Home Selling in 75013>Question Details

Fortune061, Home Seller in 75013

do I need to pay a coordination fee to the agent?

Asked by Fortune061, 75013 Thu Jul 16, 2009

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24
That's a junk fee. No you don't have to pay it. It's completely negotiable so it's up to you.

I suspect that the agent doesn't feel confident that you will be pleased with their performance so they want some cash upfront.

If your agent insists, may be you can ask that they credit it to you at the time of closing. If you decide not to close the transaction with them, then that's a fee they get for their services.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
2 votes Thank Flag Link Fri Jul 17, 2009
The coorination fee is likely a fee charged by the agent's broker. Some realtors pass this fee on to the buyer or seller.... whomever they represent.
If this was NOT disclosed when you signed with the agent then I would tell em to 'stick it'

What is crazy is how these fees show up on the HUD-1 Settlement Statement without any prior knowledge of the buyer or lender.
2 votes Thank Flag Link Fri Jul 17, 2009
Absolutely not. I have never even heard of this and I am a broker.

Good luck!
1 vote Thank Flag Link Sat Jul 18, 2009
For the consumer one of the nice things about the RE Market besides there being a large pool of properties to choose from is the fact there is also a large pool of mortgage brokers/lenders and Real Estate agents to choose from.

You most likely are not just going to look at one property or just go along with listed sales price without doing some research and comparisons.

Interview, ask questions, "Do you Charge? What are the Costs?" and compare. You are hiring services and they are selling them. SHOP!
1 vote Thank Flag Link Fri Jul 17, 2009
My offices always tried to get me to charge junk fees, I never did. I took Toms advice and told them what they could do with it. And I refused to pay the fees out of my side of the commission either.
1 vote Thank Flag Link Fri Jul 17, 2009
GREAT QUESTION:

It depends on agent business practice.

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1 vote Thank Flag Link Fri Jul 17, 2009
A lot of Agents do pass on their costs. My partner Amy Smolik, and I only charge what we call a transaction fee, if we are agreeing to Sell your home, for less than the average realtor! We do take that up front when we list your property! That cover's our out of pocket fees to Market your home to Sell! We have a great Marketing program! In the last 30 days, we listed, and have had two properties in contract in less than 10 days!
If you would like more information? Please feel free to call (972) 757-4527 email me at Barbara@powerteamtexas.com
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1 vote Thank Flag Link Fri Jul 17, 2009
It would depend on what is in your listing agreement.
It normal you would pay some time of commission and with some companies you may also pay
a paperwork or advertising coop fee or some other small fee.

If you provide us more details we can perhaps better answer your question.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Fri Jul 17, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
At least in New Jersey..... the only fees to a Broker are the ones agreed to in writing on the Listing Agreement. Any other "fees" after a Listing Contract i signed would need to be agreed to in writing.

EX: Four weeks after the home has been listed the seller wants a 30 minute infomercial on their home. In this extreme case, the service would fall way over the line of what the norms and expectations are for the market. The agent could in theory agree to pay for it as long as they were compensated the additional cost at settlement.

Pat
1 vote Thank Flag Link Fri Jul 17, 2009
Commissions & fees are negotiabe with any agent or broker. Some brokers may have fees that are required by their offices. A coordination fee sounds like something that a team might charge for a listing coordinator. If this is the case, it is just a way to charge more for their service. Is the service worth the fee? Look at your phone bill. Does your phone company earn all of the fees they charge? I charge one commission for all of my services. What are you getting for your fees?
1 vote Thank Flag Link Fri Jul 17, 2009
If you are talking about the Transaction Coordinator fee, You should discuss with your agent ahead of time whether it is included in the deal. Some agents take care of their own transactions, some use a staff member to do it or even outsource it to a free lance coordinator. You should not think that it is unusual. It really depends on how busy your agent is and if they have the capacity to deal with the details of the transaction. It is sometimes presented as part of the closing costs, no matter what you should talk about it and it should not be a surprise to you, just like anything else in the proceeds sheet.

