OnceAThief
Active Member
You don't necessarily save more money considering more people will be viewing your unit with an agent.
- Thread starter edward.wang
- Start date
lowesthangingfruit
Active Member
I think everyone is missing the point here. Gei is looking at buy and sell literally on his/her own. Others are saying that without the MLS, it is difficult and an uphill battle.
The truth of the matter is that the MLS system currently acts as a central market for the physical real estate sector at this point in time. What I am proposing is that this data base needs to be opened up to stop the artificial monopoly currently acting as a drag. Effecient market theory would dictate that everyone has equal access to all data to base buy and sell decisions. As it stands now, the real estate industry is holding hostage this database and using it as leverage to force the market into the current mode of transaction. What should be the next logical evolution is that those that want full service brokerage can still purchase it and those that want discount brokerage services (ie essentially a real time data feed) can purchase that at a substantial discount relative to a full service brokerages. That is exactly what has happened in the last decade in the financial markets and there is no reason why it can't be implemented in the physical real estate market. Actually, there is only one reason. The current real estate regime is threatened by this notion as it means only the very smart and best will survive as full service brokerage firms and the rest of the market will fall onto the plethora of discount brokerage houses that will surely spring up if this magical data base ever gets opened up.
littlemonkey
New Member
How is it sleazy? It is the developers that are offering the incentives for realtors to bring clients into their project on VIP openings. It is the developers holding back to the public until after the realtors have had their clients choose the best suites at the best prices. My role as a realtor when it comes to these VIP openings is one thing only, a marketing tool for the developer. They understand full well that co-operating with realtors would drive up their sales and that is why they provide a decent commission for me to market their project to my database of clients. I am simply doing a job of marketing. I agree, you don't need a realtor to tell you which floor plan to choose, not to buy in front of the garbage chute, but the developer needs me to attract buyers for them and buyers need me to take them into the broker opening.
When I bring them clients from overseas, the US and other parts of Canada, they benefit as they sell their product and they tap into groups and groups of people that they may not have access to or who want to buy, but don't want to do the work themselves to set up the deal.
On Thursday at the VIP agent event, I sold a unit to to a client in Ottawa, and a client in Los Angeles. My email to my 1000 plus database then garnered interest from others who were forwarded the email from their friends/family and then I signed two more deals on Saturday from two random people vacationing in Toronto from Iran that read my email and called me to take them to the site to purchase units. In reality, would these two people ever have been aware of project if not for me marketing it? They may have at some point considered investing in Toronto real estate, but being on vacation, they didn't want the hassle of figuring it out on their own. So in the end, the developer wins, the clients win and I have done a good job of marketing, so therefore I expect to be paid for my services.
The developers would never have been able to reach these 4 people to purchase a unit if it hadn't been for me as a realtor marketing to them. So in essence, you may find my role to be useless, but the developer finds my role as a marketing agent for their property to be priceless.
Just look at Concord City Place, the developers keep building because realtors keep bringing in Hong Kong and other overseas investors. If Concord didn't open the door to realtors to bring clients from Hong Kong and overseas to their project, do you really think they would be building thier 12th?? building by now? They can only reach so much of a mass.
littlemonkey
New Member
I guess I am not understanding your point with respect to MLS.ca. Any realtor who pays their fees have access to the full range of services that MLS provides. Realtors can come from full services brokerages such as Re/Max and Royal Le Page or from discount brokerages such as Right at Home Realty. Are you asking that the database be opened to the general public? MLS is owned and operated by REALTORS, why would they open it up to the general public. They MLS website has the following disclaimer:
"This web site is an advertising vehicle provided by REALTORS® across Canada to help market properties."
So what in essence you are asking is that MLS be opened up for the general public to be able to advertise and market their properties. That is like asking BMW to open up their website so that you can market and sell your 2006 BMW. BMW would never do it, why would you expect MLS to do it? There are a ton of websites to market and sell your own property as there are a ton of websites to market and sell your used vehicles
lowesthangingfruit
Active Member
What I mean is exactly what I wrote in my previous post(s) to this one. See what has transpired in the last 10-15 years in the financial markets (ie. move from full service brokerages to discount brokerages catering to DIYers) and transplant it to the physical real estate market. Doesn't have to be MLS as being the central market, but since it already is, makes sense to just use it. As to why mls would do that, simple. Money. Imagine the volume of recurring revenue streams upon opening up this database to all interested parties and not just agents.
