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Does the agreement between the Competition Bureau and the Canadian Real Estate Association allow me to post my own home on MLS®?


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#1 MarkoJ

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Posted 01 January 2012 - 10:50 AM

No, the agreement has allowed sellers the choice of hiring a REALTOR® to place their property for sale on MLS® and then to conduct the rest of the sale themselves. Only licensed REALTORS® can still post properties on MLS®.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2 Mike K.

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Posted 03 January 2012 - 02:18 PM

Thanks for clarifying this, Marko. I know of a few people who have (I now know to be erroneously) assumed that when they are ready to sell they can place an add on MLS themselves.

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#3 James Bay walker

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Posted 06 October 2013 - 02:20 PM

What sort of fee is typically charged in such instances?

More than the usual $50.00 that it used to cost the realtor (+ gst) to pay the Board to add a property into the MLS system I anticipate.

jbw

#4 MarkoJ

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Posted 07 October 2013 - 08:47 AM

What sort of fee is typically charged in such instances?

More than the usual $50.00 that it used to cost the realtor (+ gst) to pay the Board to add a property into the MLS system I anticipate.

jbw


It varies from $99 (company in Toronto) to $1,000 up front, or more, and the variety of services included can vary too. There is usually a back-end fee too. For example, I charge $799+gst locally in Victoria, plus a $595+gst back-end fee (brokerage takes a cut).

I can't possibly make $99 up-front work as the VREB takes $50 and my brokerage takes $250 up-front. That is $300 just for my variable expense. Plus than I have my fixed expenses and time. It is not a money making machine for me; however, sometime when people sell their home using a mere posting they use me to purchase a subsequent property and there is more money in that.

To make something like $99 work you really have to be in a massive market like Toronto.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#5 James Bay walker

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Posted 07 October 2013 - 09:25 AM

So, yours is something like $799 + $595 + gst = $1,463.70, less than 30 times the Board fee. Though only the $799 + gst is 'down the rabbit hole' if no sale happens, which could get expensive if done many times over, (an argument for choosing a 'long' listing period). Thanks for responding.

jbw

ps. Interesting to hear about Toronto's $99 rate. For providing a mere placement service, I'd expect the lowest price attracts pretty much all the business of that character in a region.

Considering the likely volume and minimal profit margin, I imagine they've got their customers doing the data entry of client determined measurements and description, which they copy/paste into their Board's system.

#6 MarkoJ

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Posted 07 October 2013 - 09:39 AM

So, yours is something like $799 + $595 + gst = $1,463.70, less than 30 times the Board fee. Though only the $799 + gst is 'down the rabbit hole' if no sale happens, which could get expensive if done many times over, (an argument for choosing a 'long' listing period). Thanks for responding.

jbw

ps. Interesting to hear about Toronto's $99 rate. For providing a mere placement service, I'd expect the lowest price attracts pretty much all the business of that character in a region.

Considering the likely volume and minimal profit margin, I imagine they've got their customers doing the data entry of client determined measurements and description, which they copy/paste into their Board's system.


Mathematically speaking mere postings make a lot of sense.

$1,463.70 compared to $10,500+GST (based on 3.0%100k+1.5%balance selling portion of an average $600,000 home, ***commission may vary***).

Even in a poor market 40 to 50% of listed properties sell (ratio is same for my mere postings) so you take a chance with the $799+GST upfront but the potential benefit is massive.

I charge $45 for a 6 month extension. You don't get hit with $799 every 6 months if it doesn't sell. If you take it off the market and re-list a year or two later my fee is $250. Other companies or REALTORS® may have similar setups.

The lowest price doesn't necessarily attract the most business. There is a local REALTOR® offering mere postings for $499. I have chosen not to compete purely on price point.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#7 James Bay walker

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Posted 07 October 2013 - 10:06 AM

Mathematically speaking mere postings make a lot of sense.

$1,463.70 compared to $10,500+GST (based on 3.0%100k+1.5%balance selling portion of an average $600,000 home, ***commission may vary***).

