Home seller saving by using mere posting
A Peterborough woman who is selling her house without a realtor recommends giving it a try to help save money.
Sandra Dimock is selling her income property on London Street and she’s doing it herself.
Dimock is using a mere posting, a listing that enables the seller to pay a realtor a flat fee to post their listing to MLS.
Now that private sales can be listed on MLS, mere posting is becoming more popular. It saves the seller from using a realtor or paying commission.
“It really saves lots of money to do it this way,” said Dimock, mentioning commission fees can be upwards of $10,000.
To have a private sale listed on MLS, it must be posted by a realtor.
The seller pays the realtor a flat rate, and then does all the work themselves, including staging, showings, and hosting open houses.
The listing, either online or on the lawn sign, says to call the realtor who posted it, and then the realtor passes the owner’s number along.
Because it’s listed on MLS, which is strictly for realtors, agents can see that it’s available and show any interested clients.
To incentivize buyers’ realtors to show the house, Dimock is offering a 2.25 per cent commission.
The listing also goes online on realtor.ca for anyone to see.
“The public is very sophisticated now about searching for properties themselves,” she said.
If the buyer decides to go without a realtor on a mere posting, then all commission would be eliminated, and the listing price could go down, Dimock said.
“Theoretically, they could offer me less.”
Although money might be saved on commission, broker Vanessa Oake Hogan, owner of Century 21 United Realty Inc., said sellers who’re mere posting might not be making top dollar on their home.
Using a realtor means more exposure for a home that’s listed, which could mean more money.
“The more people that see it, the better,” said Oake Hogan.
Going it alone isn’t something Oake Hogan would recommend, but said it isn’t uncommon for owners to try to sell their home on their own.
“There’s always going to be that segment of the market that wants to save the money and do it themselves — that’s just part of our business,” Oake Hogan said.
Although anyone can sell their home privately, Dimock is at somewhat of an advantage because of her real estate experience.
She temporarily stepped away from her teaching career to become a realtor in Waterloo for a year, before deciding it wasn’t the right career for her to pursue.
Dimock got the idea to sell privately after reading “How to Sell your Home Privately in Canada” last year.
The book is a great place to start for someone who’s interested in selling on their own, she said.
It also helps to speak to a lawyer and have knowledge of contract law, Dimock added.
Meanwhile, Dimock’s home went on the market a few days ago and it’s been slowing gaining traction.
“I’m interested to see how it pans out and I’m hoping for the best.”