Koala:
The commision rates you quoted, is that standard for Alberta more or less?

Some agents are stating it's roughly 6% for the entire amount, not just on the first 100K.

Anyone else also care to chime in?

Thanks

 

My understanding is 7% on the first 100k and 3.5% on the remainder. Everything is negotiable though.

 

If you were in Red Deer I'd refer you to the Royal Lepage office I used... 6% on 100k and 3% thereafter

 

Hi, I'm a REALTOR here in Victoria, B.C. Started way back in 1989. Of course some of you met me during my break away from that biz during the crappy times and the need to explore the world outside of little Victoria. I've been licensed for over 10 years and love Victoria and my job!

6% on the first $100,000 and 3% on the balance of the sale price + GST is very common and what I charge. Because of the 'Competition Act' there is no set rate. The commission most often gets split between the listing and selling agent.

I personally don't care what one does to sell there home. There is enough business out there for everyone. The stats show that listing with a REALTOR on the Canada wide MLS system through your local real estate board will give your property the most exposure. There is so much red tape and legalities that have to be dealt with properly. Can't forget the 'Privacy Act' too. I would not trust a FSBO (For Sale By Owner) because they can get away by not telling the truth about their property because they are not professionals. Realtors on the other hand have Errors and Ommissions Insurance that will cover law suits against the REALTOR and company. So if a REALTOR makes a mistake, a seller or buyer may have some recourse in B.C. We must disclose all defects that should be visible, and in some cases latent (the ones you can't see).

Most Buyers are working with realtors. In this very busy market, one can't snooze. We're in the loop. It's also our job to provide current market information and comparibles to assist a seller or buyer in their decision. In my opinion, you always get what you pay for. In many cases, a REALTOR can get you more money, especially in a hot market. Just get someone who you like and trust. If you try to sell on your own, I would make the offer subject to your lawyers approval if you were writing up the offer. An offer should be unbreakable. I doubt the average person would be able to create an enforceable contract. Get your lawer to write it up if you have time. You may also consider that if you go FSBO, a buyer will most likely try to reduce the asking price by the commission amount anyways. Doesn't really put you in a strong position.

If you have any questions, just ask.

And Tim... If one can tie their shoes, they can do their taxes too! Too risky these days in my opinion especially if your self employed.

Good Luck.