Why Great Rate Realty?
Buying or Selling a Home is one of the biggest decisions you'll make in your life. Most people would prefer to have a Professional Real Estate Agent at their side. Having an expert agent to guide you through the process can relieve stress, and make your transaction as smooth as possible. Many people agree with this philosophy as the majority of homes are bought and sold through organized real estate. "BUT WHY DOES IT COST SO MUCH?!".
Born out of a desire to realign the way fees are charged in the real estate industry, we seek to give you professional advice and guidance for a fee that is more in line with what the value of a real estate transaction should be(in our humble opinion). As we have shared our message, we continue to receive support from the public. The general consensus from our clients is that real estate professionals should be paid for their services, however, those rates need to resonate more with the services provided.
What does your brokerage charge?
We charge $9,900 for all homes under $500,000. For homes $500,000 and over, we charge 2%. It's as simple as that. This includes the commission to the buyer's agent!
Do you charge the fees up front?
No. Fees are paid when a house is sold and transaction is complete, as per listing contract.
Are your listings with the local real estate board and on the MLS®?
Yes, and Yes!
What if a buyer has their own agent? Do I have to pay them?
The $9,900 charged on listings below $500,000 includes a $5,000 commission to whichever brokerage represents the buyer. For homes $500,000 and up, we collect 2% and give 1% to the brokerage representing the buyer.
Will other Agents show my home?
This is the number one question we get asked. So let's get to it. In order to answer it, you have to first think about how a real buyer is looking for their next home.
First, they look on the internet(more than 90% of the time). All of our homes are listed with the local real estate board that shares data to the accompanying MLS®. Our listings are right there with all the other listings. Our listings are also on our broker websites.
Second, folks might drive the neighbourhood. We have a sign on all our properties. Just like all the other listings.
Third, they call up their agent and ask to see the homes they are interested in, or they ask their agent to put them on an automatic notification list of new listings that match their search criteria from their real estate board.
Fourth, We book showings. We hold open houses. We advertise the properties. It would be impossible to not know that the house is for sale, if you're actually looking for property.
Finally, Agents are aware that they must always put their clients interests first, and that there are some serious Federal Antitrust Laws(Sherman Antitrust) that state commissions are always negotiable, and that group boycotting is prohibited(agents cannot boycott a listing). Penalties for individuals that violate anti-trust laws can be fined a maximum of $1,000,000 and serve up to 10 years in prison and corporations can be fined up to $100,000,000. We are always grateful for all the many professional agents who put their clients first and work their hardest to help their client find the perfect home.
I have been told that other agents sometimes ask for more commission in an offer than what is being offered on MLS®. Is this true?
A buyer's agent, with the instruction from their buyer client, can ask for more commission along with an offer, so that the buyer can fulfill their contractual obligation for commissions in a buyer brokerage/representative agreement. As the seller, it is up to you, how to decide to handle this request. Many sellers simply decline the request as they are not party to any other contracts for commissions, however in certain circumstances, and if the offer is impressive, a seller may decide it is in their best interest to pay some or all of the extra commission request(ex. Seller is really happy with the offer). Even in those situations, our sellers save a great deal of money as Great Rate Realty will never increase the listing side of the fees!