Realtors are still trying to keep the public’s hands off MLS, but you can’t hoard information in the information age The main incentive for selling your own home is, of course, to avoid paying the real estate agent’s fees, which...

Realtors are still trying to keep the public’s hands off MLS, but you can’t hoard information in the information age

The main incentive for selling your own home is, of course, to avoid paying the real estate agent’s fees, which can be enormous, usually amounting to five per cent of the value of your biggest asset. A DIY seller of a $431,000 house (the average house price in Toronto in 2010) would save $24,350 (including HST). You could buy a new car for that. Even if your buyer uses an agent, which most buyers do, and you’re on the hook to pay a 2.5 per cent commission, you’d still save more than 10 grand. In the same dramatic way consumers dumped travel agents to buy cruises, hotels and plane tickets over the Internet, I expect that we will soon be rethinking the way we use real estate agents, if we use them at all.

For the moment, we still need agents—not because of all the services they provide, but because of just one. We can’t list our homes on MLS.ca without them. MLS, the Multiple Listings Service, accounts for 90 per cent of all residential sales in Canada. House hunters can browse the site (and nose around their neighbour’s kitchen, right down to the Sub-Zero refrigerator), but the Canadian Real Estate Association controls the flow of information and carefully guards the most up-to-date data about sales.

Until last fall, CREA rules dictated that only traditional agents—those representing clients through the entire process, from appraisal to final sale—were allowed to list on the database. This gave CREA and its member boards across the country a virtual monopoly on real estate listings.

See Toronto Life article by Jan Wong »


Posted: 2011-03-10 06:22:34

Ream more...

Want to sell condo Toronto? If yes then you are at the right place. At Canada, especially in Toronto your search for a perfect real estate broker to find out best Toronto Condo for Sale can’t end at a better place. I Marco Momeni, assures you best value for your condo and unmatched customer service at most competitive cost. I can even help you make your condo more attractive so that we can finish the whole transaction and selling procedure in least possible time. Selling a condominium in Toronto is a very herculean task. And if you want to try to sell condo Toronto all by yourself then the whole process will be nightmarish. So let me handle your Toronto condo for sale, I guarantee you best value at most affordable price. I even have the experience to take care of all the legal procedures such as preparation of agreement papers and various other necessary things which are required at the time of condo selling. We are committed to strike the best deal for your Toronto condo for sale by finding out the most suitable person or family who can pay you correct amount. I can achieve this by utilizing mine as well as your network of family, friends, neighbors, office colleague etc. I even strive hard enough to popularize your Toronto condo for sale by using internet, print and visual medium, and various other advanced advertising and marketing techniques. As I have years of experience selling, buying and renting properties in Canada and especially in Toronto, We know in great detail about the important factors that makes difference in sealing a deal. Using all these knowledge, I give my clients many inputs and advices about staging their property which makes them more attractive and gets them better return on that.