Tim Churchwell

Yep, sounds like we are all in agreement. - Thu Jun 19 2008, 13:32

Big jump! Great answer by Cameron. If you think you might do more of this type of stuff, look into taking at least some of the CCIM courses. If just thinking about it, I would suggest the Intro to the Commercial Real Estate Course in the CCIM. - Thu Jun 19 2008, 13:30

Elvis,

Most top agents in this area have their buyers sign a "buyer's exclusive agency" contract which spells out that 3% is the minimal fee and even asks the client if they would like to be shown properties where the seller isn't wiling to pay the fee, thus the buyer will have to come up with the difference.. And it's a standard form provided by our MLS. Also, and I'm scratching my head as it has been awhile since I've been involved with this type of stuff, but since individual agents have very little influence, I thought it was firms to whom this mostly applied. A firm coming in and telling their agents that they can't work for less than 5% for instance would be acceptable. Several firms getting together and agreeing to make 5% a minimum for their agents would be collusion? Ok, my head hurts now. - Thu Jun 19 2008, 13:26

Wow...i can understand brokerage firms not being allowed to discuss, but agents? Your rules are much more stringent than ours. Thanks for the information! - Thu Jun 19 2008, 13:12

Joshua,
For the most part you are correct. However, "standard and usual" are perfectly acceptable. Used in everything from medical insurance establishing payment practices to standar buyer's agency contracts, where it is spelled out in writing (at least in Hampton Roads, Virginia). - Thu Jun 19 2008, 12:47

Jr., while it seems excessive, it might be standard practice in the area where you are relocating. In the Hampton Roads area, 3% is considered standard and acceptable practice. If 3% is the norm where you are going, then I agree that it sounds like the agent is attempting to recoup the referral fee. The relocation company might take issue with this, depending on the relocation package you obtained. While the relocation company referred the individual to you, you still have liberty to seek out your own. Do some research, find an agent with whom you are comfortable, and ask the agent if they participate in relocation and have agreements with your relocation company. Most Realtors who work for a decent size firm have relocation departments and agreements with relocation companies. If you don't request a particular agent, usually what happens is the relocation department simply sends a request to a relocation department on their list and that department then sends it to an agent. I hope this helps. - Thu Jun 19 2008, 11:58

I thought I knew the answer and now I'm confused! **going to head into research as soon as I can grab the ethics manger...lol**. I am fairly certain that an agent must disclose they have or have once held a license. After reading all of the answers, I'm confused as to when that disclosure should be made. Difinitely on contract, but "as soon as possible", first contact? etc. So it's more a matter of timing. - Thu Jun 19 2008, 13:19

Hmmm...I seem to recall when I first found Trulia that I had to be a Realtor in order to place my properties here. Check with the site people, though. When you list with a Realtor, ask your Realtor to place your home on here. - Thu Jun 19 2008, 13:09