Muriel Levin, Realtor, Agent Immobilier en Californie
Your Friendly Help In the Real Estate Business

muriellevin@coldwellbanker.com
D.R.E. license # 0171 5051
Web Reference: http://www.muriellevin.com
1 vote Thank Flag Link Fri Jul 17, 2009
I am answering only so I can subscribe to this topic.
I may opine later.
1 vote Thank Flag Link Fri Jul 17, 2009
No you do not have to pay this. My broker, Ebby, does not charge this fee to clients.
0 votes Thank Flag Link Sat May 9, 2015
Coordination or admin fees are typically fees charged by the brokerage. This should be clearly disclosed to you at the time you list your home. If it wasn't then no you should not pay it. If it was and you signed saying you would pay it then yes.
0 votes Thank Flag Link Sat Jul 12, 2014
Any fees other than commission should be clearly explained to you at the time of signing a listing agreement. Normally the listing agent absorbs all the administrative costs into their commission.
0 votes Thank Flag Link Sat Jul 12, 2014
Have you already listed you home with an agent? If you haven't and they want to charge fees, I would look for another agent. At FireBoss Realty we invest in our clients on the front end instead of having our clients invest in us. If we list you home we'll hire a professional staging consultant to come to your home, we'll invest in marketing materials and even bring you a FireBoss Realty seller's survival kit because sometimes selling you home just isn't that much fun when a last minute Saturday morning showing get scheduled and you need some of the items that we provide.

Some agents have a business model that is more about them and protecting their bottom line. In their defense they have to put bread on the table too. We just choose to provide a superior experience and we don't have to worry about charging additional fees to protect our income.

If you would like to know more about FireBoss Realty, please feel free to check us out at any of the web sites below and if we can help you please give us a call.

Scott & Amie Johnson
FireBoss Realty
469-269-0911

http://www.FireBossRealty.com
http://www.NortheastDFWHomes.com - Property Search Site
http://www.FireBossRealtyAroundTown.com - Blog
http://www.northeastdfwhomes.com/cp/mobile-app/ - FREE Mobile App
Web Reference: http://FireBossRealty.com
0 votes Thank Flag Link Thu Jul 10, 2014
There are fees that appear to augment the Brokers income.
Some fees appear to augment the agents income.
Some fees appear because other sevice providers are involved.

Often a coordination fee appears when a third party is involved with co-ordinating interstate moves.
This fee may cover the service provded to co-ordinate activity when selling a home in NV and buying a home in FL.
0 votes Thank Flag Link Mon Jul 7, 2014
It depends on the agents and the broker that they are under. You can always ask the agent to reimburse the fee at closing.

Susie Kay
United Real Estate
469-371-2899
0 votes Thank Flag Link Mon Jul 7, 2014
No, a coordination fee should never be paid to anyone for a real estate transaction!
0 votes Thank Flag Link Mon Jul 7, 2014
The term Transaction Coordination fee is also used as a junk fee that agent supposed to sneak in. But it is completely negotiable and it’s essential to pay. I tell my customers to refuse to pay it and it's never been a problem.
0 votes Thank Flag Link Tue Jan 21, 2014
No, you do not have to pay a coordination fee. We do not have this fee at Ebby Halliday Realtors. Choose a great agent from Ebby at Ebby.com! http://www.cathybrowne.ebby.com
0 votes Thank Flag Link Tue Jan 21, 2014
No, you don't need to pay that ridiculous fee; seek a professional REALTOR so you don't have to pay that fee.
0 votes Thank Flag Link Fri Jan 10, 2014
Call a reputable, licensed agent and you will find out what fees are associated with listing with that agent. t Ebby Halliday, Realtors, as a Broker does not charge any transaction fees or coordination fees.
0 votes Thank Flag Link Wed Nov 27, 2013
Because there are no set fees for real estate transactions, and there wasn't an explanation as to the nature of the coordination taking place in exchange for that fee, that isn't an easy question to answer. If you are listed already, and you signed the listing agreement with that fee established, you would owe it if the service was provided.

Have a blessed day!
Ronda


Ronda Allen, C.P.M.

Realtor, Life Coach, and Certified Purchasing Manager

CEO of comingsoonhome.com



RE/MAX Dallas Suburbs
Keith Dobbs Team
Web Reference: http://www.keithdobbs.com
0 votes Thank Flag Link Mon Jul 20, 2009
Check your Buyer's Representation Agreement with your agent. It will be on the first page. If you have already signed a Buyer Rep Agreement with an agent with that fee being charged on it, then, yes, you do have to pay it, unless your agent agrees to remove the fee before closing, which case, you will need to make sure you get this in writing and ensure it's not on your HUD-1 at closing.

If you have already signed a Buyer Rep Agreement and the charge is not on there, then you will not pay it. Bring your agreement to closing to ensure it's not being charged.
Flag Mon May 11, 2015
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