Real estate agents caught breaking the law on hidden camera (Marketplace)
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- čas přidán 4. 06. 2024
- Our investigation found real estate agents breaking the law and steering buyers from low-commission homes.
To read more: cbc.ca/1.6209706
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I was not shocked that this happens. Kudos to the first realtor for being honest.
They need to start capping their commissions! a certain percent at a certain amount. Watch them stop scamming.
@@zc3544 5% is a cap isn't it?? Very few are paying 6 or 7%.
@@ScubaSteveCanada I meant cap it @ maybe 2-4% on the first 400k or so.
WOW REALLY?
She expects agents to bring people to buy her house when they have other houses to sell which they get paid more for! 🤦♂️🤣
Anyone who thinks shes in the right ill give you a job paying you less! ITS THE SAME THING!
@@danquaylesitsspeltpotatoe8307 if I’m looking for a home, I want to see all the houses regardless of how much the realtor makes from selling. Not doing this is cheating the customer.
We had an agent one time that was so, so good. Lowered his fee and worked with us for MONTHS in a hot market in the best neighbourhood. We wanted it for the schools but, it was over our budget a bit. I mean that guy went above and beyond. Fast forward 28 years and I have referred every person I know who was looking for an agent to him and he has sold houses of at least ten of them. Be good to your clients. They WILL remember.
My husband and I as well. She was amazing. Every Thursday night I would give her my list from MLS and she would contact each one with my questions. By Friday morning I knew which ones I wanted to see over the weekend with availability times. Bless her heart she did this 4 months. She was a personal referral from family friend. I now give away her cards / website to anyone needing an agent. It’s the least we could do!
We purchased an 1892 Victorian ♥️
Mmm. A
@@bc5001 Yes. Her fee was $13,000.
@@bc5001 $26,000 total for both realtors. They both charged minimum.
If people stopped using agents then the system would be forced to correct itself and they would have no choice but to take less commission.
Serious respect for the first agent. He was honest and looking out for his clients and not for his pocket.
Thanks. It’s me
Kick Your face ... do You call for a lawyer at four hundred and fifty 🇨🇦 dollars per hour ... or do You suck iT up ... p.s the lawyer gets paid by the Attorneys cousin (who's wife) sold the shoes that kicked You in the face. Officer taking report his wife delivered them and had coffee ☕ ⚖
It’s hard being a realtor. They’re in the business to make money…. You hire an inspector and you do your own research before buying it…. Don’t take what the realtor say….Seems kinda mean to make a tv show on hard working realtors….
Exactly. I wish they would have shared his name and face so local people know someone honest they can go to.
@@AC-es7uuWhy is it mean? I was a Realtor and I firmly believe that 5-6% commissions are absurd! Every buyer and seller should know this
THIS is TRUE Journalism. And right on time, people need to know this
I have to disagree - they hid the agents from the public.
No s hit
@@marcovargas4483 They could get sued on terms of defamation…
@@Hartmann45 Yes, I understand that. My response would be: if you're going to do an investigative story, then do it, and prepare for the possible repercussions. Otherwise, don't call it investigative journalism and instead just do a regular story.
I agree!
This show is epic!
I sold my own home and I'm not a real estate agent. I lived in a high demand area and I knew it. I advertised online, on Kijiji, and put up signs in the neighborhood. You don't need for MLS. I had 1 Open House where I got 5 offers. I sold it that day for my full asking price. After I printed my own purchase agreement which you can buy at Home Depot, I took it to a lawyer who I paid $150.00 to look it over. I would try do the same on my next home sale. I think you should always try to sell your own home first.
Since then have you ran into any issues with your buyer or solo process like any legal trouble?
Good selling your own house.
FSBO lol
That worked for you in a seller's market. Most times you need MLS.
And if you sold with an agent you would've sold way above asking and would've had more offers.
The larger question is did you report the two offending agents so they can have their license revoked?
No reply to this question either. No surprise.
You didn't finish the video, did you?
@@robertpraeg9504 yes I did, in fact, it was a loophole of blame and finger pointing, then a memo? A memo is not action, it's plausible deniability.
RECO is quick to find them. DW
Real state agents are thieves making easy money. The rates are ridiculous high to just upload pictures to a website and give a ride to a few properties. Homeowners shall sell themselves. One can purchase a contract for a less than a hundred.
We did a similar thing, we sold our own house in a private deal. When a real estate agent told us we'd lose 6% to them, I told my wife, "Heck, we could DROP the price of the house by 6% and be at the same place!" House sold in a week. I'm afraid the agents are going to price themselves out of the market eventually. Times change.
Hans Schweikert,
Good for you, everyone should do it this way!
@@bc5001 Exactly
I like learn how to buy a property.
Another thing is that people have been convinced that it's risky and dangerous to buy from private home sellers and that the real estate agents make sure you are not being sold a bad house with "huge" problems.
@@proudamerican2133 yeah, but isn’t that what the Inspector is for lol not the agent
“Sold to a private buyer, no agents involved”
God I love a happy ending :)
How did you do this? I am trying to find out ways to buy directly from the seller.
That's what I want to do I'm planning on saving for 5-7 years then looking but I have no clue how to start 😭
@@courtneycherry5582 Saving for downpayment ?
@@LifeInTheWest527 yes
How much do you want to bet they went down on price more than what the agent would have cost?
Being a consumer it sure feels like a lot of real estate agents are like used car sales men.
They are one and the same. Same bait and switch tactics.
All sales are the same regardless of it being car or homes. They are scummy.
Don’t drag used car salespeople down to the realtors level.
Used car/used house, new car/new house same thing really
There's no better time to buy and write my paycheck that today!!
I painted a sign on a piece of plywood. By the end of the month, cash in hand, I gave the keys to the new owners. We used a real estate lawyer to process the transaction, the cost was $800. I had decided to use an agent if it didn't sell in 3 months, all it cost me to try on my own was nothing, I already had the plywood and the paint in the basement.
I had an agent that showed me disrespect, disrespect for my house, and sloppy work. Sign wasn’t out on time, open house was a free for all, no monitoring the ppl walking thru, no lights out, shades drawn afterwards.
@@vallee7966 I was very lucky, in an unusual house in a busy location, with a giant sign. Otherwise I'm not sure it would have gone so well. I don't think regular people can list on the mls, just FSBO sites. Ugh, I'm so sorry you had to go through that, just reading your comment makes me think of people rummaging through my skivvies!
I gave a full offer to a real estate agent. He never even provided the offer to his client. He hid it because the listing was still only a week old and he wanted to find someone who’d offer him more. His client is 86 years old. I had to drive to the client’s home and tell him my offer for him to find out i existed.
If this is true , you can take legal action.
