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Are you constantly thinking about:
Thinking of buying?
Don’t Miss Out on These Important Keys to Buying Your Next Home That’ll Save You Thousands?
Thinking of selling?
The Industry Secrets to Selling Your HomeFast and for Top Dollar.
Thinking of developing?
Are You Making These Real Estate Developing Mistakes?
1. How Do Realtors Get Paid? How Much Do They Charge?
Buyer’s agents: It generally doesn’t cost you money to use a Realtor to help you buy a place. The Realtor gets paid by the seller.
Listing agents: Listing agents get paid by the seller when they sell your home. It’s laid out in the listing contract that you sign.
There is no regulation for how much Realtors can charge you.
Different listing agents have different fee structures. Some are very inexpensive, some are expensive. As with most things in life, you get what you pay for.
There are many creative fee structures, but typical commission structure is 7 – 8% on the 1st $100,000 and 2.5 – 3.5% on the remaining.
Example: if your Vancouver Realtor sells your home for $1,000,000, you’d be charged $7000 – $8000 (7 – 8% on $100,000) plus $22,500 – $31,500 (2.5% – 3.5% on $900,000) = $29,500 – $39,500.
This does not include GST and the Realtor does not get paid this. This amount is commonly split with the buyer agent’s brokerage. It’s important to note that Realtors get paid ONLY AFTER the real estate brokerage takes some sort of cut and fee on the transaction.
2. How Do I Choose A Realtor?
To answer this, I’ll give you a few TIPS on How NOT To Choose A Realtor.
Number 1: DON’T choose a Realtor just because they are a relative, friend or you know them.
Number 2: DON’T judge a Realtor by what you see. Just because their signs and flyers are everywhere just means they’re good at spending money, it doesn’t mean they’re going to provide you the service you need.
Number 3: A busy Realtor isn’t a bad one. A busy Realtor with good time management is better than a Realtor who has tonnes of time but poor time management. Having said that, don’t choose a Realtor who’s TOO BUSY for you.
Number 4: DON’T choose a Realtor SOLELY based on the years of experience. 10 years of incompetence doesn’t make a Realtor competent. Sometimes new Realtors are more informed and trained than those in the business for years.
It’s not so important how much the Realtor knows but how willing the Realtor is to find out the answers to questions. I prefer a Vancouver Realtor who’ll do what it takes to find the answer than one who’s been in the business for years but won’t take the steps to find answers.
Bottom Line: There’s no 1 size fits all. Some want the cheapest, some want the consultant type, some want the nurture and care, some want the super fast paced type, etc…
3. How Much Is My House Worth?
Let me ask you. When do you want to sell your home? If you want to sell it now, then I can do a market evaluation. But if you want to sell your home 6 months later, then a market evaluation should be done 6 months later. An outdated evaluation is as useful as outdated stock prices. It’s a nice to know, but that’s about it.
4. Should I Buy Or Sell Now? When Is The Best Time To Buy Or Sell?
It depends. There are pros and cons to buying and selling at different times of the year. I go into detail in my blog post and video. The simple answer is buy or sell when you’re ready to buy or sell.
5. I Want To Invest In Vancouver Real Estate, How Should I Start? Where Should I Invest?
Do you want to invest for cash flow?
Is there a focus on 1 or the other?
You should start by talking to a Realtor who specializes in this area. Your Realtor should understand basic economic fundamentals, the market, supply and demand, cash flow analysis, creative financing, and many types of creative real estate investing strategies.
The most important thing in Vancouver real estate investing is doing your research and due diligence and working with a team (Realtor, accountant, lawyer, home inspector, property manager, etc…)
See what our customers are saying!
I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.–Yvonne Yang, Entrepreneur, Vancouver
When the times comes that we were ready to buy a home Mr. Gary Wong’s name immediately comes into our minds. It was a really nice encounter because he didn’t initially push us to consider a home but we sat down and discussed details, even some definition of terms, he described to us. He even called out a friend who is a mortgage advisor to come over and helped us. After that we had a great perspective of how to buy a house, and he really helped us a lot from beginning to end.–Dr Ed & Mimi Arguelles, Physicians and Entrepreneurs, Richmond
We were so happy with Gary that we asked him to help us find our new home, and here we are in it right now. The home is in a great neighborhood, three blocks from my mom’s house, and we got it for a very good deal due to Gary’s awesome negotiating skills.
