The "Basic Service" is intended for the FSBO (For Sale By Owner) or the experienced seller

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Frequently Asked Questions & Answers


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Guidance and advice based on many years of experience


Questions & Answers



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This service offered by your personal realtor

SAM DIMOU
604-930-5678

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In 2005, 2006 and 2007 in the top 1% of listings SOLD

In '05, '06 and '07 sold more listings than 99% of realtors in the Fraser Valley Real Estate Board

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In Real Estate since 1994

 

basic service

online listing

pre-payment

signage

full service

photos

showings

open houses

ads

deposits

offer presentation

misc

Basic Service option - Intended for the For Sale By Owner

Q:

What do you actually do, if I list with the "Basic Service"?

A:

Basically I do what you cannot or are not supposed to do (entering home on MLS, writing the contract, removing subjects, placing the deposit in a trust account etc)

Q:

What would I have to do, if I list with the "Basic Service"?

A:

You do what you would normally do if you were selling your home privately as a FSBO (showing your home, confirming appointments etc). You also do all the legwork. If we have to get together you come to my office, you may have to go and collect the deposit from the buyer and deliver it to me etc

Q:

If I want to sell my home as "For Sale By Owner", why should I pay you $695? 

A:

Because of the tremendous exposure your home will get being listed on MLS. If you want to sell your home by yourself, you need to advertise in newspapers or in one or more of the FSBO websites. That costs money and the exposure you get is minimal. Once the buyer is found, we take care of all the paperwork, placing  the deposit in a trust accounte.t.c. The only additional cost is $395 deducted from the proceeds of the sale, upon completion (or $495 depending on where the home is located and if another realtor is involved)

Q:

Are there any hidden fees, or additional chargers?

A:

No hidden fees. We tell you everything upfront. Our fee is $695 upon listing the home and $395 (or $495 - see below) upon completion of sale payable from the proceeds of the sale. That's it.

If the home is located in the Vancouver board, $395 will be payable upon completion, regardless if another realtor was involved or not.

If the home is located in the FVREB, $395 will be payable upon completion if the offer came from another realtor, or $495 if there was no other realtor involved, in which case you save the buyers agent commission. The reason we charge the extra $100 is that we would have to pay an additional $100 to the FVREB, so we pass the extra cost to you.

For strata properties you would have to pay for the strata documents (minutes of meetings, strata plan, by-laws, form "B" etc) to the management company. The cost of that could  be anywhere between $50 and $150. There could also be some courier costs if the documents, deposit etc have to be couriered.

Q:

How will potential buyers find my tel. number or e-mail address?

A:

First of all, potential buyers have the choice of contacting their own realtor (buyers agent). If, however, a buyer wishes to work without a buyers agent, they can contact you directly as follows:
1st by contacting me. I will pass on your contact info to a potential buyer, and then I will send you the potential buyer's contact info.
2nd by viewing the webpage of your home that I will create upon listing your home.
With your permission, your name, telephone number and e-mail address will be displayed on the webpage
For Fraser Valley Real Estate Board (FVREB) listings, the link to the webpage of your home is under the heading "Propery Brochure" at the top of the www.realtor.ca page displaying your home.
For Vancouver Board properties, they would have to click on "Office Website" or simply contact me first.

Q:

What's the advantage of having my home listed on MLS?

A:

By far the most visited website for potential buyers is the www.realtor.ca It receives 100's of 1000's hits a day. The hits on FSBO websites don't even scratch the surface. Browsing buyers will find your home and will either contact their realtor, or you directly.
If you advertise in the newspapers, you'll have to renew and pay for each issue. If you list with me, the initial fee of $695 buys the MLS expsure. It's a far better deal.

Q:

Do I have to write the contract and prepare all related documentation?

A:

No you don't. That's my job and it is part of the service. I will write the contract, remove subjects, collect the deposit and place it in our trust account and generally make sure the sale process goes smoothly until completion.

Q:

I thought if I list with a realtor I would have to pay something like 7% on the first $100,000 and 2.5% on the balance. Isn't this true?