For real its illegal to not disclose the offer to their client, you can sue them out of existence
CBC always exposing what needs to be exposed. Marketplace is such an amazing show. Thank you!!!
CBC never exposes politicians.
Um WE NEED to know that first honest agent. It is SO HARD to find good men like that PLEASE we need a name to work with him😩!!
Wasn't the show supposed to be done ? I'm so happy it's still on
@@jimmyzhao2673 Sure they do
Actually, it was pretty weak. They gave zero insights into real estate business and almost sounded like they are promoting cutting real estate agents income. Do you know what the average agent actually makes in the US and Canada? US: $41,000 a year Canada: $55,000 per year. If you dropped the commission from 2.5% to 1% then in the US the average agent you go from $40 K to less than 20K...Say you're making $200K a year if the average went down 1.5 times less then that's a huge cut in pay. So ya...1% is actually a pretty big deal. And this is not people being greedy!! It;s actually fighting for you career and future. Most realtors are not rolling in millions!
Took three months, but I'm glad the lady sold her house without any crooks involved.
She seems satisfied with the outcome.
We have been working with our realtor for 4 months. At first it seemed pretty typical, but I started to find it wierd when she would consistently send us overpriced bungalows, pushing us to make an offer, but any fixer-upper or anything not expected to go 200k+ over asking that we approach them about, can barely even get her to agree to a showing.. really their just making more work for themselves though, because we're not interested in an overpriced bungalow.
Do you homework and find another Realtor.
Yes, I echo Bulldog… don’t waste precious time if your realtor isn’t working for you by at the very least listening to you.
We had an AMAZING realtor. In fact, I’ll give her a shout out for anyone needing someone trustworthy in the Nashville area: (not sure her range, as we are a bit south) Kay Worth with Keller Williams. She’s lively, encouraging, flexible and highly competent, with over 30 years of experience.
As the owner of the house has the CHOICE to make for what she OWNS the real estate agent has the CHIOCE to make with what he OWNS that is DATA earned by him by putting time and effort and advertisement costs.
Why are you upset for that?
If you think you can do it yourself then do it yourself... !!! 😊
The same thing happens in any other fields.... You can wash your own disher or BUY a dishwaser....
You can wash your own car or have it washed.... that does not mean car washers are bad guys for taking money or not washing your car when you want to pay less than they worth.
Realtors are useless and a Virus for inflating the prices
@@ARZAREH-uz8dcare you missing a couple brain cells?
My wife and I bought a house last year. We saw a few and then found one for 50-70K less then the ones we had been seeing but we liked it. Our realtor gave us a speech about how an extra $200 a month on your mortgage gives you so much extra money in buying power. She told us many times we can do way better then the house we live in now. She was legit angry that we didn't max out what the bank would loan us but came in 100k less. This business is insane.
Wow! My agent kept me in the kitchen while I had an inspector in the house. As a first time buyer I fell for that trick of course and only later found out I should have been asking many more questions. Those people are as slimy as it gets.
they're parasites riding on your loan that provide little to no value.
I'm married to an agent who does what's best for her clients. She has shown FSBO's that offer commissions if that what her clients want to see. I would suggest anyone who needs to use a Realtor is to do your homework. There are plenty of web sites that offer customer feedback on Realtors so do your homework. Among the ranks of Realtors are those who want to do the minimal amount for maximum gain. Any red flags with your Realtor I suggest you move on and do your research on the next one.
The opposite too. Going over your budget and they sell on if the bank thinks you can do it, go for it.
I don't understand how a realtor would completely disregard a lower commission vs NO commission.
If they work with a brokerage that provides all their listings the commission might be paid through the brokerage, brokerage will take a cut before giving the broker their commission, they may have a policy that the commission is fixed not unlike a union trying to set a base salary for their union members.
So this is basically like a union setting the rates for the cost of their labor/service.
That said, nothing is stopping independent brokers from selling at whatever rates they want nor is there anything stopping individual sellers from finding direct buyers without brokers and brokerages, but of course it's far more difficult since they only have access to their personal network and not the extensive listings of an established brokerage.
As a realtor, I completely agree. I'll take $14k now and hopefully get the chance to sell the home for them later. Or not. Either way, I work for the client. End of story.
They are Greed, their is no another answer.
Because some people would rather have all of nothing than part of something. I don't I understand it either. I remember how a lot of agents had to find a new line of work when the housing bubble burst in 2008. I don't think people learned from 2008 because I'm seeing the same things that I saw in 2008 with a lot of agents being so greedy that they put their commission ahead of service to their clients. Some even helped steer clients to mortgage companies whonwere peddling exotic mortgages that people took out and shouldn't probably wouldn't have if they understood what they were really getting vs what they were being made to think they were getting ( those ARM that deemed great until they adjusted multiple times and to unpredictable rates that eventually made the loan payments unaffordable)
It is not greed, but think about if everyone in the industry offered 1%?
This is one sided
Disgusting, we all should do our own buying and selling and setting up viewing appointments
I dealt with this five years ago when I sold a home in Orlando, FL. It took a while, but I was finally able to sell it myself with zero fees to somebody that really loved the home. It felt good. Just hang in there. You're going to get a lot of calls. Screen them and tell the realtors to go away. I would do it again any day.
Another problem: since the agents get paid a percentage there is an incentive for them to inflate the price of the house by faking bidding wars etc, more transparency is needed.
It is a problem that is long overdue for fixing.
Ponzi Scheme.
You forgot to mention the perks and the eligible tax deductions for their expenses that can lower their tax rate at income tax time.
Aha completely agree
@@Human551 Agents made a living even when houses sold for $100,000.00 35 years ago.
Lisa practices realestate law for 15 years and gets shocked looking at these very common practices. Thats even more concerning.
Lol! Well said. I have not bought property due to countless red flags so I assumed that's the typical RE agent.
She’s only here for the free publicity. Not defending her fellow agents at all. Red flag 🚩
It's more likely she's not shocked she's just playing it up for the camera
True!!! She's probably the biggest offender!! (If she's an attorney, she probably does the same) Lol.
Bunch of angry would be realtors in the replies.
I've sold two of my homes by myself no problem saved a lot on commission. Agents gave me gifts and promises but I did it all myself no problem.
Good for you. It just goes to show that realtors are essentially useless to anyone with a little bit of common sense.
In Australia. the standard is 2% but it is negotiable. We recently sold our home and were charged 1.25% of the sale price as the vendor.
