Please do not get us wrong on this. There are decent realtors in Alberta. Although we do think some of the ones in Calgary charge too much for the little they do when it comes to an individual property.
This post serves as a general alert to what is still wrong in some parts of the Canadian real estate industry, despite attempts by the government to regulate it. We believe part of the solution rests with us as individuals. We established Stonegate Equity Ltd to provide a better way of doing things.
How Realtors and Property Sellers are Poles Apart
Real estate agents often start their sales pitch by promising to get the best price. This may be unfortunately far from the truth. The reality is many want to sell for any price that they can get. Remember, their commission discounts by a tiny amount compared to the whopping value they expect a seller to give away.
They are far more interested in selling fast by applying subtle pressure. This can cost a seller tens of thousands of dollars in abandoned equity.
How Realtors Work a Seller’s Price Down
Some realtors pretend to be different by valuing a selling price high, and securing an exclusive mandate. However the feedback is different each time they show the overpriced house to a buyer. At one moment they are insulting the colour scheme that needs a total redecorate. On the next occasion they say the kitchen tiles are ugly and so it goes on.
The seller becomes increasingly desperate. Eventually they accept a low offer because of ‘market conditions and over supply’.
How Real Estate Agents Lure Buyers into a Conspiracy
It is against the law for a realtor to quote a lower price than the one agreed in the mandate. Yet many are guilty of saying – merely as a throwaway aside – that the seller might consider a price tens of thousands of dollars lower. Then they take the offer to the seller remembering to mention several major real or imagined defects.
The seller buckles under combined pressure from the realtor and their real client, the buyer.
We Don’t Do This at Stonegate Equity Ltd
We get 90% of our business from satisfied sellers and buyers because we only deal in realistic prices for both parties. We trade fast and our deals seldom bounce. Please call us at (587) 500-0417 in Calgary, if you want to buy or sell at a good price soon.