A:

Not necessarily, even though this is still the most common commission rate charged. Things have changed over the last several years mainly because of the Internet. Fees always have been negotiable, realtors can set their own fees, but it is up to you to pay whatever you feel is worth in exchange for the service you get.

Q:

How does that work? I thought if I list in the MLS all the work has to be done by a realtor .

A:

Not necessarily. With the "Basic Service", you in effect become the listing agent for your home to do all the menial work a listing agent would normally do. You are answering phone calls, confirming showings, making sure there is access to the home. I will look after writing the contract, removing subject clauses, placing the deposit in a trust account e.t.c. to make sure the sale completes properly and that you get your money.

Q:

If I have any questions, or I run into trouble doing all those things, can I call you for help?

A:

Absolutely. You can call me anytime or send me an e-mail if there is no urgency. Regardless of how much commission you pay, you are still my client. I'd be happy to offer personal and professional advice should you need it.

Q:

How about if after couple of months I decide that selling the home by myself it's not for me. Can I have you take over?

A:

Absolutely. You can switch to the "Full Service" option and receive full credit for whatever you paid upon completion of sale.

Q:

How long is the duration of the contract I will sign to have my home in the MLS?

A:

Initially for 6 months, which gives you plenty of time to sell the home. However if the home does not sell for whatever reason, like when the market dropped in 2008, and for as long as you are serious about selling your home, I will keep it on MLS by extending the listing contract until it sells, no matter how long that will take.

Q:

How does the cost of $695 compare with the fee for entering my home in some of the FSBO websites?

A:

It's more or less the same. However the exposure your home will get in the FSBO websites doesn't even scratch the surface compared to the exposure that the MLS can offer you. Besides nobody will prepare the contract documentation for you. I am an experienced licensed realtor, in the business since 1994, and I can do that for you.

Q:

How about setting my asking price, can you help me with that?

A:

Yes I can. I will tell you what your home's fair market value is. However it's up to you to ask whatever price you want for your home, as long as it is a reasonable price.

 Q:

 If I decide, to pull the home off the market, can I re-list later?

 A:

Yes, you can. For as long as no photos have to be retaken and there are no changes to the home, we charge a re-list fee of $150 to cover listing fees we have to pay to the boards and for all the paperwork we would have to re-do.

Q:

In your opinion, do buyers prefer dealing directly with an owner?

A:

Some buyers would much rather deal directly with the owner. However many buyers feel intinidated and would prefer to have a realtor do the negotiating and bargaining for them. Besides, many inexperienced buyers are not familiar with the sale process. These people would not call a FSBO, but ask a realtor to represent them and their interests and simply by-pass FSBO homes. With the options I offer, you can have it both ways. You can deal directly with a buyer or through a realtor, so you don't lose any buyers.

Q:

Do you encourage FSBO's?

A:

No, I don't. Selling one's home is a complex and difficult thing to tackle. It should be left to a professional realtor. Especially if you need the funds to buy another property. However, if you already decided to try selling your own home, might as well do it right. I have seen many people get hurt big time trying to sell their own homes. The FSBO websites, I strongly believe, do a disservice to the public.That's one of the reasons  I am offering the "basic service" which is intended for the people who otherwise would be selling on their own.

Online Listing

Q:

I noticed that you provide online listing forms that can be sent or faxed to you. Why's that?

A:

To speed up the process. Actually for Vancouver Board properties that is the only way we will accept a listing. However you don't have to fill in all the details of the home if the property has been on MLS before and no major alterations have been done to the property.

Q:

Once I fax or mail you the "listing info" and "data input" forms, then what?

A:

I will check them over and e-mail you the listing contract in PDF format. You sign it and fax it back to 604-608-9403 with payment (by credit card). I will visit your home once to take photos and check out measurements as soon as possible after receiving the signed contract. Then I will forward the listing to the real estate board. Your home will be on MLS within usually 2 business days after I submit the listing. It will be on www.realtor.ca for the public to see one day after that.

Q:

How about if I don't know the answers to some of the questions in the "Data Input" forms?

A:

Don't worry about it. Just fill in as much as you can. Either call me and we discuss things over the phone or I will figure it out later when I visit your home.

Paying Fee Upon Listing

Q:

What's the idea behind paying the commission "upon listing"? I thought fees are always paid on completion.