It's not just steering but there are many more tricks in the book that they regularly use like asking for a higher commission, negotiating tactics... When I bought my house a few years back, there were broken windows, broken doors, broken carpets. I offered them $5000 less to cover the cost of repair of those items. But I told the realtor (buyer's agent) that I really loved that house because of the location. Later I realized that was a big mistake to tell her that because she knew we would buy it at full price regardless (or even offer more). So she came back and said the seller wanted a full price, no negotiation. I didn't understand why at first why they just couldn't reduce $5000 from a $700,000 price. And it's not like I was trying to low ball them or anything. It was for repairing broken things in the house. Later after we already bought the house, I found out that she teamed up with the seller's agent to NOT reduce the price for us so that she can get more commission from the seller.
Car dealers, dentists, and realtors are usually on top of the list of people you should never trust.
I always get a second opinion when it comes to dentists.
if you have proof of this. report it to your local Realtors Association, they will investigate. if not, you are just assuming.
Like that ever accomplishes anything substantial and productive.
You are very true.
@@rps1689 if it really that important i think its worth a shot. but lets be real, you bought a $700k home. $5k is a drop in the bucket for someone like you...and those real estate agents know it as well. you are letting them get away with it, and they will continue to do so. if you REALLY cared enough, you should at least report it. if you don't, you are letting them get away with it clean. imo your pretty much validating their shady tactics and letting their cycle continue...
As a home buyer and I saw a listing I didn’t give them a choice to show me the home or not. If they refused I dropped them and found another agent.
Good. As an agent myself, do not give them your business. We are supposed to be in your best interest.
This is why you should NEVER SIGN a buyer representation agreement.
@@speaknup8009 thanks for that tip
Agents are trash
It's like when car buyers let the salesman choose the car for them. happens more than people might think.
Love how the second realtor is saying "he" instead of "she" because she's lying just that much. Inventing an entirely different person, not just nonsense about the house being overpriced. So scummy.
imagine being the honest realtor whos like oh great thanks for wasting my morning cbs news
Business Ethics is taught in Business Schools, but in reality profit above Ethics is the order of the day.
“Dignitity and an empty sack is worth the sack” rule 109 of Acquisitions
Unfortunately business ethics was removed as a course. Unfortunately more and more universities in North America are removing their ethics courses in their business programs. It should be brought back.
no offense but ethics don't win the day. its all about profits.
It’s all about the bottom line
Real estate agents don't have any sort of official business degree. Anyone, literally anyone, can be a real estate agent and that's a problem.
Always felt it was an inherent conflict of interest when both the buyers agent and sellers agent work on commission. They both have incentive to get that price as high as possible.
Sing it from the rooftops. Massive conflict. Hard to prove the collusion, so it would happen ALL THE TIME. Only adding a third, flat-rate, objective party to relay info between the agents could slow (not stop) it... but that just adds complexity and cost.
What darkweb, untracked, communications do agents use to make their extra deals?
It definitely is not in the best interest of the buyer's agent to get the highest price possible, at ALL! There's a 90% failure rate in the real estate sales industry. That's right, 90% fail. Because most agents only care about the transaction and not the RELATIONSHIP. We do ten deals over our lifetimes with each client, whether those deals be repeats or referrals. If we don't negotiate the best possible price for that client, why would they want to reuse us or refer us to their friends and family? A lot of agents don't, all agents SHOULD. I'm one of the agents that will always act in the best financial interest of my clients. That wins in the end.
John DiGirolomo facts!
and not to mention that you cannot get the amount of the competing offers after the sale is done, so you can't even do a proper post mortem!
That’s ridiculous! Do you really think their percentage on a few thousand dollars would steer them into juggling facts snd figures.
Every house I have ever sold, I sold myself. This is my advice:
1. Find a real estate attorney to help you construct a contract that will benefit both you and potential buyers.
2. Write your 'for sale by owner' ad and list it in your local newspaper, with an 'appointment only' notation. This is where potential buyers look first.
3. Do your one on one negotiating with potential buyers, and adjust your contract to suit both you and your buyer. Your attorney can help with this. You and the buyer will both be happier in the end.
4. Your attorney will handle the legal end such as title search, lender options, closing date, etc.
5. On closing day everyone can meet to close the deal in your attorney's office with all of the paper work ready to go, including your check. What you will pay your attorney will be thousands of dollars less than what you will pay a realtor.
6. Give the new buyer the keys and a hand shake, and go your separate ways, with no self-serving realtors to deal with. Hopefully, you have already moved out.
If you are planning to sell your house try this for a couple of months. If you decide that this is not for you, you can always call a realtor and collect a lot less profit at closing.
Where do you list your homes? I want to stay away from Facebook because it's infested with vulture RE agents. I want to have a conversation with a real human being about my home, not someone who 's after a payout.
This is appalling. I wonder how many ppl have missed out on their dream home bc the realtor didn't want to miss out on a few percentage points.
As the owner of the house has the CHOICE to make for what she OWNS the real estate agent has the CHIOCE to make with what he OWNS that is DATA earned by him by putting time and effort and advertisement costs.
Why are you upset for that?
If you think you can do it yourself then do it yourself... !!! 😊
The same thing happens in any other fields.... You can wash your own disher or BUY a dishwaser....
You can wash your own car or have it washed.... that does not mean car washers are bad guys for taking money or not washing your car when you want to pay less than they worth.
Plus... when you do it yourself you gotta wait for the risks of fradulant buyers in the absense of agent double checking them. Good Luck... !
Realtor is just another word for "lier". When I was selling my house a couple of years ago, I had someone make an offer then back out a day before settlement. My agent tried to keep their deposit for herself even though the contract said the money would go directly to me. She was hoping I would "just trust her". After that, she would rarely return calls and ignore emails. My house did sell two months later, but she showed her true colors.
Highly unlikely,. The buyer's deposit should have been in an escrow account that an agent could not keep even if he/she wanted to. If wasn't in escrow and what you say is true, you need to report that agent to your state's Commission, and maybe even the AG.
Steering. Red lining. Threats. Ghost email harrassment. "The Board" does nothing. Should Realtors be valuing land taxation? Where are the assessors? Glad someone is talking about this.
Just ALL talk” … it’s unlikely to Change because the law (tax revenue) needs these benefits , especially at this time. I would call this as “Gas lighting” the issue. Government (most) doesn’t want to change this path of revenue… lots of power players benefit from it and the general public that complains don’t have the wear with all to change it. Unless the law steps in and accepts a large cut in revenue (land taxs and indirectly from tax’s on products for home maintenance. I like to have 2 places , a place to earn and a place to spend.
@@L0_V Yea, itll never change, not in this type of world.
Um WE NEED to know that first honest agent. It is SO HARD to find good men like that PLEASE we need a name to work with him😩!!
What do Realtors have to do with land tax?