Gary is a very friendly guy. Very professional, and super knowledgeable about the Vancouver market. He was always on time, and was always at every showing. We really like Gary. He’s a super honest guy, and I would totally recommend him to all my families and friends.–Mike & Kim Tran, Founder & CEO at Addictive Ads Inc., Surrey
Gary is one of the brightest real estate agents that I know. He just helped me complete a transaction on my own home. He’s smart, he’s articulate. I recommend him without hesitation for your most complex transactions. I’ve asked him a thousand questions during the past five months and I’m very happy with the new home and all of his work. Definitely reach out to him if you need any of your real estate transactions done. Thank you.–Viren Thaker, MBA, Product Manager, North Vancouver
As a new home buyer seeking all range of advices and assistance, Gary is extremely helpful in providing efficient, honest and productive service. I really felt that Gary has put my interest before anything else and made great effort during the negotiation process. I highly recommend him as an excellent agent and friend.–Kirk Xu, MBA, Principal at Bedrock Consulting, Coquitlam
After more than 50 showings, my fiance and I finally found a home that we could see ourselves raising a family in. During this year-and-a-half long process, Gary was always patient and courteous. He always listened for our opinions first, before giving us his experienced viewpoint on a property. As first-time home buyers, we knew nothing about real estate and learned a lot from Gary. Flexible, friendly, and funny, we think of him now as more than just our realtor. He is incredibly personable, and cares more about his clients than he cares about making a sale. We are very grateful that we had him lead us through this process.–Pamela & Stephen Fleming, Teachers, Vancouver
Gary was very honest, ethical & professional when he helped us buy our condo. He gave us the pros and cons of buying a wood vs concrete condo, townhouse & detached house and never pushed us towards buying something we didn’t want. He was available 24/7, spent hours talking with us and going through the process and was always on top of everything from start to finish. I’d highly recommend him!–Alvin & Carol Ng, Banking Professionals, Burnaby
Gary was a great Realtor to work with. He helped us throughout the entire buying process and was always looking out for our best interests. Gary’s honest, full disclosure, ethical approach to Real Estate allowed us to build trust with him immediately and we thank him for all his hard work. We look forward to doing more transactions with him in the future! We highly recommend Gary to anyone looking to buy or sell.–Dr. Kate & Lebert, Doctor and Consultant, Delta
Great to work with. Values clients’ interests. Have patience to deal with the first time buyer. (If you can deal with the first time buyer, you can deal with anyone) A must have Realtor in GVRD!–Kee Nam, Senior Software Engineer, Vancouver
Gary was very helpful in the purchase of our first home. He set up several tours for us and we saw several properties and made several offers before we finally found our ideal home. Gary also helped us get a great price on our new home with his negotiation tactics. He was very patient throughout the entire process, always doing his best to serve us and was always available when we had questions. He was always punctual and honest and put our interests first which is why I would definitely recommend him to my friends in the future.–Zach & Tracy Sheng, MBA, Sales Consultants, Vancouver
I had been looking to purchase my first home but I wasn’t in an urgent rush to buy, so I was looking for something that I felt would be a “great deal”. My Realtor, Gary Wong, patiently worked with me for a period of 8 months to find my “great deal” and walked me through the entire process of purchasing and moving into my new home. I enjoyed Gary’s no-pressure and honest approach when it came to making such a difficult decision in buying a home. During our search, Gary had always reminded me that there were always going to be more properties to look at, and if I felt any hesitation I could always walk away from a deal. Today, I am happily writing this from my new home as a proud new home owner! Thanks Gary!–David Ko, B.AS, Engineer, Vancouver
We really appreciated the warmth and honesty, and realistic outlook of our agent, Gary Wong, as well as his attention to detail. He is a frank, honest, funny, no nonsense kind of agent, and we really loved this about him. He consistently kept us “in the loop” of information.–Kelvin & Betty Leung, BBA, Business Development Manager, Vancouver
Gary has helped me buy my first home. As a first time home buyer, I didn’t really know the process or many of the issues to consider when purchasing a home, but Gary really took his time and helped me through every step. He is very passionate about his career as a realtor and it really showed in my dealing with him. He was very honest, prompt and professional and he helped me find the perfect home. Thanks!–Tae Kyung Yoon, CPA, CMA, Manager at HSBC, Vancouver
We were very fortunate to have Gary be our realtor selling our condo. Gary proves to be the best realtor ever that we had worked with. Gary was very personable and having our best interest in heart through the sale process. Gary was very ethical and having great negotiation skill. Gary understands the market through his extensive and indepth research and experience. He guided us throughout the sale process. We highly highly recommend him to anyone that’s selling and buying real estate.–Gina Yu & David Meng, Account Manager at Vancity, Richmond
Gary Wong is the author of “The Book on Vancouver Real Estate” and the owner of Vancouver’s Top Real Estate Youtube Channel www.vancouverrealestatetv.com.
As an award-winning Realtor, Gary helps investors build short term wealth through buy and flip strategies and helps them build long term wealth through buy and hold and various cash flow strategies.
Gary regularly advises his developer and investor clients in matters of structuring, negotiation, implementation, sales and acquisitions.
His long term real estate acquisition formula has helped his clients from all walks of life to establish real estate portfolios to meet their long term financial goals.
Known for his creative, unconventional and outside of the box marketing methods, he is paving the way for a new standard in the industry.
His goal has always been to add massive value through educating and consulting with his clients for the purpose of building lifetime client relationships.
When it comes to advanced real estate deals, Gary can advise and counsel you through property disposition and acquisitions from preliminary planning and feasibility analysis, to detail goal-oriented marketing and comprehensive sensitivity analysis determined by current residential real estate trends.
As an award winning investment REALTOR®, Gary also specializes in a number of other real estate services, including:
Before Real Estate, Gary worked in the corporate world for years before going back to business school to do his MBA targeted towards his childhood passion of real estate.
Seeing the fierce competitive atmosphere, he quickly established his foundation rooted in his beliefs in honesty, ethics and integrity in all matters.
Since then, he has been focused on serving his clients one by one with a mission to provide an exceptional home buying/selling experience through his no pressure, unconventional, outside of the box marketing, dedicated consulting and client care for the purpose of establishing lifelong relationships.
For an in-depth assessment of your real estate needs—and an extensive list of the hottest list of residential properties for sale in the Vancouver Area–call Gary.