selling Vancouver condo

3 Secrets Realtors Won’t Tell You When Selling

Steve Saretsky -

Top 3 Industry Secrets Revealed to Save You Thousands

A Recent survey shows 67.5% of the public doesn’t trust Realtors. With all the negative stigma around the industry how can you trust your Realtor will get you the best price when selling your Vancouver condo? In this post, i’ll outline the industry secrets and show you how you can avoid them to ensure a smooth sale.

  1. Selling Your Condo Below Value

    Studies from the popular book Freakonomics show that most Realtors won’t work harder to get you a higher sales price. Seems counter intuitive since they get paid on commission, right? However, due to the way commissions are structured there is little incentive to fight for that extra dollar. Let me explain, let’s say you get an offer of $600,000 on your condo. It likely doesn’t make mathematical sense for the Realtor to tell you to hold off and try and get $620,000. To keep things simple lets say commissions are 3% of the price, which is shared equally with the buyers agent. If you sell for $600,000 the Realtor will make $9000. If you sell for $620,000 the Realtor will make $9300. Most Realtors would rather a quick sale than wait a couple week for the extra $300. Hire a Realtor who has your best interests in mind and this could save you thousands of dollars.

  2. Not Showing You All the Sale Prices

Now that you’re aware some Realtors will try to convince you take a low offer you, it doesn’t stop there. Realtors will try to justify the lower offer by only showing you select sale prices comparable to your home. Because access to sold listings is only available on the Realtor MLS system they can be selective when showing you all the information. The Realtor may try to facilitate a quick transaction and quickly move on to their next listing. This allegedly happened several months ago when New Coast Realty tells agents to rip off clients and sell quick as possible. Do you think these sellers had all the data to make an informed decision?

3. Discounting the Buyers Commission

Have you ever tried to discount a selling agents commission or used a discount brokerage? While you may think you are saving money you are almost certainly costing yourself thousands of dollars. Let me explain, when the selling agent discounts their commission, it is almost certainly coming out of the marketing budget. But more importantly, it’s discounting the buyer agents commission. If you have two condos that are similar but one offers a higher commission, which one do you think that buyers agent will convince their client to make an offer on? Yes the buyers agent has a fiduciary duty to act impartially, but sadly some Realtors put their own interests ahead of their clients.  If you do come to an agreement to discount the commission with the selling Realtor, make sure those discounts aren’t coming off the marketing budget or the buying agents commission.

Now that you know these 3 industry secrets you should be able to navigate through the mess and maximize your profits from the sale of your condo. Just remember, don’t immediately jump on the first offer, know and insist on seeing all the comparable sale prices then make a decision. Also, make sure your selling Realtor hasn’t grossly discounted the buyers commission. If you follow this advice you will maximize every dollar when selling your Vancouver condo.

Join the Monday Newsletter

Every Monday morning you'll receive a short and entertaining round-up of news on the Vancouver & Canadian Real Estate markets.

"*" indicates required fields

The Canadian Economy

Steve Saretsky -

The Vancouver Real Estate market made headlines this past week with a whopping 64% increase in sales on a month-over-month basis. While headline readers may be stricken with a sudden panic of missing the dip (if you can call it that), further analysis suggests there really is nothing to fear....

Stephanie McHugh -

Tudor House Vancouver by Formwerks Tudor House by Formwerks Boutique Properties is a boutique development in pre-construction phase to be located at 441 W 63rd Avenue in Vancouver’s Cambie Corridor. The architecture on this 4-storey building is classic Tudor style. There will be 15 residences, including townhomes with 1, 2,...

Stephanie McHugh -

Cambie Gardens Vancouver by Onni Group Cambie Gardens by Onni is an ambitious new development coming soon to the Cambie corridor in Vancouver. This impressive master-planned community is located at 650 W 57th Avenue, which is at the corner of 57th and Cambie. It will consist of 2,160 residential condos...

Steve Saretsky -

Midtown Central Vancouver by PortLiving – 702 E Broadway Midtown Central by PortLiving is a 4-storey mid-rise building coming soon and preselling in the flourishing community of Mount Pleasant. Midtown Central is located in the heart of Mount Pleasant at 702 E Broadway, and it is within convenient walking distance...

Steve Saretsky -

Cardero Vancouver by Bosa- Georgia & Cardero Introducing Cardero by Bosa Properties, a cornerstone connecting Coal Harbour’s seawall, Stanley Park, and the downtown core. An illustrious gateway to a famously livable city, Cardero blurs the line between structure and sculpture and is destined to raise the bar for architecture and...

Get the Saretsky Report to your email every month

The Saretsky Report. December 2022