@@MrOrangeonion you have to change your mindset to see change
Commissions are negotiable, there is no such thing as a "standard" fee. As a Realtor this is truly upsetting. We are to negotiate our fees with the seller, and pay half to the agent who brings the buyer, period. If the buyer wishes to see a house that is listed for 1%, it is my job to show the buyer that house. We work for the client, so take care of the client! Do what's right and your work will be blessed
Yes standard fee because it's not negotiable on the realtors part. Ru willing to list for 1% and share that? I doubt that because It wouldn't even be worth all that time invested. As a realtor u should know your worth.
how it is a violation? Lol good realtors just won't take the listing. YOU can't make a realtor lower the commission if they dont want to. So again they can negotiate but it's not a violation if they choose not to.
In US it's known as Sherman Antitrust act, prohibits price fixing among competitors
@@johnnycalderon9951 found the realtor lol
@@mikee2398 lmfao
There’s absolutely no reason that we need to be paying a % commission with the way that home prices have outpaced inflation. It’s an old, expired model. Real estate agents do valuable work in many cases, but they should be compensated based on time spent or a flat fee, just like accountants, lawyers, etc. They don’t need a special model.
It would be a great deal for the agents to get paid by the hour. But who could afford to hire one?
Real estate agents work on spec. When the deal doesn't close, they don't get paid.
Are you going to pay an agent by the hour? To take you around and show you homes and open the house for the inspector and the appraiser? To advise you of Law of Agency and your protections, and to do all your paperwork and the escrow paperwork and the brokerage paperwork?
Are you going to pay him/her by the hour to make the 150 phone calls that the average transaction takes to close?
What if you lose your funding and you can't close your transaction? How will you feel about paying your agent in that case?
@lindac6919 Most intelligent response in this entire comment section. 👏 Sadly the majority of people commenting here are either completely ignorant of what Realtors actually do in the transaction or they've unfortunately had an awful experience with a bad agent. The ones who are satisfied with the agent's services and recieved the value they paid for, are usually not the ones commenting on these kinds of CZcams videos. ❤
If the house was overpriced, why did she not suggest negotiating with the seller.
There needs to be more transparency with real estate agents.
@@OG-cz5nt: Exactly, which most people don't use for research until after the fact. Just like used cars
The industry needs to stop self-regulating right now and have someone else step in.
We also need more diversity for more fair treatment overall.
As a realtor I am so happy this is happening. Not once have I turned down a lower commission, in fact I have put down my commission on my own many times just to help my buyers secure a home. I am glad this is coming out, I hope more comes out. Makes people who practice real estate for the love of it look bad and get pushed out of real estate. I am on the verge of giving up real estate because of the agents not the clients
If this is true then don’t give up because we regular house owning citizens need ppl like you working in the industry. I personally would have to be in a dire situation to sign any contract for an agent to take the 6% it is here in USA. Most I’d consider is 3% or I’d spend a year trying to sell privately. I own 2 houses and the first is a multi family property I lived in for a long time and we didn’t use any realtors for that. Wish I could have done that on my personal home. If and when the day comes to sell I will waste a year trying to on my own first unless an agent negotiates. I will never understand why an agent wouldn’t be happy to have another property to sell even if the pay day isn’t as big, income is still income. Today houses are selling way faster too so even less work for the agents
Don't give up, we need people like you :)
Seems extremely odd to want to quit or give up if you claim that you're even giving up your commission or lowering it for some client's. It sounds as if you're actually the opposite and selling a home to people who can't afford it.
@@lh98 in the USA it's 6% minimum and is through the government & State. Nobody would sell your home or sell you a home unless you're buying and selling and it is worth it for the commission at such a low percentage, period. Anything above 6% is sketchy.
@@lh98 thank you this means a lot …. I’m sorry for what you’ve been through. But it’s definitely giving me new breathe
With average homes increasing dramatically in prices, the real estate agents can make more from one sale than a homeowner can make in a year. It’s outrageous.
The same could be said of a Surgeon or competent Attorney. For someone such as myself who holds 2 advanced degrees (real estate / finance) and 25+ years experience along with countless hours of continuing education, I have more expertise in real estate than most surgeons or attorney's have in their respective fields. Not all "agents" are created equal and while I'm a Broker and not an Agent; I could be mistaken for being the same as someone who shows real estate by day and serves cocktails at night while wearing a "Realtor" tag. I agree, paying a barmaid/bartender who moonlights as a Realtor the kind of $$ they sometimes receive is outlandish. However, someone who has a company, employees 30+ people, holds a licenses in 35 states, etc. SHOULD be compensated well. As for making more than a client makes in a year; I can't say that's ever happened. 6% of $1M = $60k I don't know too many people, I actually know of none, who live in a $1M house while working 40 hrs. weekly for $5k per month.
@@showmesomevideos then you need to get out more....thats all the people i know...this is canada..not the usa.....house prices start at about double the usa because were not full of trailer parks mobile homes or converted school portables...theres nothing in canada for under 200k thats not practically in the arctic circle or hundreds of milers from a real city
With short inventory, selling prices over asking, buyers getting out bid,.. it can take a year of working with a buyer to find a house, or worse the buyer gives up & never buys = agent earned zero for their time & work.
EVERYTHING you buy is priced to cover all of the expenses incurred by the business to get the final product or service to an end user, including any losses not directly related to each end user.
@@jg3257 That is correct. And, until Buyers start paying out of pocket for representation, that compensation (for the broker/agent) must come from the Seller. Those who believe 1% is a large sum of money fail to recognize the vast majority of Agents actually only close about 3-4 deals per year. There are attorneys who bill by the hour (requiring a retainer) and those who provide their services "on contingency". You won't find a corporate attorney who bills on contingency. Are there incompetent Attorneys? Certainly. Are there incompetent Agents? Certainly. But, just like anything else, you typically get what you pay for. Any agent willing to work for 1% is akin to the discount divorce attorney one goes to in order to get a "deal".
@@kazzTrismus Regardless, Canadian lenders won't approve a $1M+ mortgage for someone with an annual income of less than $30K. So Tas TX claim that one sale is more commission than homeowners make in a year is utter absurdity. Likewise, a $200K home buyer has to earn a lot more more than ~$5K commission.
I sold my house by owner in 2021. I got a bunch of calls from relestate agents saying they had someone interested but they wouldn't allow them to come unless I offer a good percentage commission for the buying agent. I would offer them 2%, only one agreed and came by. Most of them threw hissy fits about a "low commission". Then told me they would tell their client "it isn't going to work out" or something like that. Not sure what they would actually tell their clients but I definitely missed out on several showings because the agent was being a firewall.
I ended up selling with no realtor, above asking, no realtor fees.
This is the best show. Every Canadian needs to watch this
It is a good show, and so is the Fifth Estate.
