[Missy1955]

Do not pay the broker's fee of $500 to store records or for anything they try to justify to you. It is bad enough we are getting gouged with all the other fees involved in a sales transaction and now the broker is gouging the buyer too? 3-4% commission paid by the seller is plenty for the work entailed in completing a transaction, especially if the buyer found the home him/herself and all the agent is doing is submitting the offer. If you are good realtor, you don't need to tax the buyers because your sales commission should be plenty. If you are a fly by night realtor and don't sell much and you have to tax buyers to keep your head above water, then you need to get out of the business and find yourselves a non-commission hourly pay job.

BUYERS - DO NOT PAY THE BROKER FEE !!

[lvoc]

Originally Posted by Missy1955

Do not pay the broker's fee of $500 to store records or for anything they try to justify to you. It is bad enough we are getting gouged with all the other fees involved in a sales transaction and now the broker is gouging the buyer too? 3-4% commission paid by the seller is plenty for the work entailed in completing a transaction, especially if the buyer found the home him/herself and all the agent is doing is submitting the offer. If you are good realtor, you don't need to tax the buyers because your sales commission should be plenty. If you are a fly by night realtor and don't sell much and you have to tax buyers to keep your head above water, then you need to get out of the business and find yourselves a non-commission hourly pay job.

BUYERS - DO NOT PAY THE BROKER FEE !!

Note that the fee always gets paid. It is not optional. The question is whether the fee is paid by the agent or the client. The agent gets none of the basic broker fee. Some add to it to make a little more. But generally it all goes to the brokerage.

Note that it is between 25 and 30% of the commission on a $50,000 sale. If you want to see agents stop doing small sales just refuse to pay the broker fee.

On a $300,000 sale there is less impact and more room to eat it. On large sales you just eat it.

[eventusstultorummagister]

Originally Posted by lvoc

It is not optional. The question is whether the fee is paid by the agent or the client.

If the buyer is "smart" they will not sign an exclusivity contract or pay a broker's fee, it's just not even close to being necessary in this market.

Like I said before... the first thing I would ask a potential buyer's agent is:
"how much of your commission are you willing to kickback at closing"?

Without me (buyer) the agent don't make bupkis!

[ScoopLV]

Originally Posted by eventusstultorummagister

Without me (buyer) the agent don't make bupkis!

Without you (the buyer), the buyer's agent, the seller's agent, both agent's brokers, all the support staff at both agencies, the escrow company, the title company, the mortgage broker, the appraiser, and all the rest ... don't make bupkis.

Buyers really need to learn that they're the ones in the position of power. If all of them acted accordingly, we would have a much different real estate landscape than we do now.

[eventusstultorummagister]

Originally Posted by ScoopLV

Without you (the buyer), the buyer's agent, the seller's agent, both agent's brokers, all the support staff at both agencies, the escrow company, the title company, the mortgage broker, the appraiser, and all the rest ... don't make bupkis.

Buyers really need to learn that they're the ones in the position of power. If all of them acted accordingly, we would have a much different real estate landscape than we do now.

Hear-Hear! Now, if we could only convince Jar-Jar Binks...

Jar Jar Binks: Ooh moi moi I love you!
Qui-Gon Jinn: You almost got us killed! Are you brainless?
Jar Jar Binks: I speck!
Qui-Gon Jinn: The ability to speak does not make you intelligent. Now get out of here.

[Everdeen]

I had the same thing happen to me.

Real Estate Agent Charging a Transaction Fee

I went ahead and paid it, but in the future, I won't use an agent again. Not just because of that fee, but it was the last straw.