Estate Agents Tip: Are Real Estate Agents Crooks?

There have been some major stories that have recently come out about the real estate industry. One of them is about how a website published a report showing that “a quarter of the units in a new Vancouver condo project were being flipped”. The reaction of the Real Estate Board of Greater Vancouver was to threaten them with legal action. So the thought is that the Real Estate Board doesn’t want the public to know about how much real estate flipping and foreign buying there is going on because they fear that it will spook the public.

Another story is about the Canadian Real Estate Association wanting people to dip into their RRSPs to buy real estate. The CREA wants the amount you can withdraw from your RRSPs increased by $10,000 to $35,000. So the Canadian Real Estate Association wants Canadians to compromise their retirement in order to buy more real estate.

The last story is about how the Federal Court of Appeal upheld a previous ruling be the Competition Tribunal that the Toronto Real Estate Board must allow its realtor members to make home sales data available online. So this is basically saying that the Real Estate Boards have tons of real estate information such as sales figures, pending sales and broker commissions that they want to keep hidden from the public. The Toronto Real Estate board has been fighting to keep the information to themselves for 6 years now. The idea is that the Real Estate Boards don’t want the information out in the public because it could make them look bad. The Real Estate Boards also cherry pick data to make the Real Estate Market seem healthy. With all the information public it makes it a lot harder to mislead the public.

One bonus example is that dual agency real estate deals will be prohibited in BC in the new year. Dual agency is where one agent represents the buyer and the seller. How this could possibly have been allowed for so many years is probably a testament to the power of the real estate industry.

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38 thoughts on “Estate Agents Tips: Are Real Estate Agents Crooks?

  1. Full disclosure . I am in real estate. There is evil agents and professional in every industry. My son almost died because of a decision a doctor made while delivering him.but no one calls doctors crooks. Stuff happens. Further more , have you heard of Personal information protection act? Yes we must protect peoples private information like how much they sold their home for To protect agains organized crime, x-wives and husbands, unwanted calls from charities.

    Let me ask you all something . Let’s say you are a baker. Someone comes to your shop and says , bake me a cake if I like it , I’ll pay you. If I don’t , sorry for your time and effort. If agents are crooks why is the average income $47000/year (according to nar). The truth is we spend countless money, hours away from family to serve our Amazing Client. We pay so much money and we get paid last. Also, the stats are out there , homes sold by agents net 10% more then sold privately.

    Last year I had a seller want me to lie about how large their home was , I refused they tried to get my license suspended for trying to protect the Public.

    I’m sorry you are ill informed. Call me I’ll share with you more about how people who sell privately are usually trying to hire information and end up In court due to lack of disclosure.

  2. Yes, they want to sell your property and get the commission… I am in a dispute with one of the biggest Australian RE agents (with 1000 branches) over conflict of interest and malfeasance, I know the agent was not incompetent he was just working for the other side 🙁

  3. The saddest part is that you technically do not need a realestate agent! You only need a lawyer and a sale can be made privately one on one with the seller. So why is everyone relying on agents and paying a huge chunk of their home value to some sales person who does generally jack squat compared to regular working people. Just look at the quick and easy $$$. No wonder the market is so saturated. Generally agents do not have good ethics.

  4. When I bought my condos in the past, I had to read all the tedious documents. The real estate agent didn't need to read anything for me. I also found the properties myself. The agent was helpful to some degree but a lawyer would be the most helpful. Since I do the housing hunting online and browse tons of the properties, I feel real estate agents mainly oversees and hold your hand throughout the whole process and gave buyers access to the properties. I do feel the commission is too high for buyers who do a lot of legwork themselves. I might consider using a Redfin agent next time.

  5. can't do anything. we just try to live our own life and she just tries her best to report any and everyone and keeping being a pain. the lady literally tries her best to piss everyone off with reports

  6. Areal Estate agent lives in front of of us and she reports us none stop!
    My neighbours had a job watching kids and she reported them, we fixed our own vehicle and she reported us, we park our car on the street and she reports it, we park on lower level of driveway and she reports it, we park our car on a the driveway a bit on the glass and she reported it.
    We literally find out today we are fined for parking on the grass and apparently there is a lot of pictures of our cars and property.
    The best part is everyone in the neighbourhood has at least 4 cars, this real estate bitch lives ALONE!!!!!!!! She has NO ONE and she has 1 VEHICLE. She just walks around pretending to like people and talk to them and reports everyone behind their backs!!!!

  7. It is simple arithmetic – The realtors get commission, so the HIGHER they sell houses for, the more money they make. THAT is their bottom line! They generally don't care at all about the negative repercussions of this snowballing effect.

  8. Of course their vested interests is just to get the sale done and get that commission. I never understood why this went unquestioned. I couldn't for the life of me understand why I should be trusting a sales person as an expert when they are just after my money.

  9. As a real estate agent myself any great property can sell by itself.For any 'not so good' one combine with difficult vendor you may have to play 'crook' sometime but don't over do it !

