Las Vegas Buyer Fees – Transaction, Warehousing, Storage, Document, etc. What are these fees?
There was recently a question asked on Trulia Q&A: What is a Transaction Fee & Do All REALTORS(R) Charge This Fee?
The answer to that question is NO, not all REALTORS(R) charge that fee. The way you can find out if they charge that fee (before it gets slipped in to page 5, line 19 of our board contract) is to do due diligience and INTERVIEW before you pick out your Las Vegas real estate agent.
We all need to make money and the general public does believe that we do nothing but open doors and fill in blanks. In reality you are paying for experience, time, negotiating background, escrow damage control (which is an energy vampire of all the things we do,) and I could run on ad nauseum.
Basically the Transaction, Warehousing, Storage, Doc or “Whatever” Fees cover our expenses (gas, paper, ink, IRS bills, brokerage splits, telephone, internet, 5 year storage fees, blah etc.) Â I personally DO NOT charge this fee unless a Las Vegas buyer is purchasing under a certain $$ threshold. Then my fee is converted to an up front hourly charge in the form of a consulting fee (no one has taken me up on this one yet.)
NOW – HOW DO YOU KNOW IF YOU ARE BEING CHARGED
THE LAS VEGAS BUYER TRANSACTION, WAREHOUSING, STORAGE, DOC FEES?
- Before you step one foot in a house: interview the Las Vegas agent and ask: What Fee Do You Put on Line 19 Page 5 of your board purchase agreement?
- If they charge, ask them to justify the charge.
- GET IT IN WRITING! Our board provides a phenomenal Buyer’s Agency Agreement so you can have this “verbal” agreement turn into a written one. If you get it in writing, there will be no surprises on line 19 page 5 of our purchase agreement!
Here was my final answer to the question:
Technically we can charge our buyers commission in the form of flat fees or %. I do look at a “transaction fee” as a flat fee and technically I believe a buyer’s agency agreement should be signed as soon as an agency relationship is formed and the fee should be fully disclosed.
You do get what you pay for and consumers in this day and age should be savvy with the internet on their side and interview agents to find out everything from experience to fees charged.
I don’t charge it but I am not against it. I do require buyers under a certain $ threshold to pay me a flat fee retainer since last year. No one has taken me up on it. When I can do 30 BPOs in 10 hours – I make more than I would selling a $50K house and put in 3-4x the amount of time. We all have to make sure the “income producing activities” we take part make sense.
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