I used to be a consultant for the largest national brokerage in Canada and let me tell you this, while there a handful of really good and diligent real estate estate agents, the vast majority are just horrible, un-ethical high school drop outs, working part-time, and making way too much money.
They do nothing you can't do on your own. In today's time, it makes no sense to pay 5% commission to someone to put your home on MLS and a for sale sign on the lawn.
The average home inside the city of Toronto is now around $800,000 X 5%= $40,000 plus HST. How much does your lawyer charge? About $1,000 for processing the deal and completing the transaction.
Here is my advise if you want to save some serious money:
1) Use the services of a company that will post your property on the public MLS, without charging you a commission, but instead a flat fee. There are quite a few already, like comfree, flatfeet, property guys, etc. do your research.
2) Use the free posting sites, like Craigslist and Kijiji. Free and simple to use.
3) Get a lawyer in advance of the transaction and explain that you will require his/her services in drafting up the agreement of purchase and sale. Please find a lawyer that knows and is familiar with real estate law and can advise you during the process as well.
Cost for real estate company, $500. Cost for Kijiji, $0. Cost for a real estate lawyer to advise and help you close the transaction, $2500. Total cost to sell your home, $3,000.
Selling it without a real estate agent and saving $40,000 in commissions, Priceless.Cjomment