(Ontario)
Question:
My client went to an Open House yesterday and the Listing Agent told him:
“There are 5 offers. If you don’t have an agent, I will represent you and make sure you get this house. Seller wants (list price+$350k)”
My client says: “But I can’t afford (list price+$350k)”
Listing Agent: “Don’t worry, you won’t need to. I will not take the commission from the buying side, so you will have enough.”
Client was rather annoyed at the proposal.
Answer:
Too bad your clients are with you. At least, that’s what some clients might think. What a great sales pitch! Maybe, they would be better off without you. That way, they would get the house, and the money directed to the Buyer’s Agent goes towards the purchase rather than you. How good is that!
The problem, of course, is that as an industry (and I use that term specifically rather than profession) we allow, permit or condone this to happen. We are fundamentally in charge, yet we have no rules. That’s crazy! So, yes there’s lots of Listing Agents out there, ready to steal your clients.
Changes need to be made across the board. We need a fair set of playing rules both with respect to the trades that are put through the MLS system and to protect the consumer.
It’s strange that we still have the “wild west” which we refer to as a “free market”, however, that doesn’t mean that it’s fair to agents or consumers.
Brian Madigan LL.B., Broker