• Home
  • Salt Spring MLS®
    • Listings Up to 500k
    • Listings 500k – 899k
    • Listings 900k plus
    • Salt Spring Condos
  • Salt Spring Land
    • Bishops Walk Salt Spring
    • Channel Ridge properties
    • Mount Tuam Annas Drive
    • Trustee’s Trail development Salt Spring
    • Skywater Salt Spring
    • Jasper, Jennifer, Sarah and Becky way area
    • Ashya Road Salt Spring
    • Mt Erskine Narrows West
    • Shepherd Hills Road lots
    • Maliview
    • Merchant Mews
  • Buying on Salt Spring
    • Salt Spring Interactive map
    • Salt Spring Island Buying tips
    • Re-Listing
    • E-Signing In BC Real Estate Transactions: What You Need To Know
    • Dual Agency
    • Salt Spring Island Home Inspection
    • Salt Spring Island Building trades
    • Salt Spring Island Lawyers
    • Salt Spring Mortgage
  • Selling on Salt Spring
    • How to sell Salt Spring Real Estate
    • Salt Spring EnerGuide
  • Market Report
    • Virtual Open House
  • TV Show
    • Radio Real Estate show
    • CFSI Radio Real Estate older shows
    • CFSI Radio RE Shows
  • Contact
    • PCS sign up
    • About
    • Why Use Scott
    • Privacy Policy

Salt Spring Island Real Estate

MLS homes for sale by Scott Simmons

Selling on Salt Spring? What do we charge?

December 17, 2011 By Scott Simmons Leave a Comment

Commissions

As of Jan 1st, 2018 we now charge the following;

Full-Service MLS® Only $7,950

(Homes over $700,000 1% + $950)

$3,500 to listing agent / $3,500 to buyer’s agent

$950 expense fee at closing

$7,950 TOTAL

How much do I charge to sell your Salt Spring Island house? Just 1% plus $900 a disbursement fee or if your house sells for over $700 thousand.   If your home sells for less than $700k we charge a minimum of $7000 plus the $950 disbursement fee.   All commissions are plus HST.

How can I do it all for so little?  Easy.  I leverage the Internet and work out of my home office, not a fancy old-fashioned real estate office that no one goes to anyway.  Low commissions are a way of letting you lower your selling price but keep more of the money in your pocket when you sell.

What about the myth that other agents will not show a 1% listing?  If you have followed the steps above your house will be irresistible to the buyers and the other agents will bring them to see your stunning house.  The buyers’ agent might ask the buyers to pay them more commission or might ask you to pay more commission if they bring in an offer.  This puts you, the seller, in the driver’s seat.  It gives you leverage when an offer comes in.  The buyers like low commissions because they know you are not being charged as much and can sell for less or sell at market price and make more.  Low commissions are a win-win for everyone but the high overhead agents who are not adapting to the new online world we live in.  Don’t worry, they will learn to adapt or go out of business.

Here is an article out of the local driftwood newspaper driftwood article March 11, 2009, regarding what one agent says about what they have to charge.  quote “…minimum rates at which the full-service-downtown-storefront real estate business can function….”  They need to charge more to pay for their downtown offices not because they are going to spend more on your listing marketing it.

Compare services to services.  We offer all the same Full services Full MLS® listing, Lawn Signs, Virtual Tour, Agents Open, Lock Box, Brochures, Driftwood Real Estate magazine ads… Yes, we do all the same services like the so-called downtown-storefront real estate companies.

One of the biggest financial mistakes I see sellers make is the failure to realize commissions can only come out of their home equity (or capital).  This is an example; If a house sells $700,000 and $600,000 is owed to the bank (mortgage) they will net out approx $100,000 (this is their “home equity”).  Out of this $100,000 equity, they will pay the $24,000 commission (if they use a typical 6/3 agent), which is more than 20% of their equity.  Why would someone give away so much of their equity?  It just does not make financial sense to me.  I’m always shocked when I see this happen.  Those that can afford it the least seem to pay such a staggering amount of their home equity (their home equity is usually most of their net worth) to sell their house.  It’s really quite shocking and sad to see that so many make such bad financial decisions.  My Financial planning 101 advise is to preserve your after-tax capital, invest it wisely and make it work for you, Do Not Give it away.

Cheers
Scott Simmons

Filed Under: Selling your home

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

CRITICAL BUYING INFO

Two things buyers should know before they offer:

Price History

Total time on market

Forms for the new BC Real Estate rules
Disclosure-of-Representation-in-Trading-Services
Agreement-Regarding-Conflict-of-Interest-Between-Clients
Disclosure-of-Risks-to-Unrepresented-Parties
PrivacyNoticeandConsent

Salt Spring Island Property Search

up to 500k

500k-899k

900k plus

Land
 
 

Comments

LOADING...

Advanced MLS Sign up Scott's Virtual Open House (PCS) system here

 

Scott's mobile Virtual Open House system here

 

Log into your PCS account here.

 

 

Salt Spring Real Estate Market Report

If you are looking for Salt Spring Island Real Estate it would be well worth your time to check out my Salt Spring Market Report pages.

To help you search for a Salt Spring home for sale I have two systems you can use.  One is a map based mobile search system for tablets and/or phones. This system works really well if you are on Salt Spring, as it will automatically show you properties as you drive around the island.

The other system is a data base (Advanced MLS system or PCS) for laptops or desktops.

These two systems display information in real time, which allows you to view new listings within one second of them coming on the market. You will also find the “sold” prices of homes, as well as other useful information.