  10. It really starts to breakdown logically when you compare the realtor with the lawyer. In the deals I’ve done, the realtors have made mistakes that cost me money, given wrong information and honestly didn’t work very hard at all in my opinion. The lawyers however corrected those mistakes, clarified the information and worked very hard to fix deals that I’ve been involved in. I know I’m just one person but in my experiences, it was crazy that the lawyers got a flat fee at a fraction of what the realtors got. There are good realtors, you have to look for the ones that are transparent about putting money into current and effective marketing.

  11. You really dont need a Real Estate Agent… Do some homework.. Buy and Sell you're own Property and Houses.. Is there no  (For Sale By Owner) in Canada?  If there is, do some homework, and tell them to POUND SAND!!

  12. interesting point about MLS, I listed a property on Gumtree (cheap version of ebay) and I paid for a front page feature ad and it got a lot of views and responses. A year later I tried to do it again and Gumtree said new rules prohibits featuring real estate on the front page.

  13. As a little girl I heard comments that realtors were a sleazy bunch. As I grew up and had friends moving into the property market, I began to see why. I've seen one realtor threatening another to stay off their patch. One friend was threatened with a law suit if she chose another realtor. Another was told to drop the price as the sale was taking too long i.e. over a few months. And what's this fear about transparency? To hide a shady deal, I bet. God forbid that clients should have the information to make an informed decision. Realtors and the realty boards are as much responsible for the housing crisis as foreign buyers. Oh wait, you have realtors marketing to foreign buyers and telling us there are people in China ready and waiting. I do hope realtors go the way of the milkman or encyclopedia salesman. Look what their greediness has resulted in.

  14. Consider that all buyers’ agents are paid on the sellers’ dime. There is a huge conflict of interest with that fee structure: the buyer’s agent is incentivized to get the sale price as high as possible. No one but the buyer is truly incentivized to keep the sale price low. This has been unchallenged forever. There is no good price check to keep prices normal for the entire purchasing process.

  15. Formafist, i enjoy your videos which always includes good information and sources.
    Id like to see a video from you on what you think the true value of real estate is or should be. Everyone knows vancouver and most cdn real estate is expensive. To me, i feel Vancouver is about 10 to 15% overvalued which i would love to see a correction in 2018 or 2019

  16. I worked as a property inspector and done so for the past 7, no estate agents give money to inspector. But what they do recommend an inspector to a buyer, ones makes the report look good so the inspector get more work off the agent or just one that is incompetent that misses lots of things. ( guys starting out)
    I find that if an estate agent will just about do anything to sell your house great but don't buy a house from them. add to this they sell 3 to 5 house a week you may buy one every 3 to 5 year

  17. It’s a monopoly and it’s not a fair system, they make too much for doing high school work. We need a decentralized system with smart contracts to connect buyers to sellers without Realtors, technology can easily solve the problem but government can screw it as always.

  18. Honestly, I am far more frustrated in dealing with lenders and banks than I am with real estate agents. Some lenders only deal with specific agents as well, which I find kind of shady.

  19. I'm an inactive broker , more an investor . I just bought a home and the agent double ended the deal for 60k profit . Send disclosures day I signed loan docs . Now I find homes on septic and would have demanded Inspection . So I'm very mad . Crooks indeed and whores . They step on each other's toes always

  20. This realtor got in the news last year with threatening client.

    On this realtor website, two houses listed as recent sale this year was #5755 Wiltshire Street, Vancouver for $11.888M and #1777 W 38th Avenue, Vancouver for $6.288M. I checked her website at the end of 2017 and these two houses were not up at the top first two.

    When I check BC Assessment, these two houses were actually sold for #5755 Wiltshire $9M in Apr 2017 and #1777 W 38th for $6M in May 2017. I was able to confirm #5755 Wiltshire recent sale was sold in Apr 2017 through Zolo.

    I wasn't for the other house. So I don't know if the May is actual recent.

    Bottom line is, it appears she is putting the appearance they were sold recently for a high amount. If this was reported to the Real Estate Board and they found it was a deception, she will probably get away with it.

  21. Most of the exposure we Indians get is through the Church and other social institutions where we go to. There is 1 real estate guy who sold 60% of our members. He started to get quite unpopular because we hear he carries tales about clients – I mean private info. Another agent in our group, doubles as a home inspector – I wonder if that is OK? One thing is that no agent has ever told us that the prices are about to go down!! According to them its always going up and he keeps sending us statistics and newsletters about how fewer homes are being built and that there are more and more immigrants coming.BTW can you tell us how to answer these people who say "there are fewer homes and 250,000 immigrants come every year"!

  22. I agree with you! RE Agents are working for their best interest, they don’t care about their clients. I think the buyers should represent themselves to directly negotiate with the seller and both of them would save money from paying the agents fee. The mls system controls informations, forcing the seller to use the listing agent if they want to publish their houses in the market.

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