Hey guys! I am new on here and new to investing in Real Estate. I am more confident in the equity space, but would like an opportunity to diversify. One thing I am noticing is many sites offering reduced commissions for buying/selling real estate. I'm researching a few of them here in Canada. Anyone use any of these sites or has any recommendations? I like the savings in commissions, but do these sites really work here in Canada?
Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
5y
Hi @Ellie Nasir! You usually get what you pay for. If commissions are less then there's probably less service. Careful about offering lower commissions to the buyer's agent as they will be less likely to show their buyer's your property. I personally haven't used those sites. When starting out, buying your first rental property, I'd recommend working with an investor-focused realtor. They will know what types of properties are best to buy in your market and they often have pocket listings (off-market listings), which only their clients hear about. We bought our first condo privately from a friend before we knew anything about real estate and I wish we would have used a realtor.
Investor · Red Deer, AB · Member since 2017 · 50 posts · 33 votes
5y
@Ellie Nasir Approach it from both sides of the coin. Find some listings online and go through the motions of inquiring about them. Often, the delay in communications is terrible and they are a nightmare to set up for viewings. Even the listings themselves are inconsistent from one another and don't do a very good job of representing the property.
Now imagine selling a property using these services. After experiencing the buying process, would you feel confident that your property would get maximum exposure to the marketplace? Probably not, but it may very well be just my limited experience on the matter.
Hi @Zorya Belanger! Nice to meet you on here. I'm in Alberta, originally from Ontario. The prices here are definitely more affordable, but I have been burned by a few agents and would like some control over the process. I have some friends that have done the process in the US, and they liked it overall. However, Canada is a bit different so wasn't sure if anyone uses anything like this for even a single family home or condo. Interesting points you've made. I guess it's about really finding the right people, which isn't easy:)
Hi @Ken Didychuk thank you for your input. I have heard setting up a viewing can be tough. I think you bring a good point of just trying it out for myself to see if it's something I can deal with..A lot of these sites have seen a lot traction I'm assuming from the pandemic.
Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
5y
Hi @Ellie Nasir Yes, I agree it's just about finding the right agent. When you find a really good one, they will be able to connect you with everyone else you may need on your team. Best way to find one is to get recommendations from other investors in your area, and then interview those agents. Ask (1) do you own any rental properties yourself? (2) do you have pocket listings? (3) what is the best type of investment property to buy in this city/town? what are most of your clients buying? ... this is more to find out how knowledgeable they are and to try and figure out what their area of specialty is. I find some agents won't tell you they have a specialty; they'd rather say they can find you whatever you want... but most do focus more in one area than others, whether it's new build, fixer uppers / foreclosures, multifamily, etc. Nobody can be an expert at everything. Then, go with the person who's answers you like the best!