As for your analogy of BMW website, it is a poor one because BMW doesn't own nor does it represent the automobile market. A better analogy would be the TSX or MX or any of the major exchanges where publically traded companies and options are bought and sold. You don't see them restricting data to a certain segment of the population. Whoever pays for it, gets it, simple as that.
avatarreb
Active Member
Marketing for the developer? I thought you were supposed to be serving the interests or your clients. Simply put, getting them the best value to match their criteria/needs.
OnceAThief
Active Member
I have no hate for realtors, but one point I agree with gei on is that for my next sale, I want to try my hand at selling on my own.
Even as a buyer, the only way I would use an agent is if they agreed to give me a kickback of their commissions if i buy.
Even as a buyer, the only way I would use an agent is if they agreed to give me a kickback of their commissions if i buy.
littlemonkey
New Member
I have just received the pricing for King West Life. PM if you are intersted in the pricing for this week's sale prior to opening to the General public. I am attending a broker info event today to get more of the floor plans as well.
Thanks!
Thanks!
littlemonkey
New Member
It is two fold, when it comes to new construction projects, as already indicated here, clients don't need to know not to buy by the garbage chute, etc. Clients need to know about the project first hand so that they can get in prior to the general public as they recognize that they will get the best possible pricing at this point. By marketing this to my client database from the developer, I am serving the interest of my clients and their needs are met and they are getting a product that they have been eyeing or was not aware at great prices. If they respond to my email, it appears that their need is to buy a brand new condo and I am merely introducing them to projects in the city and getting them in first hand.
I am also with them during the whole buying process at the sales office, I provide them contacts for lawyers during the 10 day recission period, I also help them if required get the mortgage pre-approval. When they go through me, all of these processes are mapped out and I work with them to get their requirements met. From experience, many new buyers of condos are not sure how the whole thing works and the sales office doesn't have the time to tell them or even want to tell them to have the documents taken to the lawyer to be reviewed. People like to have things easy for them, so by having me at their side is beneficial for them.
gei
Active Member
Those are all incredibly simple things. I agree that perhaps for some first-time buyers it might be useful to have an agent hold their hand through the process, but if you can't do it by yourself after that you probably shouldn't be owning real estate in the first place.
littlemonkey
New Member
I don't think it's that they can't do it, I think they rather have someone take care of it for them and make the buying process effortless. Lot's of times I have to call Rogers to work out my phone bill or cable bill and I just can't be bothered to waste time on the phone waiting for them to handle a simple matter. I honestly rather hire someone to deal with it, the same way buyers just don't want to deal with all of the effort behind it, they just want to sign the deal and not have to run around securing a mortgage approval or even bringing it to a lawyer in the 10 day cooling off period or even research comparables of what is selling currently on the market.
lowesthangingfruit
Active Member
Agreed, and in my utopia system I posted previously, and in which you seem to dislike, EVERYONE will have a choice. If someone is too lazy or don't want to bother, then they go with a full service brokerage and pay more for their services. But at the same time, if a sophisticated DIYer wants access to the same database, then he/she should be able to access that database (for a fee) but he/she would be paying at a discount rate as he/she is essentially doing the legwork themselves and only need the database to play on a level playing field. This system would have a government watch dog (kinda like the SEC for US financial markets) that monitors these buys and sells which would cut down (but not totally eliminate) "back door" deals that offers certain populations "special" pricing over others. Everyone gets the same price and in real time with full transparency. Why whould you think this would be a bad system ??
casaguy
Senior Member
A line-up of potential buyers Sunday morning. I wonder if things really are cooling off or if this line-up should be five times as long. (Photo taken just a few minutes before the sales office opens).
littlemonkey
New Member
A line-up of potential buyers Sunday morning. I wonder if things really are cooling off or if this line-up should be five times as long. (Photo taken just a few minutes before the sales office opens).
If this was last year, this line up would have been 5 times longer. I have been to some of the new sites recently, some projects have been super hot, like fashion house and King West condos was relatively quiet compared to what I have seen in the past. I think a lot of the cooling down is people's fear of the US economy/market. Prices are really good at King West Condos so if anyone is still interested in going in before the public launch, PM me. I do think that Market Wharf at St. Lawrence Market is going to be a hot project.
stipe
New Member
Anyone know how long the VIP access is valid for? Was it just the one day? When do they open to the public? Thanks.