Radio Real Estate Shows

TV show Realty Reality on Salt Spring

So glad shooting for the new Real Estate TV show “Realty Reality” is over. It was a lot of work. It all looks so easy on TV but in reality it was not easy. I think they were waiting for the “moment” to happen. You know the big fall down the steps or fall of […]

Home inspection on Salt Spring Island

Home inspection on Salt Spring Island happened yesterday at a 42 year old log home. To accomplish the home inspections the buyer brought in a  Home Inspector, Geo-technical Engineer and a local Salt Spring contractor. Jeff the home inspector tells the story about the bag of Gold he found in an attic; gold story How […]

Salt Spring home face lift

My clients bought this dated salt spring home a month ago and are upgrading it.  The home was built in 1996 and is structurally 100% perfect.  It seams as if the original owner skimped on the finishing.   The main up grade Alex Denny (salt spring master carpenter) will be doing for the owners is re-finishing […]

Latest post

Salt Spring Home Staging Tips

If you’re selling your home, you want to create the best impression possible for prospective buyers. And one of the easiest ways to do that is through staging. A well-staged home gives buyers a better sense of what living in the space will be like and makes them more likely to want to buy it. […]

Packing Tips for Busy Home Sellers

Packing correctly can simplify the burden of the entire process for a household and potentially their moving company. By packing smart, using proper protocols, and paying attention to the details, things can be ready to go far before the movers arrive and ready to unload upon arrival. Here are some tips for busy home sellers […]

Salt Spring rental homes by the numbers

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Buying on Salt Spring Island

Salt Spring rental homes by the numbers

July 18, 2018 By Scott Simmons 2 Comments

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Salt Spring Island Trust Land Use Zoning bylaw 355

February 17, 2018 By Scott Simmons Leave a Comment

On Salt Spring Island the Island Trust is responsible for our local zoning.  You can find our zoning info here at the Salt Spring Island Trust LUB 355. The bylaw has maps that cover every part of the island.  Believe it or not every few months or so I get an email from someone saying […]

Is an offer an sale?

January 26, 2018 By Scott Simmons Leave a Comment

This last month I had an accepted offer on a home and had a backup offer come in.  The backup offer was a very weak offer because the condition precedent (subject to clause) was so subjective.  It was subject to the buyer viewing and liking the lot.  Normally no one would take an offer like […]

More Posts from this Category

 

SALT SPRING NEWS

Salt Spring Housing Crisis explained

July 12, 2018 By Scott Simmons 2 Comments

Is Salt Spring in the middle of a housing crisis?  It all depends on who you talk to and what one defines as a crisis. If you move to Salt Spring and have limited funds and are looking to rent a home at about $1000 per month your probably out of luck.  There are basically […]

Candidate for Regional Director CREA

March 7, 2017 By Scott Simmons Leave a Comment

I’m running for the position of board member Regional Director for BC for the Canadian Real Estate Association (CREA).  Below is my official platform after edits suggested by CREA lawyers. My name is Scott Simmons. I’m a REALTOR® on Salt Spring Island BC. If you go to the REALTOR.ca site and put in Salt Spring […]

CRD sewer and solid waste

January 23, 2017 By Scott Simmons Leave a Comment

The nuts and bolts of local goverment are really the non glamours basics of water, sewer and garbage (solid waste).   The CRD is the local service provider for Salt Spring.  On the night of 24 Nov 2016 Russ Smith Senior Manager, Environmental Resource Management for the CRD put on a waste presentation.  Here is a […]

Incorporation – A Third Option: Self-governance with contracted services

May 11, 2016 By Scott Simmons Leave a Comment

This was just posted on the Salt Spring exchange in 4 parts.  I have permission from John Gauld the author to publish this document on my Salt Spring web site;   SSI is known as a community that questions conventional practices and is creative and innovative in its response to community challenges. Perhaps the up-coming […]

Salt Spring’s new SSIWPA PAC

November 4, 2014 By Scott Simmons 2 Comments

If you live on Salt Spring you have to get used to all the acronyms.  If you have not heard of SSIWPA it’s because it’s new.   SSIWPA stands for Salt Spring Island WaterShed Protection Authority.  Today  was the first meeting of the SSIWPA PAC (Public Advisory Committee). The ideal behind SSIWPA is that it […]

 

Critical Salt Spring Buying Info

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Sun Path Chart

Does the home get sunlight?

February 28, 2013 By Scott Simmons 1 Comment

If you’re planning to live on Salt Spring year-round, one of the most important things to consider when buying a property is SUNLIGHT. Do the neighbor’s trees or a mountain block the sun during the winter months?  According to Salt Spring real estate mythology, “If they buy in August, they will list in November and […]

Aggregate Days on the Market

January 2, 2012 By Scott Simmons Leave a Comment

What are “aggregate days on the market”? On the Victoria Real Estate board an agent can “Re-List” a property for a mere $25 fee.  An example would be if a home has been listed on the board for 180 days the listing can be taken off the market and then “Re-Listed” and appear to be […]

Scott Simmons’s Social Sites

Scott's social sites FacebookScott's social sites TwitterScott's social sites LinkedInScott's social sites YouTube

Salt Spring Island Real Estate Site Map

Salt Spring Island Real Estate Site Map Link

 
 

Mug Shot of Scott Simmons

Tel number
250.538.8316

Email; Saltspring at Yahoo dot com

Email Scott

salt spring mls

Scott's brokerage is eXp Realty
brokerage address;
1321 Blanshard Street, Suite 301
Victoria, BC
V8W 0B6

The information on this website is for general information purposes only. Nothing on this site should be taken as legal and or Realtor advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute a Realtor/client relationship.

  • Advanced MLS®
  • Critical Salt Spring Buying Info
  • Salt Spring News
  • Virtual Open House
  • Why Salt Spring

Copyright © 2022 Log in