Richard Bishop
2 Percent Realty West Coast

Cell 778-888-7424
EMAIL richardbishoprealtor@gmail.com
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FAQs

What is the deal exactly with 2 Percent?

2 Percent Realty is a fully licensed real estate company that offers full service but at a commission less than what is commonly charged. In terms of services and exposure. Listings are on MLS®, all the top internet sites. Richard employs a professional photographer to do industry-leading pictures, 3D Virtual Open House tours, which are posted everywhere buyers are looking. They will place a sign on your property (if it’s allowed), show the property By Appointment Only, I will produce a COVID 19 friendly Virtual Open House tour, handle all the negotiations, plus the conveyancing. There is nothing that you are not getting, except for a high commission!

Are your listings on MLS® and REALTOR.ca?

Yes, and yes.

How do your fees work?

Richard Charges only 2% Commission on the Sale Price of your property, plus applicable gst, that’s it! Properties under $400,000 are a flat fee of $7,950 plus GST split 50/50 with the Co-operating Brokerage. You still get professional photography, 3D Virtual Open House, Social Media and Internet marketing as well!

Are there any hidden fees?

No, there are not any hidden fees. When you sign the standard MLS® listing contract with us, it lays out exactly the commission cost to you. If you are selling a Strata property, there are some strata documents that you will be required to provide to the buyer in a sale, and these are typically obtained from the property manager. A strata document package can typically run between $50-$100, and Richard will typically order and pay for them on your behalf to facilitate the sale, and you will be responsible to refund those costs. That’s about it!

How can you provide the same services but charge less?

Because Richard does not pay high desk fees at 2 Percent Realty, I have a relatively low overhead, enabling myself to pass savings on to my clients. So many people want them to sell their properties that they can make a good living without charging so much of each seller. After all, it doesn’t take any more work to sell a $600,000 home than to sell a $300,000 home, so why should you pay so much more? Richard believes this is simply a better and more fair business model, and that it is likely to become more common throughout the country in the future.

If I pay less, will I settle for less service and get less money for my home?

Absolutely not. You’ll get the same level of services and the same results you’d expect to receive at most other brokerages. A large percentage of any REALTOR®’s business comes from referrals from past clients. Richard values his reputation and wants you to be happy so that you will remember him down the road. Both the average time it takes to sell one of their listings and their sold price to listing price ratio is similar to what you may expect elsewhere. Yes, you’ll pay less, and you’ll get the same or better results. You’ll just end up with more money in your pocket at the end of the day!

What if a buyer has his or her own agent? Do I have to pay them extra?

Roughly 70-80% of the 2% listings are sold by agents from other brokerages through the Multiple Listing Service. This is approximately the industry average. If an agent tells you that 2 Percent Realty listings are not sold by other agents, they are simply lying. Years of MLS® statistics prove it.

Will other REALTORS® show and sell my home if I list with 2 Percent Realty?

Absolutely, unequivocally, yes. Statistically, 2 Percent Realty is similar to other brokerages. Approximately 70-80% of 2% listings annually* are sold by agents from other local brokerages bringing their buyers, just like with any other company. If any person tells you differently, he or she is misleading you or is misinformed. Remember – buyers don’t care whose name is on the For Sale sign or whose smiling face is beside the REALTOR.ca listing – they just care about whether a property is right for them. Isn’t that all you would care about if you were buying a property? This is intuitively obvious.


Richard doesn’t dispute that other agents may like to get paid more money. But, it is always up to the buyer to determine which properties the buyer will view and which property they will ultimately purchase. This is why Richard's listings sell just like all the other listings. It’s all about the property, the market, and the price. That’s it.


IMPORTANT: Richard knows some Sellers are concerned that the Buyers Realtors might be reluctant showing your home because of the lower commssion, Richard and 2% Realty has the solution for that. Sellers have the option with 2% to offer the full commission to the Buying side of the transaction and Richard still saves you money receiving 1% on the selling side of the transaction, Your Choice!

Other agents have told me that if I list with 2 Percent Realty, agents from other companies will not show my house because they don’t get the same amount of money. Logic would dictate that they are going to sell the house down the street where they get paid more money. Do agents boycott your listings?

Realtor's have a Fiduciary Duty to act in the Best interest in all aspects of their clients representation. 


2 Percent Realty listings are shown by cooperating REALTORS® everyday just like other listings on MLS®. 70-80% of 2% listings are sold by cooperating agents every year. Would other agents like to make more money? Sure — no argument. But the fact is, Richard's and 2% listings are displayed everywhere that all the other listings are. They employ industry-leading advertising with MLS®, all the top internet sites, outside signage, and professional photography and COVID 19 friendly 3D Virtual Open House tours for your Safety. So, if a buyer is looking for a home in your neighbourhood, in your price range, they are going to know it is for sale. That buyer is going to look at whatever is on the market before they make their decision. And then the buyer will make an offer on the property they feel is right for them. Buyers don’t pay the real estate commission, so why would they care if the house they want to buy is offering less commission? If the buyer’s agent is unhappy with the commission Richard is offering, the buyer will call us directly . But the fact is that other agents show & sell 2 Percent listings, every single day. All of the 2% "SOLD" signs over the years prove it!

I have been told that other agents sometimes ask for more commission than is being offered on MLS® with an offer. Can you respond to this?

When a buyer makes an offer on your property, usually, everything is negotiable. The buyer can ask for anything – for all of your furniture, the car in your driveway, everything.


Similarly, a buyer’s agent, with the consent of the buyer, can include in the offer, a request for additional commission. Richard does not see this request all of the time, as many buyer’s agents simply accept the commission amount that is offered. However, if you do get the request in the offer, as the Seller, you will decide what you wish to do with such a request – it is 100% your choice. The majority of Richard's Sellers decline to pay such requests and almost of all those offers still proceed normally. That being said, some of Richard's Sellers decide to pay some or all of the requested commission increase – usually if the seller is very happy with the offer as it was presented. Even in those situations, Sellers still save many thousands of dollars on the listing side of the commission versus the more typical listing commission rates. The bottom line is that you will always save.


As with everything else involved in the sale, if you do see this request in the offer, Richard will guide you through your options to make sure you get the best possible outcome.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.