U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-13-2008, 10:42 AM
 
Location: Gorham, Maine
1,818 posts, read 4,278,421 times
Reputation: 1240

Advertisements

Quote:
Originally Posted by S&AMOM View Post
We were reading over the contract that the realtor gave us and he threw a 495.00 extra marketing fee in the contract. This was not discussed...only the usual 6%. We do not want to pay this and will not sign if this is the case.

Is this normal? I am wondering if we wil run into this with whomever we end up choosing. I thought printing up flyers and taking pics was a part of the realtors job and part of what they get such a huge commission for. This is our first time selling a home so maybe I'm just clueless. TIA!
I would check to see if this fee comes out of the total fee at closing, if so, there's no risk if you price the house correctly and the agency markets it properly.
Reply With Quote Quick reply to this message

 
Old 05-13-2008, 10:55 AM
 
Location: Charlotte, NC
195 posts, read 474,460 times
Reputation: 56
In this market I understand why a broker would charge an advertising/marketing fee up front and then take it out of the comissions at closing. I have never seen it personally, but it makes sense. BUT- it should be disclosed and discussed up front. Did you shop around for other agents or is this the only one you spoke with? What did they say when you asked the them about it?
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 12:54 PM
 
Location: San Antonio
1,222 posts, read 4,115,885 times
Reputation: 531
Don't sign it - never heard of paying anything other than % at closing, go to another company. Even better call other companies to see if they do the same thing.
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:06 PM
 
105 posts, read 313,356 times
Reputation: 39
The last person that pulled their listing away from me who wanted to switch agencies agreed to pay me $500 for marketing expenses I had incurred. I'd also explained when they signed that if they decide to change agencies down the road for any reason, they would have to pay a fee to cover costs. On overpriced listings where the sellers refused to budge on the price, (and then blamed me because it didn't sell), I made $500 each on them and losing the listing wasn't as hard of a hit. Most listed with other brokerages at the same price and then changes agencies again (I keep an eye on them on mls). Hopefully, each and every one of the brokers make something back for time/advertising that they put into it. After all, is it our fault that it doesnt sell?
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:12 PM
 
25,366 posts, read 37,612,722 times
Reputation: 13286
Quote:
Originally Posted by AmbassadorNY View Post
The last person that pulled their listing away from me who wanted to switch agencies agreed to pay me $500 for marketing expenses I had incurred. I'd also explained when they signed that if they decide to change agencies down the road for any reason, they would have to pay a fee to cover costs. On overpriced listings where the sellers refused to budge on the price, (and then blamed me because it didn't sell), I made $500 each on them and losing the listing wasn't as hard of a hit. Most listed with other brokerages at the same price and then changes agencies again (I keep an eye on them on mls). Hopefully, each and every one of the brokers make something back for time/advertising that they put into it. After all, is it our fault that it doesnt sell?
So do you pay a seller if you don't keep your end of contract by doing the things you are expected to do. Open house, adds, other promotions,etc....

IMO a realtor can ask for it if they pay if they don't keep their end of what the contract says.
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:16 PM
 
104 posts, read 234,409 times
Reputation: 140
Thanks for all the responses! To answer some questions they are regular brokers; not the discount type and it is definitely an extra fee they charge. I talked to the realtor this morning and he said that it is a normal marketing fee they charge in addition to the commission but he told me that he wouldn't charge us. I think he realized that we wouldn't sign the papers since he threw it in without even discussing it with us and I called him on it. It's funny because during our interview he talked about how upfront they are with people with no hidden things in their contract and then we came across this. I'm glad to hear this is not a normal practice. I didn't want to give up on them and then find out other realtors all do the same thing. I just wish people were honest and upfront to begin with!
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:19 PM
 
104 posts, read 234,409 times
Reputation: 140
Quote:
Originally Posted by AmbassadorNY View Post
The last person that pulled their listing away from me who wanted to switch agencies agreed to pay me $500 for marketing expenses I had incurred. I'd also explained when they signed that if they decide to change agencies down the road for any reason, they would have to pay a fee to cover costs. On overpriced listings where the sellers refused to budge on the price, (and then blamed me because it didn't sell), I made $500 each on them and losing the listing wasn't as hard of a hit. Most listed with other brokerages at the same price and then changes agencies again (I keep an eye on them on mls). Hopefully, each and every one of the brokers make something back for time/advertising that they put into it. After all, is it our fault that it doesnt sell?
In this case we made it clear to them what our bottom price is and we both agree that it is fair. We told them straight out that we would not go below a certain amount and they still wanted to work with us so I don't feel I should have to pay them $500 if we are not willing to go below that price.
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:20 PM
 
25,366 posts, read 37,612,722 times
Reputation: 13286
Please get it in writing!!!
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 01:20 PM
 
Location: Central NC
414 posts, read 1,132,971 times
Reputation: 128
Quote:
Originally Posted by S&AMOM View Post
Thanks for all the responses! To answer some questions they are regular brokers; not the discount type and it is definitely an extra fee they charge. I talked to the realtor this morning and he said that it is a normal marketing fee they charge in addition to the commission but he told me that he wouldn't charge us. I think he realized that we wouldn't sign the papers since he threw it in without even discussing it with us and I called him on it. It's funny because during our interview he talked about how upfront they are with people with no hidden things in their contract and then we came across this. I'm glad to hear this is not a normal practice. I didn't want to give up on them and then find out other realtors all do the same thing. I just wish people were honest and upfront to begin with!
So are you going to sign with him anyway?
Reply With Quote Quick reply to this message
 
Old 05-13-2008, 02:09 PM
 
Location: Columbia, SC
8,862 posts, read 17,489,949 times
Reputation: 6249
We don't know the terms of the contract or what it means so call the person who does know - the agent. Don't listen to advice from someone who's not privy to all the info on here.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top