

I received this message
David:

Your post at http://urbantoronto.ca/showthread.php?t=9886 violates CREA’s Code of Ethics and Standards of Business Practice.

Please remove your post on UrbanToronto.ca within 24 hours.

Thank-you.

Yours truly,


________________________________________
Mark Annable, Broker, myrealty.ca (Alberta)
Managing Broker, myrealty.ca (British Columbia)
Broker of Record, myrealty Services Inc., Brokerage (Ontario)
www.myrealty.ca
Toll-free tel: 1-866-518-5577
 
In response to posting a page from the website of MyRealty.ca
the page I took the information from is clearly posted as information to Agents. I have edited my comments but welcome yours.

I received this message
David:

Your post at http://urbantoronto.ca/showthread.php?t=9886 violates CREA’s Code of Ethics and Standards of Business Practice.

Please remove your post on UrbanToronto.ca within 24 hours.

CREA has a code of ethics and standards of practice??
 
CREA has a code of ethics and standards of practice??


Isn't that a shock to all ?!?!?:eek:

Maybe he divulged trade secrets about Phantom bids, or broke from CREAs script of ALWAYS saying "it's a good time to buy".
 
The original comment is still available off of Google, and I didn't think it was anything particularly incriminating. Were they just irked that one of their members recognized the potential for the obsolescence of their organization?
 
It would be a bit more enlightening if Mr. Annable could specify which provisions of the Code of Ethics he feels have been violated. I'm quite sure he wouldn't want people to think that he is just a bully trying to intimidate anyone.
 
I wonder if the warning comes from Annable personally or is he just sensitive to awakening the slumbering giant CREA? Didn't they or TREB litigate and subsequently shut down Rick Moranis's brother a few years back?

In any case, discount real estate sales is a welcome and long overdue service in the information age. I would have thought that Ebay would have perfected it by now but it has yet to gain wide acceptance. While it may be more difficult for a single family home given the uniqueness of every house and lot, one would think that the model would work very well for condos particularly with so many standard layouts available.
 
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Also, with prices holding steady it would seem that people are tired of the flat rate. For example, in Vancouver, the standard offering is something like 6-7% on the first $300 000 and then 2-3% on any value above that - why can't we do something similar. When almost nothing in downtown Toronto is less than $300 000 and considering it takes the same amount of effort to sell something whether it's $300 or $800 000 (because there are clearly buyers across all prices ranges), why should the amount remain fixed. I used a discount broker on my last property, sold it in a day and saved 1% of the price (4%vs5%). The next thing that has to drop are the buying agent's fees. 2.5% is ridiculous. I've committed myself to not committing more than 3% total for any future RE transactions. I understand RE agents work hard, but if you look at their average hourly rate - for a job that requires some education (but nothing in terms of university/college), they're more than overpaid imo.
 
Also, with prices holding steady it would seem that people are tired of the flat rate. For example, in Vancouver, the standard offering is something like 6-7% on the first $300 000 and then 2-3% on any value above that - why can't we do something similar.
As far as I'm concerned, that's still way too high. Maybe 3% on the first $300000 and then 1-2% after that might be more reasonable. With that we're still talking a 5-digit $ on an average Toronto home.
 
Structural Change

The problem is that the system is rigged in favor of the brokerage houses and against the actual agents that work for the brokerage houses. It is nothing short of anti-trust/collusion. While the avg. commission translates to an astronomical sum per hour for the selling and buying agents, most agents spend hours upon hours of showing and searching listings and may not see a penny for months at a time. The problem is not the avarice of the agents- it is the system that is flawed.

What needs to occur is a shift in the model towards a per hour billing rate as seen in every other profession- legal, engineering, appraisal, consultant, etc. The commission model favors no one but the entrenched. On average transactional fees will fall (how long does it really take sell a house? 30 hours? x $50/hour? $15,000 on a $1,000, 000 sale? Sounds better than $60,000!), agents will probably make more money and brokerage houses will make less.

Anyone care to disagree?
 
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For example, in Vancouver, the standard offering is something like 6-7% on the first $300 000 and then 2-3% on any value above that - why can't we do something similar. When almost nothing in downtown Toronto is less than $300 000 and considering it takes the same amount of effort to sell something whether it's $300 or $800 000 (because there are clearly buyers across all prices ranges), .


that still breaks down to 4-5% average ... not much different than the 5% realtors are asking here.

i agree with you that 3% TOTAL should be the maximum.

but vultur is right, it's the broker owner and companies like Re-max, Royal Lepage, etc that get a good chunk of the $$$ just for the name association.
 
Structual Change

The problem is that the system is rigged in favor of the brokerage houses and against the actual agents that work for the brokerage houses. It is nothing short of anti-trust/collusion. While the avg. commission translates to an astronomical sum per hour for the selling and buying agents, most agents spend hours upon hours of showing and searching listings and may not see a penny for months at a time. The problem is not the avarice of the agents- it is the system that is flawed.

What needs to occur is a shift in the model towards a per hour billing rate as seen in every other profession- legal, engineering, appraisal, consultant, etc. The commission model favors no one but the entrenched. On average transactional fees will fall (how long does it really take sell a house? 30 hours? x $50/hour? $15,000 on a $1,000, 000 sale? Sounds better than $60,000!), agents will probably make more money and brokerage houses will make less.

Anyone care to disagree?

How about a non-contingent hourly fee of $150.00 per hour, exclusive of disbursements and a initial advance of an appropriate retainer fee.

In instances where a transaction e.g. viwings and/or showings, negotiations,etc. was completed in it's entirety within 10 hours, the client's total costs would perhaps be $1,500 plus applicable taxes ..... but if not,the clock would still be ticking.
 

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