We recently used One Percent Realty to sell a Maple Ridge property and would like to share our experiences with the company.
Allow me to preface this by stating that we don’t like realtors in the Maple Ridge area very much. Most of them make a fortune for not doing that much work, and many lack the education required to handle the job at all.
For example, many realtors around here charge a 7% commission on the first $100,000 of a property’s sale price and then an additional 2.5% on the rest. That sets the minimum fee to $7,000, and you usually end up paying much more than that considering property values in the area. Worse, you also need to shell out for a lawyer or notary to look over all of the paperwork, inspection costs, etc. It all adds up in a hurry!
That fee is split between the buying and selling realtors. The buying agent typically receives 3.255% of the initial $100K and 1.1625% on the rest of the purchase price, with the selling agent getting the rest. I know these numbers seem random, but you memorize them pretty quickly when selling a dwelling.
What Is One Percent Realty?
One Percent Realty is a full-service realtor that doesn’t charge the excessive commissions demanded by other Maple Ridge area realtors (RE/MAX, MacDonald Realty, Sutton). They serve the British Columbia, Alberta, Ontario, Saskatchewan, and Atlantic regions of Canada.
The One Percent Realtors at SWJD have a location in Maple Ridge here:
One Percent Realty Maple Ridge | Save With John and Dave
203 – 11985 203 St, Maple Ridge, BC V2X 4V2
Some of the services offered by One Percent Realtors include:
- An MLS listing on Realtor.ca
- Open houses to showcase your property
- Advertising for your listing, including signage and photos
- A market evaluation and suggested listing price
- Meeting with prospective buyers to showcase your home
- Facilitating discussions with other realtors
Why We Chose One Percent Realty
Like most people today, we are frugal. We simply do not wish to spend money on anything that we won’t get a lot of value out of. Unlike the above pricing structure, One Percent Realty charges a flat fee of $6,900 for any listing priced under $600,000. Listings worth more than that are charged a 1% commission plus a flat fee of $900. The fee is split such that One Percent Realty receives $3,900 of the $6,900 fee, leaving $3,000 for the buying realtor.
This pricing structure is transparent and fair, serving as one of the biggest reasons we opted for One Percent Realty to sell our home. If you’re wondering how the company stays in business charging so much less than everybody else, the answer is volume. They handle so many transactions that they simply do not need to bleed every customer dry.
While we were interviewing Maple Ridge realtors, we also liked how the One Percent Realtors representative wasn’t pushy. He simply laid out the benefits his company could offer and allowed us to decide whether they were the best fit for us.
The One Percent Realty Process
Our One Percent Realtor met with us to conduct a detailed market analysis on housing units that recently sold in our neighborhood, breaking everything down into an easy to understand average price per square foot. We worked with him to determine a listing date, listing price, and how it would be best to showcase our property.
A professional real estate photographer was brought in to take stunning pictures of our home, and a full listing was placed on Realtor.ca. Our realtor next set up a few open houses and informed us of the general interest we were drawing. It seemed slow at first, but ultimately we had eight separate offers to choose from.
To be fair, not every offer we received came from a serious buyer. Some tried to low-ball us; others wanted a closing date too far in the future for us to really contemplate. Offers like these are made regardless of the agent you choose, so we can’t blame One Percent Realty for this annoyance.
The thing that struck us most of all was that buying agents were consistently making offers contingent upon their receiving their usual commission, completely disregarding One Percent Realty’s unique pricing structure. Some of them even offered more money than we were asking for, forcing the buyers they were supposed to represent to pay more so that they could enrich themselves! Worst of all, they refused to negotiate at all on this point.
Ultimately, we were forced to (somewhat) cave into their demands. They agreed to follow One Percent Realty’s pricing but got a larger piece of the pie than our selling agent did. The selling agent does most of the work in a typical real estate transaction and is usually compensated more as a result. What this buying agent did flies in the face of industry norms.
Advantages Of One Percent Realty
I had previously dealt with a RE/MAX realtor, so I am qualified to compare One Percent Realtors with their more expensive counterparts. Overall, I’d say that the services provided are comparable. The video tour included on our listing wasn’t quite as good as the one from RE/MAX, but the pictures, listing details, and the floor plan was. Our listing also made it to MLS.ca, probably the most important thing since buyers are increasingly shopping online for real estate. Our property generated plenty of interest, so it all worked out in the end.
We also loved the transparent, flat fee, and felt that our realtor did enough to justify paying it. This is not the case with the egregious fees charged by other Maple Ridge realtors.
Disadvantages of One Percent Realty
Some buying realtors intentionally avoid One Percent Realty-listed properties when taking their clients on tours because they don’t want to be “underpaid.” This may mean that your “property will take longer to sell than it would have with another agency.” according to Cardas Mugridge. Others will show the property but insist on charging their usual commission, as in the example above. This also makes it more challenging to get a deal done.
One Percent Realty also doesn’t market as much as other firms, so you won’t receive a calendar with your realtor’s picture on it if you go through them. We don’t need any extra crap, so maybe this is a blessing in disguise.
We would definitely consider One Percent Realty for all of our future Maple Ridge real estate needs. Thanks for reading!