Q: What is the deal exactly, with One Percent?
A: We are a fully licensed real estate company that offers full service for a smaller commission than many of our competitors. In terms of services and exposure, we are identical to almost anyone with whom you would like to compare us. We are on MLS®, all the top internet sites, we place a sign on your property (if it's allowed), we show the property, hold open houses, advertise it, handle all the negotiations, plus the conveyancing. There is nothing that you are not getting, except for a high commission!
Q: Are your listings on MLS® and REALTOR.ca?
A: Yes, and yes.
Q: How do your fees work?
A: I charge a flat fee of $7950 + GST for anything that sells under $700,000, and a rate of 1% of the sale price + $950 + GST for anything that sells over $700,000. There are no hidden fees whatsoever.
Q: Are there any hidden fees?
A: When you sign the standard MLS® listing contract with us, it lays out exactly the commission cost to you. If you are selling a Strata property, there are some strata documents that you will be required to provide to the buyer in a sale, and these are typically obtained from the property manager. A strata document package can typically run between $50-$100, and I will typically order and pay for them on your behalf to facilitate the sale, and you will be responsible to refund those costs. That's it!
Q: How can you provide the same services but charge less?
A: I work on volume. So many people want me to sell their properties that I can make a good living without charging a lot. It doesn’t take any more work to sell a $600,000 home than to sell a $300,000 home, so why should you pay so much more?
A: Absolutely not. You’ll get the same level of services and the same results you’d expect to receive at most other brokerages. A large percentage of any REALTOR®'s business comes from referrals from past clients. I value my reputation and want you to be happy so that you will remember me down the road. Both the average time it takes to sell one of our listings and our Sold Price to Listing Price ratio is the same as you would expect anywhere else. Yes, you'll pay less, and you'll get the same or better results than you would get elsewhere, and end up with more money in your pocket at the end of the day.
Q: Will other REALTORS® show my home if I list with One Percent Realty?
A: Absolutely, unequivocally, yes. Statistically, One Percent Realty is similar to other brokerages. Approximately 70-80% of our listings are sold by agents from other brokerages bringing their clients to our listings, just like with any other company. If anyone tells you differently, he or she is misleading you or is misinformed. Remember - buyers don't care whose name is on the For Sale sign - they just care about whether a property is right for them.
Q: What if a buyer has his or her own agent? Do I have to pay them?
A: The $7,950 commission includes a $3,500 commission to the buyer's agent. In a typical sale under $700,000 with One Percent Realty representing the seller and the buyer being represented by another brokerage: the 1% listing agent earns $3500, the buyer's agent earns $3500, and the remaining $950 pays for the 1% agent's expenses in selling your home. Roughly 75-80% of our listing sales are sold by Cooperating outside agents through the Multiple Listing Service which is roughly the industry standard. If an agent tell you that our listings are not sold by other agents, they are simply lying. We have years of MLS® statistics to prove it.
Q: Other agents have told me that if I list with One Percent Realty, agents from other companies will not show my house because they don't get the same amount of money. Logic would dictate that they are going to sell the house down the street where they get paid more money if their clients buy it. Do agents boycott your listings?
A: Our listings are shown by cooperating REALTORS® everyday just like other listings on MLS®. We cannot measure showings that we don't get. What we do know is that 75-80% of our listings are sold by cooperating agents. Would they rather have more money? Of course -- no argument. But the fact is, our listings are displayed everywhere that all the other listings are. All our listings are on MLS®, all the top internet sites, have a sign on the lawn, are in the real estate paper, and we do open houses. So if someone is looking for a home in your neighbourhood, in your price range, they are going to know it is for sale. That buyer is going to look at whatever is on the market before they make their decision. Buyers don't pay the real estate commission, so why would they care which house they buy? If their agent is unhappy with what we pay, the buyer will call us. But the fact is that agents show & sell our listings, every single day. All of our sold signs over the years prove it!
Q: I have been told that other agents sometimes ask for more commission than is being offered on MLS® with an offer. Can you respond to this?
A: When a buyer makes an offer on your property, usually, everything is negotiable. The buyer can ask for anything with the offer - for your cat or dog or all your furniture. Similarly, a buyer's agent, with the consent of the buyer, can ask for additional commission with an offer. As the seller you will decide what you wish to do with such a request - it is 100% your choice, and we help guide you to the best possible negotiated resolution. The majority of our sellers decline to pay such requests and almost all of those offers still proceed normally. If the seller and the buyer can agree on the important things - the price, the closing dates, the terms and conditions - the things that the buyer and the seller really care about - then the vast majority of the time, the property will sell. Occasionally, some of our sellers decide that they don't mind paying extra commission - usually if they are happy with the offer as-is. Even in those situations, our sellers still save a good deal of money on the listing side of the commission versus the more typical commission rates. So, while the odds are that you won't pay any extra commissions at all - even on the off-chance you chose to do so, you'd still be saving many thousands of dollars over what many of our competitors would charge to do the the exact same thing.
Q: How much will I save by using One Percent Realty?
A: To determine how much you will save, please follow the chart below as a guide. All figures shown are plus GST.