Monday, June 7, 2010

Selling yourself but on the MLS

You do have the right to sell your own home anytime you wish. To anyone you like. For what ever price you select.

You found a Realtor ® to place your home on the MLS system with a co operating broker commission of $50.00. It sat there for 3 weeks without any action. The listing was then terminated and reposted as the same information but now with 2.5% showing as the co operating commission.

I get It! You don't feel real estate agents are worth anything and you have the right to say so in your listing. I understand that you are angry. You should have the right to bring your home directly to Buyers without my interference.

Brenda Gwilliams from the Toronto Real Estate Board, Rules and Regulations department says that the Vendor now is able to conduct their own Open Houses as they see fit, as was updated from RECO and the response to the Competition Bureau, under the limited services options available to sellers they can do what ever they like. So ..When I bring a client through your open house, or I have a client under contract who invites me to your open house.. Merely asking questions of the Seller at the house or the unlicensed person representing the owner places me in a conflict in that I am negotiating with the Seller in the absence of their LISTING AGENT!

The Owner of the house had placed a number of OPEN HOUSE signs leading to the property. My Buyer Client Prospect (under Buyers Agency BRA) found the listing on the site and took a drive out Saturday to scope out the neighbourhood. [They] called and asked that I might join them at the Open House to inspect and view the property as a second opinion.

The Owner of the property was initially friendly and then became frosty and moved directly to hostile. As long as the Purchaser was unrepresented, the seller was interested and eager to explain, divulge, demonstrate, show the property in detail. When I asked questions about the property or when they wanted to move I was met with.. "Why am I asking anything?" types of responses.

This opens a number of different issues for me. As a realtor there is a mechanism for you to complain; My Broker Manager, RECO, the police. As a prospective shopper you are now potentially entering an open house with what ever SELLER and their PUSH for you to buy their house. Do you leave your name and phone number with that SELLER to contact you as they see fit? Are they in conflict with the Privacy Legislation by asking for and keeping your contact information?

This is completely new territory for us in Toronto (Ontario) and I would be interested to hear how the southern states handled the discount brokers concepts of partial service MLS representation. Is this the best way to handle your sale?

Your comments are truly invited.

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