Broker sticks up for Realtors

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Seasoned landlords say they get their lawyers to handle all of the paperwork and negotiation with the whole transaction costing, on average, around $1,000 including HST.

Private selling has become more commonplace as buyers become more informed and in-tune with the entire process.
But the issue ignited a huge debate amongst investors and service providers.  Agents argue that sellers “usually end up getting a lower price than an agent would have gotten for them. This is likely due to the fact that in a private deal, both parties recognize there’s money left out of the equation; the commission.”

Larry Frondall, a Calgary-based underwriter, said lenders get “nervous” when handling private deals as there is a greater potential for fraud. He says that buyers would have to undertake the role of the Realtor in such cases and do all of the “leg work” including the checking of all comparable properties in the neighbourhood and pulling a copy of the property’s title for review.

The issue of security, says investors, need to be also considered. “When you open the door of your home to a potential buyer, what do you as the seller know about that person?  Are they simply casing the joint for a robbery the minute you leave the place?” said one landlord.

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  • Angela Wong-Liao - Invis Inc on 2014-07-23 3:11:00 PM

    I work with a number of seasoned and honest realtors and respected their hard work and due diligence. I have bought and sold a few properties myself and I will never consider private sale as I trust the expertise and professionalism of a good realtor. A good real estate professional reduces my level of stress and anxiety and according to my past experiences, a good and experienced realtor can get me a better pricing for my properties despite I have to pay a commission.

  • John Van Driel on 2014-07-23 3:28:42 PM

    ALWAYS recommend a Realtor over private Sale. Pennywise and Pound Foolish is the
    mantra that makes the most sense!!

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