Desire to hire real estate agents waning; half say that agents don't have their best interests in mind when selling their home
TORONTO, May 8, 2012 /CNW/ - According to a national survey commissioned by PropertyGuys.com and conducted on the Angus Reid Forum, Canadians polled feel real estate commissions are too high and bidding wars are engineered by real estate agents. The survey found 82 per cent of home owners polled agree that a five per cent commission is too much. 50 per cent of Canadians polled say that agents don't have their best interests in mind when selling their home, and 60 per cent agree that bidding wars are engineered by real estate agents.
"Today's buyers and sellers don't like being pawns in a process, and real estate agents should give Canadians more credit," said Ken LeBlanc, President of PropertyGuys.com. "These survey results prove what PropertyGuys.com has known all along - you don't need a traditional real estate agent and their high fees to successfully sell a home."
According to survey findings, 67 per cent of Canadians polled agree traditional real estate agents, and their commission fees, are one of the factors contributing to home price inflation. In Ontario, this number was higher (70 per cent); not surprising given bidding wars are much more common in larger Ontario cities like Toronto. The 55-plus age group was higher with 72 per cent of respondents agreeing that agents and their fees contribute to the surge in rising home prices.
"We're not surprised that the 55-plus age group are the most fed up with agents' fees. This demographic has likely used several agents over the years, and while they've seen both the cost of homes and commission fees rise dramatically, they aren't seeing any change in the value an agent provides," said Walter Melanson, Director of Partnerships at PropertyGuys.com.
The survey also found that among those surveyed:
- 66 per cent of home owners polled say alternatives to traditional real estate agents will benefit home sellers;
- 74 per cent agree they would be likely to consider a marketing program to sell their home, rather than a real estate agent, to save money;
- Only 19 per cent of home owners polled think their real estate agent was definitely worth the commission paid;
- 87 per cent believe that how much money they have at the end of the day is most important when selling a home.
- 50 per cent of Canadians polled disagree that real estate agents have your best interest in mind when selling a home.
"PropertyGuys.com advises Canadians looking to sell a home to explore their options and inquire into programs that will allow them to do it themselves with no strings attached," added LeBlanc. "While those in the traditional agent/broker segment may want buyers and sellers to believe that it is dangerous not to use an agent, the truth is that the real estate market has changed and savvy consumers, with the right tools, technology and knowhow can sell their home without the use of an agent."
PropertyGuys.com is Canada's largest and fastest growing private sales franchise network. It has 106 locally-owned franchise locations to assist home buyers in more than 600 communities across Canada. PropertyGuyss.com is a proud member of the Canadian Franchise Association. It is a recipient of Canada's top franchise honour, the Award of Excellence, for several years running.
About the survey
From April 16th to April 17th 2012, an online survey was conducted among a sample of 1,006 Canadian adults 18 years plus, who are also Angus Reid Forum panel members. Individuals were sampled according to Census data to be representative of the Canadian national adult population. The full dataset has been statistically weighted according to the most current gender, age, region, education (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. The margin of error is ±3.1%, 19 times out of 20. Discrepancies in or between totals are due to rounding.
For further information:
Ketchum (for PropertyGuys.com)
Walter Melanson, Director of Partnerships
Tel: 1.866.666.9744 x103