Real Estate Buyers, Your Realtor Doesn’t Care About What’s Best For You. READ THIS.
PLEASE UP-VOTE THIS TO COUNTERACT EVERY REALTOR DOWN-VOTING IT. ( no, I don’t care about Reddit karma)
PLEASE COPY/PASTE/REPOST/CROSSPOST THIS ACROSS ALL SOCIAL MEDIA ( no, I don't care about being credited for it)
Want the optimal property? Do not use a realtor.
Scared of being scammed by the listing agent or private seller?
- Your realtor’s only goal is maximum commission. They will say anything to get it and they won’t think twice about scamming you.
- Your lawyer protects you from being legally scammed, not your realtor.
- Add a condition in the offer that allows your lawyer to review it.
- If you are in a bidding war, a house inspection condition likely won’t be an option anyway.
- Include a house inspection condition if you can but keep in mind that house inspectors aren’t held accountable if they miss something and they always will. It’s still a good idea but there are many potential problems that don’t assess.
Negotiate cash back from the listing agent.
- Listing agent doesn’t provide any service to you when you’re finding your own properties
- Mutual representation is fundamentally impossible. Listing agent is not helping you negotiate the best deal because it would reduce their commission.
- Let them make more than listing commission and they will ALWAYS convince the seller to accept your offer ( completely unfair to the seller but that’s another topic).
- E.g. Listing commission is $25K. Their agreement with the seller if no buyer’s agent is $40K. Ask for $10K cash back. They receive an extra $5K. You pay yourself $10K for finding your own property. Win-Win.
- Selling agent unfortunately will not communicate such an arrangement to the seller. Another example of bad realtor ethics and why no one should use realtors.
Been looking at properties with your realtor but the choices are limited?
- A great property likely exists but if your realtor can't make full buyer commission, they will never let you know about it, make up fake reasons to avoid it, or if you insist on an offer, never submit your offer to the seller.
- Need proof? Read This: www.cbc.ca/amp/1.6209706
Always request # of offers confirmation from RECO (in Ontario) after closing.
- Link: https://www.reco.on.ca/complaints-enforcement/want-find-many-offers-made-property/
- Selling agents use ghost offers to influence your offer and maximize their commission.
- ASK SELLING AGENT TO CONFIRM # OF REGISTERED OFFERS IN WRITING SO YOU HAVE EVIDENCE.
- It is illegal for them to even hint at the possibility of another offer if it hasn't been registered.
- It will take many months but if you have evidence, the agent will be disciplined, The conviction will be displayed on their RECO profile ( search link below ).
If you can't be convinced to buy/sell real estate without a realtor, at least search for their convictions on RECO and hopefully that will convince you!
- Link: https://www.reco.on.ca/RegistrantSearch
- Most people using realtors don't check or report them which explains why their may be no conviction records for your realtor. This needs to change.
EDIT: Thank you kind strangers for the awards. Completely unnecessary or expected. But very kind and appreciated.
Big THANK YOU to everyone that upvoted! We beat the realtors this time!
Edit2. I did not expect this level of support. So grateful for everyone's help in making this so visible and helping it reach those that can benefit from it. Thank you!
EDIT3. Not suggesting all realtors exhibit this behaviour. My experience has been that most do based on 30 years of buying/selling real estate, being a part time real estate agent in 1990 (I quit after a year), and learning much from my Mother, a life long realtor that I wouldn't describe as a "good" realtor.