I recently sold my property because I couldn’t afford it and found out that I would have to pay about $70,000 (6% of the sale price) to the buyers’ and sellers’ agents. Together, the agents earn over 5% of the house value on a single transaction. In Toronto, a condo requires an average down payment of about 80k, which will take you five to ten years to save. The agents receive about 40k on that purchase, or half of the down payment. Although I believe that agents should be compensated for their services, I believe that the down payment should receive 5% of the total house value instead. What are your thoughts, guys?
It can be useful. If the seller already has an agent, ensure that your interests are also safeguarded. A buyer’s agent does more than simply show you the house. At least the decent ones do.
1 Like
After reading all these comments, I’m seriously thinking about creating an app to replace real estate agents or at least listing agents and automate most of the process. Also, it would make the bidding process more transparent. If this comment gets enough likes, I promise I’ll quit my job next week and start working on it!
1 Like
Don’t a few businesses already provide this service? Grapevine, unreserved, purple bricks/duProprio, etc.?
To be honest though, the more the better! A few years ago, I sold my condo through Purple Bricks (formerly known as Comfree), and it was fantastic. An innovator.
1 Like