Thanks for asking a very good question. Let me offer you a couple of perspectives:
1. From your website you are listing your property at $1.6 million. Your primay goal is to maximize your net profit, right?
2. I am assuming that "brokers are protected" means that you are paying a commission to the selling office (let's say you're paying 3%).
3. I am only guessing, but there are probably more homes selling for $400K than over a million, right. There are fewer people that can afford a million dollar home, so you have fewer buyers, right?
I don't have statistics for Ontario, so these may not apply specifically, but probably do over all:
A. over 90% of the time the buyer is brought to the seller by an agent.
B. Most advertising that sellers selling without representation do is directed towards buyers only. Which is less than 10% of the buyers.
B. Individuals that have the ability to purchase a home for $1.6 million are probably very busy, so time is money. If they ARE looking for a home in your area, do you think they are searching the web everyday, looking for properties sold by unrepresented sellers? Their time is to valuable...they probably have a REALTOR working for them..for them, it's free, right?
C. Is the REALTOR looking for their home spending his/her time looking for unrepresented sellers' listings?
Probably not. Time is money, he or she is probably working with other clients, both buyers and sellers.
D. So who is looking for your home? Probably someone that is looking for a "deal". Most buyer's automatically subtract the commission from the listing price. Do you want to sell your home as a "good deal" or for top dollar?
E. over 90% of sellers who opt to sell their home themselves eventually list it with an agent. Why? Does it make sense to exclude your property from 90% of buyers...and mind you, at $1.6 million, there are probably not too many buyers in your price range.
Are you going to waste money? Naheed, let me ask you. Would you hire an agent with your track record in home sales to list and sell your home?
Lastly, when a lawsuit if filed, 70% of the time it's filed by a buyer that thinks the seller did not disclose material facts. One of the best reasons to use an agent is that they assume a lot of liability when representing you, therefore protecting your from legal entanglements.
Lastly, If you can sell it on your own, go for it. Just remember time is money. Interest rates are going up. That shuts out even more buyers. If you need to sell, then YOU HAVE A TIME PROBLEM. Time is money, rates are going up, so whatever you buy will cost you more.
Oh, and now, I am not annoyed if you want to sell your property yourself. My job is to help my clients make wise decisions. Would I show my clients your property? No, probably not. Why? If I did wind up representing my clients as the buyer's agent, and you did not have an agent, I would be doing twice the work. My time is simply too valuable . And twice the liability. What you are really doing is offer an agent 1.5% , they just get to handle both sides. We make our money on commission. If you were in our shoes, would you want to do twice the work (and probably more than twice the time..no one has been helping you get your homework done, so I'd have to spend much more time working on your disclosures,which although you may be "selling by owner", legally they still need to be completed. Would you work for half rate?