Salvation has been treaded upon. Sorry it is over even in nowhere Saskatchewan. Very high value land
USA watching! Oregon
it's an even bigger concern that this isn't common knowledge. I have always thought only the governments pretend not to know this lol
You are all crazy if you think 1% is a good deal. An average house is 400k, 1% is 4000, after our brokerage fees and taxes we really only get 2500. Typically you work with clients over 3-6months and spend 40+ hours driving and doing showings/ writing offers. So you tell me, would you work for 40+ hours over 6 months with someone for a measly 2500$? Not to mention the time you spend to get the clients in the first place. You are all crazy and have no idea what goes into being an agent.
The first guy agent was honest and he had ethics. He said he just wanted the buyer to be happy and have a home...he was all in with the low percent commission. He was honest.👏
Yeah the first one who honest .... greetings from San Diego California
How are you doing??
@@dwainclooney7740 Good and you?
I’d buy under him just for that alone.
@@alisonj1384 Me too
My hubby and I sold our home in B.C. last summer through Property Guys. It cost us $6000.00 . We sold in 3 months for asking price.
It's tough for me to see 6% of the sale go to realtors when all they are doing is showing the house.
The title company is the one that takes care of most of the paperwork.
They aren't innocent either. We got charged 175 for attorney prep, but all the forms were just bad photocopies. The rub was a 45 dollar copying fee.
Not true. The title company does the title work and escrow is responsible for gathering information pertaining to liens along with recording the transfer deed and disbursing the $$. Agents are responsible for not only listings but disclosures, ordering inspections, coordinating with the lender if one is involved (if not, they are responsible for verifying adequate funding to close the transaction), opening escrow, and a litany of other things although most Agents' Brokers assume the majority of these responsibilities since it is ultimately THEIR license which is on the line each and every transaction.
No... That is not aaaall they are doing... they do not earn money UNLESS they have a contract... So they get paid high because they TAKE THAT BIG RISK...
As the owner of the house has the CHOICE to make for what she OWNS the real estate agent has the CHIOCE to make with what he OWNS that is DATA earned by him by putting time and effort and advertisement costs.
Why are you upset for that?
If you think you can do it yourself then do it yourself... !!! 😊
The same thing happens in any other fields.... You can wash your own disher or BUY a dishwaser....
You can wash your own car or have it washed.... that does not mean car washers are bad guys for taking money or not washing your car when you want to pay less than they worth.
Plus... when you do it yourself you gotta wait for the risks of fradulant buyers in the absense of agent double checking them. Good Luck... !
Wrong, the agents are the one putting those contracts together lol. You don’t know the works behind those while it’s under contract not to mention the driving around showing many house many different days months till buyer find the home. Making appointments set up with other agents. Writing legal contracts negotiations lol. Try to be an agent and you will know the work behind the scenes. Yes there are contracts that’s super easy especially it’s cash no contingencies,and buyer that’s not so picky, you get lucky. But most of the time agents work are complicated. The Lender and Closing Atty depends on the agents making the contract close too 😅😅😅
Normalize Private Sales, time to oust the need for the realtor. Greed is so disgusting.
More like shut down sites like Zillow. They're pricing EVERYONE out of the market. I still cannot find a house because prices keep climbing faster than I can save up. I sometimes wish I was never born in this day and age. It's just nothing but despair.
Private sales this report was based on people marketing on a realtor platform and expecting to have realtor results.. If you want to have at it and market on tik tok God bless you but don't complain when your home doesn't sell. There is so many legalities that go into the industry that you will never know.. a private sale without someone looking after your legal interests is a huge mistake. My business works with private citizens as well as realtors and I always steer them to a pro, I don't get commission from it, it is just the smart thing to do with your largest investment.
The lady selling the house is cheap and delusional.
@@OrlandoMac "this report was based on people marketing on a realtor platform and expecting to have realtor results" The seller placing a listing themselves isn't at all the issue here. If a buyer's agent refuses to show a home that is a good fit for a client, it's a violation of their fiduciary duties. If you're suggesting that's just business as usual then you're proving the point that the system needs a massive overhaul, including charges against those who break the law.
@@OrlandoMac Realtors are not attorneys. Just hire an attorney if you have legal concerns, why would you need a realtor?
Back 10 years ago, I sold my house "For sale by Owner" , sold in three days.
In the US? if so, as seller you can enter the closing office with out being a realtor and the buyer doesn't have to be a realtor if both parties are in agreement on the price. I wonder if that's the same in Canada tho...
We all need to take things into our own hands..we know sadly we can't afford to trust most people
@@Nothuman76 I did hire a lawyer for $1300-. However saved $18,300 in fees. Always hire a lawyer for the contract and closing times.
I SOLD MINE DURING MY GARAGE SALE/ A 3HOUR RECORD!! YUP! AND WENT TO A TITLE OFFICE AND NO STRESS, BUYER WAS A CONVENTIONAL LOAN HAD THEIR HOMEWORK DONE AND WORKED OUT AND WE KNEW EACH OTHER AS WAS PREVIOUSLY SO IT WAS NICE, ALSO BOUGHT A HOUSE IN TOTAL OF 24HRS!!! NO KIDDING, IT WAS THE VERGE OF FORECLOSURE AND THE BANK RUSHED IT AS WE WORKED W SAME BANK AND SMALL TOWN!! YUP!! IRONICALLY,,THOSE SAME PEOPLE CAME BACK AND BOUGHT IT BACK 3 YRS LATER !! IN BETTER SHAPE BOTH THE HOUSE AND THEIR JOBS! LIFE IS INTERESTING!!
I am in the US and sold my own home 3 different times and only went thru a title company. You DO NOT need a realtor at all. Save your money and sell your own home. Title companies will walk you through it.
This is why we did away with agents completely. We saw a seller listing their house on their own, and we directly contacted the owners and got the house without any issues. All negotiations were done directly with the owners and we were all happy by the end of it.
Contrast this to the 2 years of having multiple agents who were clearly rigging the system and making sure that the best houses were going to their friends. We once bid 10k over the price because we just wanted to be done with it. The final winning bid was 100 dollars more than ours.
As a buyer I would always do my own home searching on MLS and elsewhere to find homes I want to see, no way would I rely on an agent to find me all of the houses. Everything is negotiable. Kudos to everyone exposing the system and to busting it wide open. 👏👏👏
The amount of work the crew did for this is amazing, Keep it going.
Greetings from San Diego California
Most buyers find their own houses on the MLS listing anyway. Then just call their realtor to arrange a viewing, make a bid, and settle the paperwork. But most of the work is done by the consumer and the real estate lawyer who does the real finishing touches and legal/financial paperwork. Realtors don't do much at all. In this digital age, they have become mostly obsolete. Time for a change
Very true.