A:

You are right, in most transactions, commissions are deducted from the proceeds of the sale. If the home does not sell, there is no commission to pay. This is one of the main reasons commissions are so high. There are a lot of sellers out there not really serious about selling, just "testing the market". Either their asking prices are way too high, or they don't bother making the home accessible to potential buyers. As a result the home doesn't sell and any expenses associated with the listing have to be passed on to other listings.

Unfortunately, nothing is free in this world. In other words, the serious sellers pay for the "market testers".
If you pre-pay, you are a very serious seller. I save money by not wasting my time with a non-serious seller and I pass on the savings to you. Makes sense, doesn't it? Besides, when you put buyer and seller together it is always a good idea to get paid ahead of time. I don't want to have to chase people after completion for a few hundred dollars.

Q:

What happens if the home does not sell? Will I get a refund?

A:

Sorry, no. There are no refunds. That's the whole idea about pre-paying, to deal only with serious sellers. But, don't forget, you can keep the home on MLS until it sells. If it is priced competitively it will sell.

Q:

What happens if everything possible is done, but the home still does not sell?

A:

Remember the 4 steps of selling a home. Although there are no guarantees, if there is communication, accessibility, MLS exposure and the asking price is close to fair market value, the home will sell. I have no doubt about it. It may have to stay on the market longer, but it will eventually sell.

Signage

Q:

Can I put my own "For Sale By Owner" sign on the property while it is listed on MLS?

A:

Sorry, no. The only sign must be ours. All calls derived from the sign will be directed to you. Besides, having too many signs will look totally unprofessional. Even if you will be trying to sell your home by yourself, it will be our listing. We want everything to look professional.

Q:

How about if I don't want any sign?

A:

That's fine, if you are uncomfortable having a "For Sale" sign on your property, there will be no sign.

Q:

How long does the sign has to stay on the property?

A:

Once the home is sold - and by that I mean any and all subject clauses removed - there is no point having a "For Sale" sign. However I may place a "SOLD" sticker on the sign and leave it there for another 2 or 3 weeks.

Q:

Is there any cost for having lockbox or a "for sale" sign?

A:

No. Our signs are loaned to you free of charge. However, you are responsible for their maintenance and their return to our office in good condition. If they are lost or damaged there will be a charge. The same thing applies to lockboxes.

Full Service

Q:

How does your "Full Service" and 5% & 2.5% commission rate compare with the "flat rate" discount realty offices?

A:

The percentage rates we offer are superior to the flat rates as they give other realtors far more incentive to bring a buyer. Typically a "flat rate" office will keep most of the commission for themselves, while offering co-operating realtors a lesser amount. We feel that this is fundamentally very wrong. Selling realtors (buyers' agents) should be compensated more than listing realtors.
Moneywise, our listing fees are more or less the same as the flat rates, sometimes a little lower, sometimes a little higher, depending on the sale price of the home. However, if a seller wants a "flat rate" to list their home we will be glad to do it. Don't forget we are a very flexible real estate office.

Q:

With your full service, how much does the buyers agent get?

A:

The realtor who brings the buyer (buyers agent) gets his full 3.22% on the first $100,000 and 1.15% on balance just as if the commission payable was 7% and 2.5% as in most full service listings by other brokerages. In a typical commission arrangement of a flat rate discount company, the buyers agent would only get $2,500.

Photos

Q:

Regarding photos, will I have to take my own photos of the home and email them to you?

A:

No, you don't have to do that. Actually I prefer taking my own photos and  I can do that  when I visit the home. As many photos as would be required to give the home the maximun exposure. The max. number I ever took was 50 on a huge home. It's all part of the service. Ten photos are uploaded once the listing is on MLS and there is an MLS number. However on the webpage for your home that I will prepare, I could upload all of them.

Showings

 Q:

 What do I do if a realtor calls me?

 A:

Well, buyers agents will call you, not me, for an appointment to show your home since it will be your tel. number in the listing contact info. Try to accommodate other realtors as best you can. Normally they would like to show your home within a hal-hour time frame, ie between 4:00 and 4:30.
If they are interested in presenting an offer they will contact me and either fax or e-mail the offer to me and then I will contact you to discuss it.

