# Do I really need a Real Estate Agent?



## zidane (Jan 8, 2012)

My situation.

I go to college and I am living with my mum. My mum has decided to move back to Toronto to take care of my grandma. I want to finish school so this means I have to move out. We are looking to get this all done by the end of summer.

We live in the heart of Richmond, BC. We bought the condo in 03’ for $250k and according to the property assessment; our condo is now worth ~$450k. As for Richmond’s real estate market, the bubble has not burst yet and I don’t think anytime soon. 

I think this condo can be sold without a real estate agent. I personally want to sell it on my mum’s behalf. I mean, an agent just lists the condo, show potential buyers and does the paperwork –nothing I can’t do! Plus it would be a valuable learning experience for me. 

I think our condo is quite desirable and thus easy to sell. To list some pros: great location with so much convenience (literally a 5-10min walk to grocery stores, restaurants, local college, sky train, banks, 2 malls, community centers, sports facilities.), facing south with sunshine and view, and low strata fees.

As for renovations, I am planning on doing as much as I can. For now, I can start doing small renovations with the bathrooms, doors, lights, and kitchen. I want to empty out the entire condo so that I can do some of the larger renovations (recarpet and maybe paint the walls.). I’m not too sure as to whether to start finding a place to rent and move everything there or to rent a storage. 

To sum it up, should I try to sell my condo? What are the necessary steps to take? 

Any other additional information will be highly appreciated. Thanks.


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## jamesbe (May 8, 2010)

It's easy enough, sign up for one of the for sale by owner companies for a few hundred and they will give you all the info you need.

But do not go by the city's property assessment that has nothing to do with the value of the home.


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## Ihatetaxes (May 5, 2010)

Go for it! I sold my last two houses privately and saved a bundle!

You might want to look into a flat fee MLS service as so many people look for property that way. Social media is a powerful tool and here in my city a lot of people are listing houses on Kijiji. We sold three used items on Kijiji last week for a total of $1300 and each ad took less than 5 minutes to create. I would definitely use it as a tool for listing a house.

The last house we sold got a big response from a large colour photo ad in the local Saturday paper. Ended up with a bidding war by days end between two families that both responded to that ad.

Good luck!


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## Mall Guy (Sep 14, 2011)

Sure you can, just remain a little detached, think of your mum as your client. The flat fee MLS companies are likely a good idea. Always have your open house the same day as other agents are having theirs!

Before putting large amounts of time and money into renos, do lots of research on what has a solid payback. Paint, usually good, carpeting, I'd think twice (depending on current condition). Buyers don't notice half as much as you think they do. De-clutter and a little staging might have a better return. When I sold my last condo in Toronto, as much stuff as possible when into the storage locker, the kitchen lunch count was always set, and new a bedspread . . . that was it!


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## lb71 (Apr 3, 2009)

Not sure of the commission rates in Vancouver, but in Toronto you are looking at around 5%, split between the selling and buying agent (plus HST). If the selling agent is also the buying agent, generally you can get a discount. You may want to consider taking on the selling agent's role via a private sale or a flat fee service for MLS, but offer the 2.5% commission to the selling agent in order to ensure reasonable traffic through your condo. Otherwise no MLS agent will show your condo, and most buyers go through an MLS agent.


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## Cal (Jun 17, 2009)

FSBO may work. Hey even an ad in your mail room could work.


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## Fain (Oct 11, 2009)

sell it yourself, save the money


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## Pigzfly (Dec 2, 2010)

In your situation, I would definitely consider it, as you have the time and flexibility in schedule, as well as easy access to buyers.
Also - try to go to some open houses for comparable condos, to see what else is out there.

Pricing - real estate commissions in Ontario are ridiculously high, they are still a fair bit in the GVRD, but nothing like 5% on the whole value. It will more likely be along the lines of 4% on the first 100K and 2% on the remainder.
Your property assessment value has little to do with the market value of your place. Also, just because your neighbour's place is listed for a million dollars doesn't mean a) it sold for a million dollars or b) that yours is as good.

As mentioned, changing carpets might be necessary if they're terrible, but you may not get your money back... it depends. This is another reason to go look around your area and see what other places look like and their prices, especially if you're going to do renovations and list yourself!


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## canabiz (Apr 4, 2009)

We just sold our first home a couple of weeks ago (less than 2 weeks on the market) and thought I could share a couple of tips and tidbits 

Not sure where you are exactly but the market has somewhat cooled down where I am in Ottawa as a lot of public servants are worried about the upcoming budget and possible jobs impact.

- Price your home right. I can't stress this enough. We know we want to have a quick sale in this slower market and nothing gets people in the door (and hopefully with an offer to follow) than an attractive price. We brought in 3 realtors who are well-known in the area for market evaluations and subsequently knocked 2% off their suggested listing price when we went with Grapevine (well-known For Sale by Owner website in Ottawa). Buyers and agents have access to all the tools we have so they know what houses are well-priced.

- List on MLS through one of those discount brokerage for additional exposure (echoing what Ihatetaxes said earlier). We did it through the Usher Group for $199 + tax. We had 2 offers (1 written and 1 verbal) and both came directly as a result of our MLS listing. Grapevine is great but I think it's most effective when the market is hot which is certainly not the case at the moment. We have no problem paying another agent some commissions if they can bring in qualified buyers and seal the deal. 

Good luck with your sale and remember at the end of the day buyers are out for a deal and us sellers want to maximize the value of our property. Something gotta give and I hope you find a happy medium! The feeling of doing it ourselves is pretty good!

There will always be a market for realtors but the real estate game has evolved and you can certainly do it!


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