Yesss, but I anticipate most of the interest generated would be largely from the sort who shop amongst FSBOs, (this being a FSBO on MLS), and it's been my experience that those include Buyers with very sharp pencils indeed out looking at Lots of properties while they sift the wheat from the chaff (often hoping for a badly underpriced Bargain listing, or at least one that is well under the price of a conventionally listed property as they'd like to save at least the equivalent of the commission, themselves), along with the unqualified, and the Lookie-Loos (the casual curious who might not wish to waste a Realtor's time or risk embarrassing questions about their capabilities or interest but have no such compunction about a home owner's time).

(I suspect it would be prudent to first ask a couple of Buyer Agents, what they think of such MLS FSBO 'listings'.) As I'd wonder: if Buyer Agency Realtors have to be badgered by their clients to include such listings for consideration as there's not an existing Agency arrangement / mechanism in place (or does your office behave as the 'cooperating broker' representing the Seller during offer presentation through to closing?), compared to merely booking / showing / presenting offers to a cooperating Realtor on their actively managed listing.

jbw

ps. Here's a thought: Do you publish your annual 'success' rates by those taking you up on this service? Even better, in comparison with the Board's annual success rate statistics?

#8 VicHockeyFan

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Posted 07 October 2013 - 10:26 AM

ps. Here's a thought: Do you publish your annual 'success' rates by those taking you up on this service? Even better, in comparison with the Board's annual success rate statistics?


He said:

Even in a poor market 40 to 50% of listed properties sell (ratio is same for my mere postings) so you take a chance with the $799+GST upfront but the potential benefit is massive.


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#9 MarkoJ

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Posted 07 October 2013 - 12:52 PM

Yesss, but I anticipate most of the interest generated would be largely from the sort who shop amongst FSBOs, (this being a FSBO on MLS), and it's been my experience that those include Buyers with very sharp pencils indeed out looking at Lots of properties while they sift the wheat from the chaff (often hoping for a badly underpriced Bargain listing, or at least one that is well under the price of a conventionally listed property as they'd like to save at least the equivalent of the commission, themselves), along with the unqualified, and the Lookie-Loos (the casual curious who might not wish to waste a Realtor's time or risk embarrassing questions about their capabilities or interest but have no such compunction about a home owner's time).


"Bargain," good luck. I've uploaded properties this year (under 600k, in the core, with a suite) that have hit 1000+ PCS/Interface accounts, plus realtor.ca. If it is even a tad under market value it sells quickly.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#10 MarkoJ

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Posted 07 October 2013 - 01:03 PM

(I suspect it would be prudent to first ask a couple of Buyer Agents, what they think of such MLS FSBO 'listings'.) As I'd wonder: if Buyer Agency Realtors have to be badgered by their clients to include such listings for consideration as there's not an existing Agency arrangement / mechanism in place (or does your office behave as the 'cooperating broker' representing the Seller during offer presentation through to closing?), compared to merely booking / showing / presenting offers to a cooperating Realtor on their actively managed listing.

ps. Here's a thought: Do you publish your annual 'success' rates by those taking you up on this service? Even better, in comparison with the Board's annual success rate statistics?


Regarding mere posting, I/the brokerage don't represent the seller during negotiations and it is up to the seller to book showings on their own behalf (buyers' agents call the seller direct).

Who cares what the buyers' agents think of mere postings? I've represented 28 buyers so far this year and the buyer calls the shots in 2013. Out of 28 only 2 or 3 have bought properties I've recommended. For the other 25 the procedure is identical. They look at their PCS account, they send me a list of homes they want to view, we go look at them, and over and over again until they find a suitable home. I, as the buyer's agent, don't have a huge deal of influence over what they want to view. Also in the PCS, or realtor.ca, the buyer cannot identify a mere posting as it looks identical to a full service listing. Nor does the buyer care, they just want a home the suits them at the right price.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


 



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