 Q:

 What do I do if a potential buyer calls me?

 A:

Set up an appointment at a mutually convenient time.
If they are interested in making an offer, negotiate verbally (do not sign anything) and I will write the contract. Keep in mind that in such case you will save the commission normally going to a buyers agent.

Open Houses

Q:

Can we have our own Open House? And how can we advertise it?

A:

Yes you can. There are two ways you can let other people know about your Open House. I can upload a note on realtor.ca with the date and time of the Open House. It's a fairly simple process, just a few clicks. If you decide to have Open Houses on a regular basis, I could add a note on the Realtors Remarks in the MLS description of your home.

Q:

I understand that it can take up to 4 days to get listed on MLS, how much longer does it take to get listed on the open house site. I assume this is part of MLS and is included in your basic service? Or am I wrong?

A:

Yes it is part of the service. 
It takes approx. 2 business days for the home to be on MLS once submitted to the real estate board, and another day or so to appear on realtor.ca. Once the home is on MLS the Open House notification can be uploaded the same day.

Ads

Q:

What about an ad in the local paper? 

A:

It's up to you to place any ad you want where you want. papers, craigslist etc. It is recommended to include the MLS number and t link to the webpage of your home.

Q:

How about ads in the Real Estate Weekly?

A:

In the Real Estate Weekly, I can place an ad for you, as they only accept ads from realtors, but you will have to pay for the ad. Ads are quite expensive, depending on where in the Lower Mainland your home is located, and the size of the ad, it could cost as much as $80 per issue. They also require all ads to be placed at least a week ahead of publication.

Deposits

Q:

How much deposit should we require on a $600K home? initial deposit and after subject removal. 

A:

The more the better, approx. 5% of sale price, if possible. It shouldn't be less than $20,000. There is no need for initial deposit. If subjects are not removed we have nothing. The deposit should be collected once subjects are removed and should be in the form of a bank draft. Absolutely no personal cheques will be accepted. If the offer comes from a buyer not working with a realtor, you would have to deliver the deposit to me to be placed in our brokerage trust account as per BC real estate regulations

Offer Presentation

Q:

I understand that we are supposed to decide on which offer we will take and then have you do the paperwork - what about a multiple offer situation - does the time we accept offers have to be daytime on weekdays so that you are available?

A:

When it comes to offers I am available any time, daytime or evenings up to 12 midnight weekdays or weekends. You are hiring me to help you sell your home and that's what I will do.
Offers can come two ways: 
1) From another realtor
 In such case, the offer(s) will be emailed or faxed to me and I will forward it to you and we will discuss it. If you prefer presentation in person, you are welcome to come to my office (96th Ave. and 152nd St. in Surrey). But most people prefer the speed and efficiency of emailed offers. By the way, you should have access to a fax machine or scanner. In a multiple offer situation, it's best to wait until all offers are collected and then decide on the best one with the best terms.
2) Offer from a private buyer not working with a realtor. 
In such case negotiate verbally with the buyer the terms (price, deposit, possession date) and I will prepare the contract and assist in subject removals. If no other realtor is involved you will save the buyers agent commission.

Miscallaneous Questions

Q:

How do we know the buyers have financing? If we sign back can we ask them for something from their bank?

A:

Excellent point! A clause should be entered in the contract saying that the buyers will provide us with a statement from the financial institution supplying the mortgage, indicating that the buyers have been approved UNCONDITIONALLY for the purchase of your home. And if you want to push this further (and I recommend this) you can make the clause subject to you viewing and approving it. This way, if the buyer does not supply us a bank statement, you can let the contract expire and look for a buyer that can provide proof of financing.

Q:

How about some feature sheets of our home to give to potential buyers, do we have to prepare them ourselves?

A:

Once the listing is on MLS and photos are uploaded, there are several formats of feature sheets that can automatically be generated complete with photos. I will send you a copy of 5 or 6 different versions so you can print the one(s) you like the best.

Got a question?     Send me an email

basic service

online listing

pre-payment

signage

full service

photos

showings

open houses

ads

deposits

offer presentation

misc

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