Good points.
absolutely agreed. Both time I was buying, I found my own house on MLS. First time took agent, since I was told better have one, won't cost me a penny - didn't do anything for me though. Second time was buying in different city, so i thought better tell this local agent to connect me, still no much help - all was up to me, what to offer, what to ask in negotiation... really didnt need one in the end.
Mortgage broker on the other hand I prefer to hire and helped tremendously!!
A lot of people now hire only when selling properlty, but not when buying 2nd, 3rd property.
Boom, so true
I would like to know how to buy a house without any Realtor. Any guide online?
From my personal experience, realtors are at the same level as any low-life sleaze-ball criminals.
This need a follow up video. 3million views shows that Canadians care about this issue
A Real Estate lawyer who says "I can't believe an agent would act this way" is simply not credible. I have yet to meet an honest real estate agent. Their "code of ethics" is 99% about them not stealing each other's listings and 1% related to their treatment of clients.
@@Human551 you need to realize, we have insight into market trend for the past years on sale prices, that is available to everybody now, just not agents, so we technically don't need agent estimates we have apps for that. You tried shut down bongol, but others are popping up
@@Human551 because Im good with numbers, but I dont eat bread LOL sorry
@@Human551 we sold a house ourselves at a higher than market price because prospective listing agents were undervaluing the home hoping for a quick sale or to buy and flip it.
@@Human551 It is easy for a home owner to price their property. Real estate agents send out home value notices every week to home owners, hoping to trap them into selling their home.
I'm a Realtor and I'm shocked by this.. Our team is very honest... Not sure what's going on.. Dishonest people in every Buisness
When you have a product that sells itself, you don't need a middleman to take a 5%.
ABSOLUTELY!!
Yes!
@@rebeltvr6046 Obviously she didn't. What people don't realize is how difficult it is to work through all the steps to sell a house. Multiple inspectors, legal paperwork, loan availability, and negotiating to name a few. Also a "hands off" sale provides a layer of protection if the buyer has remorse or their is a problem with the house that may not have been known about at the time of sale.
@@ripvanrevs purplebricks and other sites makes the paperwork much easier now. And when AI takes over, those sleazy greedy real estate agents who overinflate house prices for their greed will be out of a job. We're not far from that job thankfully being made obsolete.
HAHA OBVIOUSLY THAT 1percent wouldn’t sell itself
This is a smear piece
I’m still astounded as to how the fees are this heigh, and more that an automated system isn’t in place where all the paper work can be simplified
That remark about the investigation not being about individuals and because of it not showing their faces was ridiculous. The very first agent actually wanted to show the house, his identity should be known. To be honest, even the other two agents, people should know who they are.
Never owned property until my dad passed away. Didn't hire an agent, and didn't need one. The process was seamless. In fact, it was more of a hassle buying a house with an agent.
Exactly!
Yeah i don't understand why people hire a middleman. Do you're research and you can get the price you want and the buyers can save money not hiring an agent
Are you in Ontario? Where's a good place to start to get information on the process of private listing?
I sold my house independently and saved $18,000 in commission fees. Real estate agents are not worth the money. Selling a house is a fairly easy process.
some people like simplicity or simply dont know or dont know what they are doing.
@@Gr33kChief like simplicity enough to spend $18,000 for it? You do you, but that's not a small amount of $
@@Gr33kChief This is exactly why the government needs to change the % to 3% max. When the housing market was low, it was acceptable. But now even houses are going in the millions, 5% is too much.
can you share some tutorial for how did you do that, many people want to learn
@@normanran3589 in my case I live in the Quebec side. Paid $1000 to get Duproprio listing services, they send a photographer to take pics of the house, post the pictures on their website and you get access to notaries where you can call and ask unlimited questions. It's a very easy process trust me!
Yes, people who work on commission to sell a home want to make as much as possible... You can always find a home on your own and not hire a relator to hand hold you and give you their time....
Agents should not be paid by percentage, it should be a flat fee. It doesn't require any more work to sell a million dollar home then it does to sell a $200,000 home.
Different problem you can run into: I was looking to buy a house, in the US. I told the realtor that the house was over-priced. She blew up. Had been in the business for 30 years and that the price was right. 6 months later it sold for HALF of what she said was the correct price.
Lol.
Such government inaction and lack of oversight is shocking and deserving of large scale protests across the country.
Indeed, but the problem is about 1/3rd of the nation owns property and don't want to see it devalued even by a minuscule percentage.
This country is so gotdamn expensive. Canadian consumers don’t do anything about it. Internet, food, gas, income tax, everything is so expensive in this country. So hard to get ahead unless you come from generational wealth. It’s depressing
@@AK-pz7om definitely not motivated to move to Canada. No way!
OK, I'll pay the 5% commission to sell my house...
on the amount above what I originally paid for it!
@@1398go I'm in Canada, but seriously thinking of leaving to take my money elsewhere, but covid is putting that on hold.
That is so sad! I can't express how thankful I am my friends refereed us to an amazing agent. I with everyone could find an honest agent
I’m so glad my partner had a family friend as a realtor. She bent over backwards to find us the best deal took us to so many homes even for sale by owner homes
Thank you for sharing your positive experience. Most of the people commenting here are either ignorant as to what Realtors actually do in a transaction or they've had a terrible experience with a bad agent. The majority of us are true advocates for our clients and work hard. Our livelihoods largely depend on relationships, repeat business and referrals. That can't exist alongside greed. ❤
Through the years of home shopping I wondered why it seemed the realtors silently REFUSED to show me certain houses I requested to see. I have been searching for years to find out why until now. Thanks
What kind of a mortgage did you qualify for? There is no sense showing you a house you can’t afford. It’s heartbreaking for you because your offer won’t be accepted and it wastes the agent time. Working on commission only makes you very mindful of every morning
@@emilyfeagin2673 Don't be insulting, do you really think your grasp of math is better than hers? She knows what she can afford, you nor any other agent should be preventing a meet up between a buyer and a seller because "it wastes the agent time." You are only proving people's point here.
@Emily Feagin no.
And I tried to purchased a home that was listed wat under value. The realtor ignored our contact, and it was sold at the under valued price. I bet the seller got screwed thinking he/she had no offer.
I had agents refusing to take my offer.
That was in San Francisco area even before the boom. Absolutely awful.
Now that was good investigating reporting. DO MORE.
This series "Marketplace" is really good, lots of reporting like this one.
Thank u I ha e learnt a lot being a first time.buyr
I liked their previous investigations better, when they didn't blur faces and they identified the people. I'm guessing they've gotten threatened with legal action by the losers they report on.
@@4seeableTV Probably so. I like how people can still identify which agents they are by their voices and body shape, like the chubby one with the accent.
