Of course you have the right to sell it yourself

By
Real Estate Agent with RE/MAX Realty Specialists Inc.,

The Competition Bureau is again being dragged into the fray between Brokers and their "right" to post mere listings Nationally. Although I am licensed only in Ontario, I should have the right to (MERE) list your house in BC. UMM because....


[MERE listing? I am just putting it online for you since anyone can fill out a form. I don't represent you, open any doors, make any promises, I just load your listing to MLS.ca]

At the centre of the fight is a deceptively complex question – are flat-fee agents trading in real estate, or simply posting a listing to an online forum? If they are indeed trading, provincial regulators require them to be licensed in a province before accepting a listing. http://www.theglobeandmail.com/report-on-business/competition-bureau-asked-to-settle-new-fight-over-mls-listings/article2006060/

On the other side of the fence is a lengthy but well written piece from Property Line that says although Canadians understand the MLS moderately, a full 45% think they could go it alone, But why would you want to with the largest asset you have?

Bravo! The lawyers must be rubbing their hands with glee.

Don’t bite off more than you can chew

Regardless of motivation to sell privately or not- it is the sheer size of the transaction within one’s financial portfolio- that should be reason to pause and fully take stock.

In taking on something so financially substantial- there comes an inherent presence of risk- and that is why, at the very least, the transactional component of sales process cannot be left to amateurs. Risk, however, can be mitigated by education and access to information. http://propertywire.ca/features/features/market-intelligence/1045-seeking-advice-and-other-necessary-tools-to-sell-your-house.html

 

Weigh all the facts

Seemingly, the motivations of selling privately are largely financial- but the risks of doing the entire transaction on your own are substantial. If all the facts are not considered, then there remains the possibility that you may ending up losing money through carrying costs and through other avenues- which outweighs the savings made on commission.

There is the possibility that a private seller may luck into a sale immediately, and save not only lots of money on commissions, but also save money on carrying costs.

In this environment, luck must be contrived, not hoped for. In order to mitigate risk, a private seller must understand everything right from the get go- even if they end up selling privately; they must understand all scenarios- and that involves understanding all the variables, whether though consultation at the beginning of the process with a Real Estate Lawyer- or with a Realtor

 

 

Lets recap. I have an office that calls and books appointments, maintains records, Abides by Privacy Legislation and PIPEDA. We have an appointed individual for FINTRAC compliance. (collects data about who you are from Birth Certificates, Driver's License and Passports.

I video, digital camera your house, provide picture frame digital players, upload your Movie to servers, add your photo stream, produce colour brochures to market your property, keep your secrets, disclose only what is lawful to share, Guarantee your deposits and carry Errors and Omissions Insurance. Attend with you at your closing. Have I missed a few things?

Since obtaining my Accredited Senior Agent designation I am more versed in senior and elder issues; trained to recognize potential tax and legal pitfalls and direct you to suitable tax, legal and accounting professionals.

Are you getting along in years but want to stay in the house? I can help with that too. Firstly to direct you to services and personnel that can provide in home care or assisted living. Maybe its hardware and extra handles. But what about money? Lets examine Pension erosion vs expenses and taxes. Could you use a CHIP, Line of Credit or Equity Mortgage? Depends how long you are staying...

Let's say that you separated from Wife no #1 in the marital home, never divorced and now are living in that same house with Wife no #2 as a Common Law relationship; while the second may sign the Agreement of Purchase and Sale it is the first that must sign the consent to the transaction. What do you think?

What are the questions you would like to ask?

Comments (2)

Jenny Kotulak
RE/MAX Real Estate Centre Inc., Brokerage - Oakville, ON
Broker - Oakville Ontario Real Estate

Very well said David.  And even if 45% think they can go it on their own, stats show that they don't.  I remember reading stats that 85% of sellers list with a full service company.

I have a hard time trying to figure out how companies listing homes for $100 to $400 can stay in business long.  Yes they would have to have tremendous volume.  But listing homes from B.C. or P.E.I. with an Ontario Brokerage??  I don't get it.

May 05, 2011 05:13 PM
David Pylyp
RE/MAX Realty Specialists Inc., - Toronto, ON

Thank you for your comment Jenny,

Stan Gelman, A well known lawyer simply responds with "Good!  More Lawsuits"  when I tell him about some of the private and mere sales antics.

In a related matter I am aware of a Home will Kit that was ruled invalid because the TWO independent witness's    "did not see the signature occur."  SInce the will is invalid, all the pople who were not going to get anything get it all but the guy saved $200.00

Save save save sounds good but....

David Pylyp

Accredited Senior Agent

 

May 06, 2011 12:44 AM