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Old 11-15-2012, 03:25 PM
 
151 posts, read 279,289 times
Reputation: 164

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I contacted a real estate agent and she sent me a contact where she wanted me to give her exclusive right to be the only one to sell me property for six months. Note. I had to contact her twice and wait a couple days for her first response. Next she wanted me to pay her $400.00 as a flat fee for miscellaneous, but unidentified, services she would provide. After reading both these deal killers,, she went on to state if the seller paid less commission, I would make up the difference.
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Old 11-15-2012, 03:39 PM
 
12,973 posts, read 14,779,153 times
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Quote:
Originally Posted by oomph View Post
I contacted a real estate agent and she sent me a contact where she wanted me to give her exclusive right to be the only one to sell me property for six months. Note. I had to contact her twice and wait a couple days for her first response. Next she wanted me to pay her $400.00 as a flat fee for miscellaneous, but unidentified, services she would provide. After reading both these deal killers,, she went on to state if the seller paid less commission, I would make up the difference.
Called a Buyer's Broker's Agreement. Perfectly legal in NV though not customary. Brokerages are pushing it as a good way to hold a customer.

Required by law in some states. The $400 is generally a fee charged by the brokerages because they can. I will eat the fee on large deals but not on small.

If you don't care for doing business that way don't - lots of RE Agents in Las Vegas.
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Old 11-15-2012, 03:43 PM
 
151 posts, read 279,289 times
Reputation: 164
Yep, I called another broker and explained what I said here and he is my go to guy, without all the strings. If that is customary in the region, I dont mind cutting him a $400 check to cover his overhead at the end of the deal. I'm extremely loyal and treat people the way I would want to be treated. Thanks for the feedback.
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Old 11-15-2012, 03:48 PM
 
56 posts, read 101,861 times
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Quote:
Originally Posted by lvoc View Post
Called a Buyer's Broker's Agreement. Perfectly legal in NV though not customary. Brokerages are pushing it as a good way to hold a customer.

Required by law in some states. The $400 is generally a fee charged by the brokerages because they can. I will eat the fee on large deals but not on small.

If you don't care for doing business that way don't - lots of RE Agents in Las Vegas.
I suspect that the $400 document storage fee is bogus because the agent earns closer to 100% of the commissions instead of 50% if the broker accepts the $400 fee in lieu of 50% of the commission.
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Old 11-15-2012, 03:50 PM
 
56 posts, read 101,861 times
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Do not sign any exclusive contracts unless that agent signs an exclusive contract with you (no other customers for him/her, just you). Any agent worth their weight in gold will not do this to a prospective client.
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Old 11-15-2012, 05:41 PM
 
12,973 posts, read 14,779,153 times
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Don't get carried away. As I said it is the law in some states that you have to have a Buyer's Broker Agreement for an agent to talk to you. It is really not outrageous...just the other side of the normal listing agreement.

The brokerage commssion is perfectly legal and is generally charged by the brokerage...once has to be careful though as some agents charge more than the brokerage does. I still consider it a screw up by the state that the ever allowed the fee to get started. It has nothing to do with document storage though the legislation that started it did.

The actual problem is that the big full service brokerage have ended up unable to support themselves off commission split. The 20% of the agents that do 80% of the business have cut the commission they pay to 0 to 20%. Many just pay a rent and a per transaction fee. I am not sure any of the higher end brokerages can survive without the fee. That may be OK though. Las Vegas is in the throes of let a thousand flowers bloom. The number of agents is down substantially but the number of brokerages has to be up by a factor of three or four.
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Old 11-15-2012, 05:53 PM
 
Location: Here and there, you decide.
12,877 posts, read 26,291,662 times
Reputation: 4973
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Originally Posted by damania View Post
Do not sign any exclusive contracts unless that agent signs an exclusive contract with you (no other customers for him/her, just you). Any agent worth their weight in gold will not do this to a prospective client.
Really? Dumbest post I've seen in awhile.
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Old 11-15-2012, 10:40 PM
 
56 posts, read 101,861 times
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Quote:
Originally Posted by lvoc View Post
Don't get carried away. As I said it is the law in some states that you have to have a Buyer's Broker Agreement for an agent to talk to you. It is really not outrageous...just the other side of the normal listing agreement.
What about about states that don't have this agreement requirement, Nevada and California being two of them. What is your opinion then?
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Old 11-15-2012, 10:42 PM
 
56 posts, read 101,861 times
Reputation: 29
Quote:
Originally Posted by lvoc View Post
The actual problem is that the big full service brokerage have ended up unable to support themselves off commission split. The 20% of the agents that do 80% of the business have cut the commission they pay to 0 to 20%. Many just pay a rent and a per transaction fee. I am not sure any of the higher end brokerages can survive without the fee.
Ah haaaa! I've always suspected the problem to be greedy agents! Now we're getting somewhere.
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Old 11-16-2012, 02:45 AM
 
Location: Kingman AZ
15,370 posts, read 37,377,240 times
Reputation: 9147
we're getting nowhere....one solution....if ya dont want to pay the fee dont use a Real Estate Agent.
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