@@carolesmith4864 Indeed.
One of the easiest fix to this problem is just to make the realtor commission percentage publicly available to buyers on every MLS listings. That way it's much more transparent.
Good love every minute of this. Thank you !!
$14,000 seems like a great commission for a relatively small amount of work. Most of these agents are greedy and provide minimal services.
50% goes to the broker, then you pay taxes on the remaining 7k that leaves around 4500. you just worked 60 days or more to make 4500. less than minimum wage.
Everything around me is on the market less than 24 hours and 2 to 30 day closing (not sure 60 days is accurate in all cases and not working for 60 days)
@@kendramales6446 that's irrelevant if you been in the real estate business as long as I have you understand that commission is what we live on to cut a real estate agent commission down to 1% it's absurd
@@kendramales6446 most of these commissions are split with broker and then taxed at a very high rate. And because there are so many real estate agents the competition is hard we'd be lucky to get one deal a month if that.
@@kendramales6446 I can tell by what your saying your a new real estate agent. This real estate market is saturated with real estate agents hungry for a deal I have known certain agents that haven't had one deal in the last 3 months that commission that they make is essential for their survival to have some greedy seller that probably got about more than a 500,0000 dollars in equity built up to nitpick you over one or 2% commission that is greedy
Show their faces . Why you protect those scammers ?!
They're afraid of lawsuits, defamation, etc. Don't want the Court trouble.
Agree
Pepperkill Development: 👍🏾 *That's* EXACTLY why I gave this a "👎🏾"!
its because they were recorded on private property. had they spoken on a public street, its fair game to show their faces
that is ''democratic modus '' free world country , as Australia
My mom bought her house when we walked through the dining room our feet sunk into the floor and my mom at the time was desperate to get out of her old house because it reminded her of my late dad. So we asked the realtor to do a check on the wood for termite damage and he kept just saying it's a done deal its a done deal and talked my mom into buying the house then skipped town and retired the entire floor was being held up by a single plank and some carpet. They sold my mom's house for 250k which 4 years later sold for 1mil and my mom bought her new broken house for like 450k the realtor retired off my mom's property
I released a couple of agents who steered me away from houses as a buyer. I got someone who took me seriously and looked after my interests.
I’ve sold homes from $9,000 to 2.5 million and treat all my clients the same. It doesn’t matter about the commission, just want my clients to have a less stressful home buying/selling experience with no regrets.
Nowadays you are to an extent an anomaly in a good way.
"It's not a service industry, it's a me industry." Greed seems to prevail.
It’s a service industry, And its all for me!
>:D
your boss will cut your pay 50% and see how you respond. We will be saying you are greedy... me me me.. all these workers only care about their pay cheques and feeding their families... it's sick right?
@@ChronicKPOP Well, if they accept a 1% commission, and it makes them $14,000, instead of $75,000, I am not going to cry over it. They sell many houses per year, not just one and can make a really decent salary on less commission.
So if we follow the same 5% normal pay down to 1% how many people in Technical, construction and teachers would still go to work and perform the same jobs for 20% of normal pay month after month year after year. Obviously if 5% is about the standard to lower it by 80% and expect the same work ethic from people is just plain ignorant.
@@bc5001 Thanks bro! but sorry yours isn't or you'd have a point.
Also, watch out for those realters who offer to get you a discount on inspection and a lawyer. They are all in it together. I was caught out there like that. The lawyer was shady. Wouldn't even answer simple questions whenever I called about different things and kept saying I will find out at closing. The inspector spent about 10 mins in my home and come to find out the roof was bad, bubbling and began leaking less than a month after moving in. Never again.
This is interesting, because when I bought my house (I'm in the US) my realtor showed me many houses, but the one we ended up buying I found myself online and it was 50k less than all the other houses we saw.
I hope action is being taken on those that are being unethical
The whole system is unethical it seems. The lawmakers themselves are not willing to talk this through. what would we expect them to change or make difference is anybody's guess.
$500 fine.
@@jimmyzhao2673 On a $40,000 commission? It's nothing...the price of doing business.
Um WE NEED to know that first honest agent. It is SO HARD to find good men like that PLEASE we need a name to work with him😩!!
@@thebtchthathikes1008 Hi It's me. Let me know how I can help
don't understand why sellers still use agents in a hot market,I bought and sold privately and saved a fortune, though agents try to scare you
What's the best way to do it? I'm looking to sell my condo soon privately. How do you market - I have the lawyer to do up the agreements
Yes many buyers prefer to bring their agent to evaluate the price with comparable homes recently sold. Most homeowners have no clue how to evaluate their property and less than 10% of them actually pay a licensed evaluator cause they are cheap. Most of them have an outdated land survey and wont pass at the notary. Its good that the paperwork is well written by the buyers agent, many times parties accept the contract and there are many errors. Also if they only go with a notary, he or she has never seen the home and cannot suggest what to put in the Sellers declaration and in the contract to protect both parties. We prefer houses on the MLS because our agents can directly have access to the Sellers declaration, history of the property, past expertises, etc. Which saves a lot of time for all parties. I think the private home owners who want to sell on their own, should have their platform and not be on the MLS (agent platform).
@@JSCimmo not in a hot market
@@JSCimmo pay for an appraisal ez clap. A realtor knows dicc all about valuation too unless they've done appraisal courses in depth. $300 vs $14k 🤔🤔
Exactly. Real estate agents are just dirty car salesmen who make more commission. They've been rigging the industry for years to keep their jobs in demand. The amount of money they make for being a middle man during a sale is truly terrifying. And apparently, our generation has far too much spending money to care.
It happening to me right now! I'm in Quebec. Thank you for investigating!
Super informative! Thank you
If most agents are ignoring the lower commission homes I'd be selling them like gang busters. And I'd want to expose those unethical agents. They're the ones who need to be blacklisted!
Ya bud, then you would be blacklisted in the industry
exactly my thoughts just go to all the low commission homes and sell them like crazy
@@quintinlarson9499 - Why would that poster be blacklisted for helping clients? Make it make sense.
@@sonyacotton4881 because other agents are not the nicest people.
AMEN TO THAT ‼️🥂
All the bad agents are giving a thumbs down.
They'll flock to forums like this like a Christian apologist does to a irreligious forum.
Money-hungry too!
My thoughts exactly!
@No One It's the real estate agents who have created and pay for this system so why should it then become open source? You wouldn't expect to be able to park your car with a for sale by owner in the local Ford dealership's lot for free and then and expect them to sell it, would you?
Well done. Very informative!
Keep up the good work actual really good reporting!
I’m a realtor, and 1% on that house being $14,000 is amazing! Lol some agents are just sooo greedy.
