cdr108
Senior Member
my recent experience with a realtor in April/May 2010 was just as bad.
it was a pre-construction condo in the SLM area.
1st - initially the developer allowed assignments with 3rd party brokers, then they changed their minds and restricted sales through their own brokerage or would not allow one to assign.
2nd - they delayed listing the property on MLS for 2 weeks
(in hindsight that was a major error since we had just missed the peak of the market by doing that)
3rd - the developer's realtor never called me to tell me when perspective buyers would be going to view the unit.
the unit was vacant, however, there were times when i was there cleaning/prepping the condo.
on one occasion, i was in the washroom when i heard someone at the front door ... an almost embarrassing situation.
4th - after being on MLS for only 2 weeks (but for almost being listed with the developer's realtor for 1 month on their 'private' list) they recommended i reduce the asking dramatically by 10% even though it was priced at ~$505 PSF for a unit that included a locker plus kitchen and hardwood upgrades more than the developer's standard unit fair at similar pricing.
5th - the unit was sold after being listed for 4-6 weeks (depending on how/when one looks at it) at 99% of list; however, she messed up the Purchase and Sale Agreement since they refused to put in certain clauses that my lawyer wanted because of 'time constraints' even though she was able to come back to me a week later to have me sign forms that ensured she got paid immediately from the buyers security deposit.
aside from contacting me to make sure her commission forms got processed to get paid, i didn't get any calls/updates from her during the sale unless it was to return my messages. in fact, that was the ONLY time i met her ... the initial contact to get it on the market was done via email since it was the developer's brokerage.
granted the above is not typical of all realtors, but supposedly she was very experienced.
if i had to do it over again, i might still go with a realtor since they have a monopoly with access to 90% of the market with MLS.
what i didn't appreciate was being restricted to the developer's services, which may have been the whole problem.
it was a pre-construction condo in the SLM area.
1st - initially the developer allowed assignments with 3rd party brokers, then they changed their minds and restricted sales through their own brokerage or would not allow one to assign.
2nd - they delayed listing the property on MLS for 2 weeks
(in hindsight that was a major error since we had just missed the peak of the market by doing that)
3rd - the developer's realtor never called me to tell me when perspective buyers would be going to view the unit.
the unit was vacant, however, there were times when i was there cleaning/prepping the condo.
on one occasion, i was in the washroom when i heard someone at the front door ... an almost embarrassing situation.
4th - after being on MLS for only 2 weeks (but for almost being listed with the developer's realtor for 1 month on their 'private' list) they recommended i reduce the asking dramatically by 10% even though it was priced at ~$505 PSF for a unit that included a locker plus kitchen and hardwood upgrades more than the developer's standard unit fair at similar pricing.
5th - the unit was sold after being listed for 4-6 weeks (depending on how/when one looks at it) at 99% of list; however, she messed up the Purchase and Sale Agreement since they refused to put in certain clauses that my lawyer wanted because of 'time constraints' even though she was able to come back to me a week later to have me sign forms that ensured she got paid immediately from the buyers security deposit.
aside from contacting me to make sure her commission forms got processed to get paid, i didn't get any calls/updates from her during the sale unless it was to return my messages. in fact, that was the ONLY time i met her ... the initial contact to get it on the market was done via email since it was the developer's brokerage.
granted the above is not typical of all realtors, but supposedly she was very experienced.
if i had to do it over again, i might still go with a realtor since they have a monopoly with access to 90% of the market with MLS.
what i didn't appreciate was being restricted to the developer's services, which may have been the whole problem.