Realtors, Real Estate Brokers, Agents: Incompetent? Dishonest? You make the call.

[Sailinstuff]

Thanks for the suggestion, but I'm not upset with anyone. Like I said in my OP, I'm sharin' not cryin'. Plus, I don't think it's my job to go on a mission to clean up swfl real estate. If I were in the business, however, I'd think I had a responsibility to make a contribution in that arena.

[SoFLGal]

Originally Posted by Sailinstuff

SoFlGal, I salute you for holding the line on fees. That's the kind of person I'd like to do business with.

But hold up just a sec on that part about the "vast majority" charge transaction fees. Read the responses. Are people saying all fees were disclosed to them and they understood and agreed to all of those fees in advance? No! That is not what people are saying.

People are saying they are being surprised by these fees. That is not right.

Plus, real estate is a national industry. There are norms. Rightfully so. HUD and Fannie work their same policies and procedures coast to coast. Commissions are pretty much the same coast to coast. MLS is the same coast to coast. Escrow is the same coast to coast. Title insurance is pretty much the same coast to coast. And so on.

Florida realtors are part of NAR (National Association). I betcha if we looked at the code of ethics we'd find a lot of violations - not just in my experience - but in the other experiences of the other people who have shared in this thread.


Whose job is it to enforce the NAR code of ethics here in SWFL? Are we customers supposed to do that?

I think it's the customers and the Brokerage firms responsibility to stand up and say that it's not right.

IMO, I think it's glossed right over when it comes to contract time and just included as one of the "normal and customary charges". I don't believe it's right and I'm not going to stand for it in my company.

Every time I (or any of my agents) have a contact I always get a call from the title company asking what my transaction fee is and questioning why I have left that charge off. I always tell them I don't have one. Most are surprised.

I remember hearing a few months back that someone was questioning the "transaction fees" I want to say it was NAR or possibly FAR.

I would welcome any inquiry because I think it's just a charge that brokerages starting tacking on and no one really questions it, so they continue. Garbage in my opinion.

[hiknapster]

Originally Posted by SoFLGal

I think it's the customers and the Brokerage firms responsibility to stand up and say that it's not right.

IMO, I think it's glossed right over when it comes to contract time and just included as one of the "normal and customary charges". I don't believe it's right and I'm not going to stand for it in my company.

Every time I (or any of my agents) have a contact I always get a call from the title company asking what my transaction fee is and questioning why I have left that charge off. I always tell them I don't have one. Most are surprised.

I remember hearing a few months back that someone was questioning the "transaction fees" I want to say it was NAR or possibly FAR.

I would welcome any inquiry because I think it's just a charge that brokerages starting tacking on and no one really questions it, so they continue. Garbage in my opinion.

The voice of reason. As usual.

There has been quite a bit of controversy regarding the fee. It's even gone to court on a couple of occasions but it's been allowed to stand.

The bottom line for real estate or any business is if you treat them right they will come back and bring people with them. If you do that long enough you no longer have to run around beating bushes - and spending marketing money. If you've always given customer service that will delight and become known for your integrity you will eventually have people constantly knocking on your door.

The con artists never last.

A wise car salesman once told me that and it was true. He was the only one that didn't stand out on the pad. He took appointments. That's the ultimate reward for being decent.

[Sailinstuff]

On an individual basis, I did "stand up and say that it's not right." I told the agent I'd be glad to work with her if she ever changed offices to a brokerage that did not charge extra fees. Then I moved on to experiences #2 and #3. Like I said, if I were in the business I'd get involved with it on a broader level.

I'd suggest all you brokers and agents who have spoken out here against these fees get together and create a force for change in at least the local level.

These fees get snuck in (read the testimonies from other posters above) and I think most people only discover them at closing. At that point, most buyers are not going to let 200 to 400 (specific number in one person's story above was 400) screw up a closing that so much work and money has gone into. The person above said they followed up after, threatened to sue and got their money back. Not good and not right that people get put through this.

In my particular case, the agent was perfectly happy to *not* mention it and only informed me after I requested copies of all documents I would need to sign to make an offer. So she wasted my time and set me up to have to make a call at the last minute - do I want to abandon all the work I've put into looking at properties with her or do I want to go ahead and make an offer and get stiffed for a surprise 275? Not good. Not right.

[Sailinstuff]

Originally Posted by clc08

Sorry to say we had exact same situation as #3. It has been a nightmare. We were shown homes that were no longer active...told a counter was firmm and we accepted, only to have it be sold out from under us because another realtor made it in to the listing agent's office before our realtor got there...and from what we were told it was a period of minutes. What we didn't understand is that if we get a counter offer there is nothing saying another person can't make an offer that is higher, I guess. At least, that's what we were told. We did finally get a home...I Hope. We are supposed to close next week. Bonita Springs area. If something happens between now and then and you wonder what that tortured sound is, it's me screaming. I agree with what others have said. A good realtor is like gold. Good luck.

And by the way:

clc08, that was not a counter offer. A counter offer is an offer. Signed and good for a specified period of time, just like the offers you, I or other buyers submit. What my agent did is call an invitation to increase my offer a counter offer. It was not a counter offer. I suspect you fell to the same... incompetence?... illegal con? You make the call.

Some RE pros above said it was incompetence. One said it was misrepresentation and therefore illegal. You make the call.

I will say this: In my situation, I would have done a different thing if I had known that my agent actually received an invitation to submit a higher offer (which specifically said the seller was holding the property open to other offers). So, I would have done a different thing. Would I have bought the property? I don't know. But I would have had my fair chance and no one to blame but myself if the agent had fully and accurately informed me. As it was, I simply said, "I'll take it." But there was nothing there for me to "take". Why the guy didn't tell me that is anybody's guess.

[econoclast]

A good resource is www.keepagentshonest.com. It tells you how to protect yourself from crooked real estate agents.

[Bette]

Originally Posted by SoFLGal

I would tend to go along with what CCRESI has said. I did want to make a comment on point #1. I would venture to say that the vast majority of real estate companies in FL charge a transaction fee. I have previously worked for Re/Max and Prudential before starting my own company and they both charged the fee. Personally, I always felt uncomfortable with it. I always told my buyers if they declined the charge to just cross it out and initial it. Usually the company would take this fee out of the Realtor's commission.

When I started my own company I vowed not to charge these fees. In my eyes they are nothing more then "junk fees". Obviously they are there to improve the bottom line. If a company can collect $250+ on each transaction it can equal some serious money at the end of the year, depending on the number of transactions the company has closed.

I am a mortgage broker in Florida and I see these transaction fees all the time. The larger firms seem to be more aggressive in charging them. You're right - if the buyer refuses to pay, it is taken out of the realtor's commission.

The honest ones get hurt by a few bad apples.