Right! They'd rather have NOTHING and I'm glad they got EXACTLY what they were trying to give the homeowner, not one DIME
You are NOT a REALTOR. 🙂
I'm not an agent yet. But i understand services..I sell my house before and I pay 7%...Because they don't make a sell every day..And like us they're also need to pay bill.
@@nbdallashouse1658 Awww, they didn't make $25000 on a daily basis, so sad.
1.4 million dollar house and you're going to do months of work for 14?
This is why no one trust realtors.
During an open house I saw the agent go into the seller's garden and steal their veggies.
they've become the new 'hated' like lawyers were
@@robynmctaguebenefits9475 They have earned for sure
@@robynmctaguebenefits9475 not were …. Still are
@@robynmctaguebenefits9475 it works in this order, bankers > realtors > lawyers.
I'm in a different country and watching marketplace. Such a good show.
5:54
Wow, I'm so glad this guy mentioned this is a home. I thought it was an empty lot but now I know better.
Lol
I'll never use an agent again to sell my house, especially in this market.
This video only scratches the surface of what is really going on. I`ve been a realtor for 11 years. This system we have is set up to benefit the realtor and not the general public. It is so full of unethical, self absorbed low life people that are only in it for themselves, it`s sickening. Everything should be more transparent and designed to protect the consumer, not just take their money. As far as reco, crea etc goes, they are a typical governing body. It`s a boys club and you (and I) are not in it. I know a lot of realtors and can count on 1 hand how many put ethics first. It`s a pathetic industry full of dishonest crooks with a few good ones sprinkled in.
After more than 40 years I retired earlier than I wanted to but I just couldn't stomach it any longer. RECO was the start of it. I thought the name was ironic at the time LOL
So true!
Reco is useless
Please share the good realtors
@@palomamia841 I`m one but I`m sure everyone would say the same thing lol
I would be a hustler if I was an agent. I wouldn't mind getting paid $14,000 for selling someone's house. These agents are so greedy!
She is exactly right. Thankyou for doing this episode.
Sold my home by myself, cost me less than $1000, in 3 weeks. Realtors kept calling me, telling me I won’t have success like they would because I didn’t have the market knowledge. I was a 28 year old machinist. If I can do it so can most home owners. Save a ton of money by doing your own research on the market and how to prepare your house. Sure it takes hours, so what. Calculate saving 30-60,000 by how many hours it takes. Its a zillion times more per hour than what they make at their job. Too many dishonest realtors charging way too much and are largely responsible for jacking up the housing prices in the last few decades to the point where the average Canadian middle class can’t afford them anymore.
I have seen realtors say they had offers to buyers and there was no such thing just to pump the price up and creat a bidding war .
Preach, brother Grunf...
PAY YOURSELF!! It is more than a few hours, but you will make the RIGHT call every time. Better than trusting some beauty school dropout with your life savings.
@@samoday2992 I hope that is the sequel episode to this house purchase fiasco! Ghost flipping and ghost offers!!
@@lucash1980 it’s the old car salesman trick . If you don’t buy it today over the asking price it’ll be gone tomorrow …..
this is my favourite realtor line:
You need to use a realtor to buy so you dont get stuck buying a bad house and so you dont overpay.... also realtors: you need a realtor to sell your house because if you dont use a realtor you will be leaving money on the table.. Meaning you wont get as much money..
LOL so apparently.. realtors who sell your house get you TOP dollar.. and realtors who help you buy a house make sure you get a good deal... Ummm. something is not adding up here
I would love the name of the first realtor, he looks like he actual wants to sell people a home they want.
@@jasonsaxe5661 Good job man. Honesty and integrity will get you far in life. I will suggest you to friends and family any day.
@@jasonsaxe5661 Let's hope this investigation steers all the traffic towards you. It would be sweet justice for all those agents who are fans of steering.
@@jasonsaxe5661 Jason the Saxe-machine!
@@spacewolfjr Thank you!
@@laurenmiddleton5781 Thank You very much. This is how I conduct my business. Open and honest.
Always buy and sell without an agent. Find homes sold by owner by driving around and asking friends and coworkers.
In Manitoba, it's worse than that. Here the agents from many different agencies, get together and have an open house, with all buyers seeing the house at the same time, then they brake off in groups and start a bidding war, jacking up the price, right before your eyes, with no conditions allowed!... My daughter was in the market for a bigger home, she saw 12 different homes and the same thing was going on, bidding wars, with ALL the homes being sold $20-30,000 over asking prices, with a young couple there is NO chance of competing with that!... I myself was in Real Estate for 3 years and in every case, if you had an offer to purchase, the listing agent was responsible for taking the offer and proceeding to sell the house to the person putting in the offer, that is the law in Manitoba, every offer needs to be presented to the owner, in a timely manner!... What we have here, is the agents getting together to jack up the price and strip any conditions for the owner having to deal with, before the new owner takes possession of the property! They are also responsible for disclosing any problems with the property, cracks in foundation, flooding, roof leaks that sort of thing, but now you get what you see and forget the rest!... This needs to STOP and help the new people starting off in the home owner world, but what you see here is, everyone in it for the money, who cares about the owner or the buyer any more NO ONE, not even the government who has allowed foreign governments and companies to rise the housing markets in Canada, for future sales to go too their own ethnic group of the population, through banks set up from foreign countries to supply their ethnic group an upper hand on the rest of the population, along with interest free mortgages, no money down or even no payments for the first 6 months, not even our own Canadian banking system, will never offer that option to anyone in Canada, not even Trudeau's government!!!
Market Place is the true shining star of CBC, a bipartisan defender of the people and I'm very grateful for it.
In the US, specifically in WA, we cannot legally say we have a standard commission. It’s always negotiable specifically to avoid this problem.
well except that denying a flat fee is standard lol
Correct. People fail to realize that we are a business. And there’s more realtors to chooses from. We still have bills, taxes and splits to pay on each transaction. But that’s not talked about in this video.
I also noticed they're not showing proof on the other side. Only selective recording 😌 I don't doubt some aren't terrible though. There's bad workers and bad people in all fields.
Um WE NEED to know that first honest agent. It is SO HARD to find good men like that PLEASE we need a name to work with him😩!!
Yeah, except it happens all over. I've been a agent in several states and just sold a house on my own. And I had several agents directly call me and ask what was I willing to give them. If I didn't offer them 3% they didn't want to show clients my house.
Since commission is such a big problem in the industry, why not just make the commission private or disclose upon completion of sale? You could have a private non-profit organization who's not related to real-estate keep private legal documents on the commission amount for each listing and when the sale is completed, those private documents can then be released and then those agents can either accept or challenge the commissions.
Love that pieces like this will tout the amazing benefits of another system but none of their negatives.