My second loft expert came to view my place on Tuesday evening. He came well prepared (PowerPoint presentation and all) and he's well versed in my building. His company had originally sold the lofts from the developers to the original buyers. He's also sold my unit before.
I'd have loved for him to have seen the condo before I purchased it. I was trying to explain that it showed horribly -- a makeshift platform bed, no place to eat, dirty, bad use of space, etc.
His first words were "you'll definitely lose money on this". However, the more questions I'd asked, such as "are there any other lofts listed for under $200,000 in Toronto?" and "how many first time single buyers come to you looking for a loft in this price range" the more he changed his tune price-wise.
So, we went from a potential list price of $175,000 (what I'd paid for it) to the idea that we could try and put it on the market at $199,000 since I'd have no competition.
Like I'd mentioned after the first visit, even if I did sell for $194,000 I'd be making just less than $5,000....in my mind, not worth it. The only reason I'd sell is to be able to get into a larger place and renovate it.
That got me thinking: what if I sold it on my own and saved the realtor fees.....
Comfree/formerly By The Owner offers packages for sellers to go at it without a realtor. For $299+tax I would get:
- a listing on their site for 6 months
- email alerts to potential buyers
- listing on realtor.ca (an extra $179)
- 7 day display on the featured listings page
- 10 professional photos taken
- access to real estate lawyers to answer questions
- directional signs/lawn signs - nice, but according to my condo regulations I can't use this anyways!
Saving even 2.5% (sellers commission) would be helpful to the bottom line - that's potentially $5,000 extra in my pocket. My parents sold our childhood home without a realtor, so I know that it is possible.
Do you have any experience selling a home without the use of a realtor??
I don't have any personal experience selling a home without a realtor but my former coworker did it and it went better than she anticipated. It's not a bad idea, especially since the website gives you access to real estate lawyers to assist you along the way. Good luck whatever you decide!
ReplyDeleteI think you could do it. Talk to your parents and see what they did and how they did it. What experiences did they learn from it. And then do a lot of reading and research about selling it on your own. Realtors are good because they're objective third-party but if you're prepared, I definitely think you could do it. I think your home is GORGEOUS by the way. Good luck!
ReplyDeleteNo posts since April 21st? Where for art thou BCBB?
ReplyDeleteOne of the biggest financial mistakes I made was selling our home with a realtor. We paid a huge commission for a house that was on the market for 3 days. The house was sold to a developer who promtly knocked it down and rebuilt. I still cringe at the thought of how we were suckered.
ReplyDeleteI have no experience selling my home without a Realtor but I do have an idea I think you will be interested in. Its called the Canadian Home Buyers Academy. Please email ckm.moore@gmail.com for the deets.
ReplyDeleteCheers,
Chad
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ReplyDelete