What does being unrepresented mean?

 

 

Are you Buying real estate soon? Do you know what being an unrepresented buyer means?  

 

Hi I am Alex Lam from Royal Pacific Realty , and if this is the first time you are here, and you are interested in all things real estate in the Vancouver area, be sure to hit that subscribe button and that little bell.  I post videos every Tuesday, this way you won’t miss anything important. 

 

As you know buying real estate can be ultra competitive, stressful, and complicated.  Sometimes you write offers on properties and never get it.  Hey, I understand!!!!! Its frustrating.  Maybe you are thinking of buying real estate directly from the listing agent, and this would give you a leg up on the competition.  

In this video I will show you why you should only work with an agent under a designated agency and not as an unrepresented party.  

 

As an unrepresented party you are not entitled to the special legal duties.  That means No Loyalty, No duty to avoid conflict, No full disclosure, No confidentiality.  So whats bad about that???  That means that the agent helping you under this arrangement can share your information to other parties , even the seller, even use your offer to write their own offer and even help multiple buyers compete against you on the same property.  

 

Unrepresented Buyer in BC

 

 

 

Also If you purchased real estate as an unrepresented party you may not have much legal recourse except if something was fraudulently represented.  

 

Here is a pro tip.  Get to know a few agents that you can hire as your designated agent before you begin your home search.  If it happens that your current buyers agent is also the listing agent for the property you love, then you can write an offer on that property with that second agent you found.  This way you will not become an unrepresented buyer.   So thats it, If you are looking to buy real estate in the greater vancouver area please reach out to me.

 

Here is what you would get as a client: 

 

Client Relationship in BC Real Estate

 

 

Question of the day, Would you ever want to be an unrepresented buyer?  Answer in the comments below.  

 

If you like this video please give it a thumbs up and subscribe. I will be posting new videos every Tuesday from now on.  Bye for now.  

Read full post

Realtor Commission Rates Explained

Real Estate Professionals get paid on a commission split when a property sells you maybe surprised how much they can make off the sale of your home. 

 

Gross Commission (Based upon selling $600,000 Home)

Full service traditional Realtors charge  7% 1rst 100k and 2.5% on Balance .  The gross agent commission paid to the brokerage would be $19,500.  Realtors who are self employed with their brokerage pay a deal fee or percentage slip of the commission. 

 

Marketing Expenses

Think of your home like a product, you need to market it to sell it. Some products require different marketing than others.  This stays true for your home as well. Some homes may require a significant amount of marketing and resources while others may require very little.  Market statistics don't lie, ask your Realtor to bring them along, or even have a few realtors bring you some market data so that you can verify all the facts. If the majority of homes sell with marketing on realtor.ca only, then why even use the other forms of marketing?


Internet Marketing $150
Flyers $100
Gas $100

 

subtotal: $350

 

Average Days of the market for a sale at 90 Days 

Open houses = 16 hours

Contracts/Closing = 6 hours
Showings =8 hours
Research= 3 hours
Staging = 5 hours

 

Total 38 Hours

 

Calculating How Much Realtor Fees Paid By Hour

$19,500 - $250- $350 / 38 hours

= *$497 per hour with one agent 
= *$248.68 per hour with commission split 2 agent

 

*If property does not sell, the seller pays the Realtor zero dollars.

 

All marketing costs and time are not reinbursed by the Seller. 


Selling your home is one of your largest financial transactions, you must find a Realtor your can trust. Commissions may seem to be high, but in reality when you break down the commissions charged for Realtors here in BC, Realtors don't actually get paid very much money. One must also consider the same output of hours for properties that don't end up selling. Currently the active to sales ratio is 40% for detached homes which means approx 60% percent of the homes marketed are not sold. The next time you think a realtor in BC makes alot of money, just read this post or forward this to a friend.

Read full post
Categories:   Aubrey Elementary | BC | BC Assessment | Big Lot Burnaby | Bolivar Heights, North Surrey Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse, Richmond Real Estate | burnaby | Burnaby home | Burnaby Home Buying | Burnaby Home seller | Burnaby House Forsale | Burnaby Lake, Burnaby South Real Estate | Burnaby Market Snapshot | Burnaby Real Estate | Burnaby Real Estate Market | Buye | Buyer | Buyer tips | Buyers | Buyers Tips | Canada | Champlain Heights, Vancouver East Real Estate | Closing Costs | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Collingwood VE, Vancouver East Real Estate | Commission | Condo | Condo Living | Coquitlam West, Coquitlam Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Edmonds BE, Burnaby East Real Estate | False Creek, Vancouver West Real Estate | First | First time home | First time home buyer | Fleetwood Tynehead, Surrey Real Estate | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | Glossary of Real Estate Terms | Grandview Surrey, South Surrey White Rock Real Estate | Greater Vancouver | Guildford, North Surrey Real Estate | Hamilton RI, Richmond Real Estate | Hastings East, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Home | Home Insurance | Home Sell | Home Value | Homes | Interest Rates | July 2018 Greater Vancouver Real Estate Market Report | June 2018 | Killarney VE, Vancouver East Real Estate | Knight, Vancouver East Real Estate | Langley | Langley City, Langley Real Estate | Langley Condo | Main, Vancouver East Real Estate | mar | Mark | Market | Market report | Market Update | Market Value | May market recap | Metrotown, Burnaby South Real Estate | Mistakes | Morgan Creek, South Surrey White Rock Real Estate | Multiple Offers | North Coquitlam, Coquitlam Real Estate | November Market Report | Panorama Ridge, Surrey Real Estate | Parkcrest, Burnaby North Real Estate | Parkcrest, North Burnaby | Photography | Real estate | Real Estate tip | Realtor | richmond | RRSP Home buyers Plan | S.W. Marine, Vancouver West Real Estate | Scottsdale, N. Delta Real Estate | Seafair, Richmond Real Estate | Sell | Seller | Seller Tip | Selling | selling home | Selling Real estate | South Slope, Burnaby South Real Estate | Strategy | Surrey | Tips | Upper Deer Lake, Burnaby South Real Estate | Uptown NW, New Westminster Real Estate | Vancouver | Vancouver Condo | Vancouver Home | Vancouver Home Buyer | Vancouver Home Buying | Vancouver home seller | Vancouver Homeowner | Vancouver Market report | Vancouver Real Estate | Walnut Grove, Langley Real Estate | West Cambie, Richmond Real Estate | West Coquitlam, Coquitlam Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Yaletown, Vancouver West Real Estate
Categories