Comments on: Transparency in real estate fees http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/ Tracking Charlottesville's Real Estate Market since 2005 Sun, 12 Feb 2012 23:56:00 +0000 hourly 1 http://wordpress.org/?v= By: What is RealCentralVA? | Real Central VA http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-26421 What is RealCentralVA? | Real Central VA Tue, 21 Apr 2009 21:32:34 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-26421 [...] - I’m an advocate for transparency in real estate fees. [...] [...] – I’m an advocate for transparency in real estate fees. [...]

]]> By: How much do I charge for sending out a referral? | Real Central VA http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-18853 How much do I charge for sending out a referral? | Real Central VA Mon, 22 Sep 2008 21:40:41 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-18853 [...] Transparency in real estate fees (or why do I hate referral fees) [...] [...] Transparency in real estate fees (or why do I hate referral fees) [...]

]]> By: Agent Update for 2008 | Real Central VA http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-18089 Agent Update for 2008 | Real Central VA Mon, 18 Aug 2008 10:32:25 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-18089 [...] sale price of about $6 million, having less than ten sides a year is not going to cut it. (See Transparency in real estate fees and More on transparency in Realtor [...] [...] sale price of about $6 million, having less than ten sides a year is not going to cut it. (See Transparency in real estate fees and More on transparency in Realtor [...]

]]> By: Jennifer http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1836 Jennifer Mon, 22 Jan 2007 19:59:26 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1836 Thanks Jim. Thanks Jim.

]]> By: Jim Duncan http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1835 Jim Duncan Mon, 22 Jan 2007 18:37:46 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1835 Jennifer - A referral fee is a fee paid to the company/person who sends the client to, in this case, me. Personally, I think it to be an onerous fee that encourages "do-nothing" companies to set up shop online who distribute the contact information of unsuspecting buyers and sellers to desperate Realtors. I take them occasionally, but rarely, and would rather send business to another Realtor gratis with the expectation of building a relationship rather than charging a fee for having done very little. Regarding the 50% - that is the split only on referrals. My typical split a bit better. :) Jennifer –

A referral fee is a fee paid to the company/person who sends the client to, in this case, me. Personally, I think it to be an onerous fee that encourages “do-nothing” companies to set up shop online who distribute the contact information of unsuspecting buyers and sellers to desperate Realtors. I take them occasionally, but rarely, and would rather send business to another Realtor gratis with the expectation of building a relationship rather than charging a fee for having done very little. Regarding the 50% – that is the split only on referrals. My typical split a bit better. :)

]]> By: Jennifer http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1832 Jennifer Mon, 22 Jan 2007 15:42:57 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1832 What is a 35% referral fee? Is that from the broker or another agent (in another community)? Do you have that cost on every transaction? Of course, not all brokers take 50%, in fact some have significantly better splits (but I know only know enough to be dangerous). What is a 35% referral fee? Is that from the broker or another agent (in another community)? Do you have that cost on every transaction? Of course, not all brokers take 50%, in fact some have significantly better splits (but I know only know enough to be dangerous).

]]> By: marc http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1801 marc Thu, 18 Jan 2007 15:53:23 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1801 Jim, So, if the referral is internal (ie. via broker), you kick up 50% to the broker. Is the split different if the client engages you directly (i.e. your website, client referral, etc)? Jim,

So, if the referral is internal (ie. via broker), you kick up 50% to the broker. Is the split different if the client engages you directly (i.e. your website, client referral, etc)?

]]> By: Jim Duncan http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1786 Jim Duncan Wed, 17 Jan 2007 17:01:51 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1786 Kendra - That is a great idea! Marc - That split is for referrals that come in through company channels. More and more of the national relo companies are striking deals with large companies, though, and even if I meet the client first, at some point the relo company nudges their way in. For the customer/client, it's a "good deal" but for the agents and companies - not so much. Kendra –

That is a great idea!

Marc –

That split is for referrals that come in through company channels. More and more of the national relo companies are striking deals with large companies, though, and even if I meet the client first, at some point the relo company nudges their way in. For the customer/client, it’s a “good deal” but for the agents and companies – not so much.

]]> By: Kandra Hamric http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1785 Kandra Hamric Wed, 17 Jan 2007 16:10:44 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1785 Ahhh.. One of the biggest misconceptions - The Real Estate Agent makes all the money!! They should have a sample fee list of all the money it takes to run a real estate business when you go to real estate school. I'm sure that would detour people that might not know what they are in for! Ahhh.. One of the biggest misconceptions – The Real Estate Agent makes all the money!! They should have a sample fee list of all the money it takes to run a real estate business when you go to real estate school. I’m sure that would detour people that might not know what they are in for!

]]> By: marc http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1784 marc Wed, 17 Jan 2007 16:04:16 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1784 Jim, what exactly does your broker do that earns him/her 50% of your commission? Jim, what exactly does your broker do that earns him/her 50% of your commission?

]]> By: TrvlnMn http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1775 TrvlnMn Tue, 16 Jan 2007 23:05:19 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1775 <blockquote>...apparently the perception still exists that Realtors get 6% on every transaction... </blockquote> I indeed was under the impression that it was 6 percent- which got split between the Real Estate agents involved in the sale and the guy holding the brokers licence who provides the roof and office.

…apparently the perception still exists that Realtors get 6% on every transaction…

I indeed was under the impression that it was 6 percent- which got split between the Real Estate agents involved in the sale and the guy holding the brokers licence who provides the roof and office.

]]> By: Jim Duncan http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1773 Jim Duncan Tue, 16 Jan 2007 20:46:05 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1773 Thank you for visiting and commenting. I truly appreciate your time. If only I had some developers and flippers ... :) -- Plug for <a href="http://www.flippernation.com" rel="nofollow">FlipperNation</a> -- Personally, I have yet to work with either, for a variety of reasons. I posted this to provide a bit of transparency ... apparently the perception still exists that Realtors get 6% on every transaction ... in this example, they would walk away with $15k free and clear in that crazy world. Sure, it is possible to make a good living as a Realtor, but don't forget that <a href="http://www.realcentralva.com/2007/01/07/2006-realtor-stats/" rel="nofollow">not that many</a> made a good living last year. Thank you for visiting and commenting. I truly appreciate your time.

If only I had some developers and flippers … :) — Plug for FlipperNation —

Personally, I have yet to work with either, for a variety of reasons.

I posted this to provide a bit of transparency … apparently the perception still exists that Realtors get 6% on every transaction … in this example, they would walk away with $15k free and clear in that crazy world. Sure, it is possible to make a good living as a Realtor, but don’t forget that not that many made a good living last year.

]]> By: Reseg http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1772 Reseg Tue, 16 Jan 2007 20:36:37 +0000 http://www.realcentralva.com/2007/01/16/transparency-in-real-estate-fees/#comment-1772 ------------------- " and do you still think that Realtors make a lot of money all the time? " -------------------- Excellent wording there. One would be a fool to think realitors make a lot of money "ALL" the time. There is no profession that will make anyone in it a lot of money "ALL" the time. Having the right sales personality and working hard would likely bring in some good money though no? Unless you're in a dead spot or selling to people that speak a different language. I hear getting a couple of loyal house flippers and developers on your side and do well for agents as well. ——————-
” and do you still think that Realtors make a lot of money all the time? ”
——————–

Excellent wording there. One would be a fool to think realitors make a lot of money “ALL” the time. There is no profession that will make anyone in it a lot of money “ALL” the time.

Having the right sales personality and working hard would likely bring in some good money though no? Unless you’re in a dead spot or selling to people that speak a different language. I hear getting a couple of loyal house flippers and developers on your side and do well for agents as well.

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