Real estate agents caught breaking the law on hidden camera (Marketplace)

Real estate agents caught breaking the law on hidden camera (Marketplace)
Buying Real Estate

Our investigation found real estate agents breaking the law and steering buyers from low-commission homes.

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  1. I see. So the house goes up for sale for x price, and the Realtors get a total of 5%. But others choose to sell it themselves. So the the house goes up for the same x price, and they eventually sell. So that means they pay themselves 5% for being a self Realtor. Hmmmm ???

  2. Red flags should fly your not going to work for free, make story’s your not paid for then make a story like this. I’m looking forward to watching your free story’s your not paid for

  3. Good report — even from my perspective in New York State — where real estate commissions have been 6% for years! And where FSBO listings on the MLS show contact phone numbers that connect not to home owners, but to agents.

  4. What? Really? I'm soooooo surprised. But they are like the most honest business people out there. There's like zero links to organized crime. It's like super hard to get a license….AHEM.

  5. I don't know Canada's laws but in the US selling Real estate agent doesn't get all of the commision if there is no buyers agent. In the US the real estate brokerage firm gets a certain amount of the commision and the real estate agent gets a smaller amount.

  6. Does anyone know how the role of Real Estate Brokers affect what these agents are doing?
    My understanding is that all agents must work through a broker agency in order to buy/sell homes. Are there 'pressures' from the brokers on what agents can negotiate regarding commissions?

  7. In Edmonton now there are a lot of shady Mainland Chinese realtors and their shady Mainland Chinese buyers; these buyers buy a nice property and bulldoze the trees, grass, and gardens and put in astroturf. Or pave everything with concrete. And then they never live there 😑

  8. I sold using purple bricks and it was experience – just felt I didn't get a good price, got steered, had to pay the buying agent 3% to attract and yet got a lesser price

  9. It’s so easy to become realtor.. you’re better off going to become real estate agent.

    Then having access to the mls, and just representing yourself. You’d save the cost after 1 home.

    She says the commission is 75k at 5% , split with the other agent that’s like 38k. The cost to become a REA is like 3-5k tops and less than a year lol before a few years ago, it look less than a year it was even easier. What’s the point…

    Welll these REA pay OREO a fee , so they’re incentivized to have more REA in the general public.
    Definitely poor system

  10. I used to sell real estate (burnt out from it twice) and I’m now writing a book about it. Here are two relevant things to consider. 1) when buyers sign the Buyer Representation Agreement (BRA), it legally obligates the agent to show them ALL properties of interest regardless of the price of the home or how much commission is offered. 2) if the BRA is filled out “properly” by the agent, it obligates the buyer to pay the difference in commission between what the seller is offering and what the BRA states. Bottom line – “sure I’ll show you the private listing but since the seller is only offering 1%, you’re on the hook to pay my brokerage firm the remaining 1.5% for a total of 2.5%”. This is only the case, however, if the BRA stipulates the commission is 2.5%. The BRA could simply state the buyer’s agent is owed “the commission as indicated in the Multiple Listing Service (MLS) listing” and since a private seller has no MLS listing, the agent is out of luck in receiving more commission as there is no discrepancy between the MLS listing commission and the BRA commission.

    Side Note: Agents are Independent Contractors who set their own rate so there is no 5% standard rate as it’s against The Competition Act to price fix. Real estate commission is highway robbery (a year’s salary, are you kidding me?) and should and can be a flat rate for all home sales. My suggestion is $10,000 total – $5000 to each firm/agent, the listing agent and the buyer’s agent. End of story. Thank you and good night 😉😝🙃.

    PS – in Ontario, there’s 13% HST on the commission 🙄😬.

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