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Are Real Estate Agents Ripping-off Their Own Clients?

With over three decades of real estate experience, I have a perhaps old fashioned perspective on the real estate business. Personally, I’ve never used a transaction coordinator. I’m a hands-on broker who feels that if you want to ensure something gets done right, you should do it yourself. With that said, I can see the benefit of using a TC especially for very busy agents, as well as new agents who may not be fully aware of the required timelines and forms required to ensure a timely close.

To me, it’s always been the broker’s duty and responsibility to not only negotiate the sale, but to ensure the escrow runs in a timely manner. If you delegate part of your responsibilities to a pseudo-employee, it only seems reasonable that you should pay for this service. After all, you cannot delegate away the responsibility for insuring the quality of the work by the TC. *To view the full post, please visit the San Diego California real estate market blog.

Posted by San Diego real estate blog San Diego real estate agent on 09/27/2009 07:00 PM

Comments (5)

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5 Comments on Are Real Estate Agents Ripping-off Their Own Clients?

SEP

THe term "ripping- off is a bit harsh. That would indicate the client did not know thwy were paying this fee. If they are aware and see the value in it, then it must e worth it.

I have always had a transaction co-ordinator. Of course I pay for this out of my commissions, I do it because I really care about doing a good job for my clients and I am not nearly as organized or detail oriented as my TC. Also this gives me more time to do what I am really good at, promoting their home or looking for their home. I can take on more clients and invest more time with the ones I take on by having a TC. Until I knew that having one was an option, I did not start RE because I was afraid of the paperwork.....I waited 10 years to begin until I knew I had the option of a TC. Not one of my clients has ever felt it was an issue to have one doing their back end paperwork. I explain it and they really feel then that I am full service. I don't think most people would feel comfortable with a doctor or dentist or lawyer not having any staff to handle paperwork I am just the same as those professionals.

SEP

Sounds like a valid point. If you hire someone to help you do your job that's a cost of doing business and makes sense. It also makes sense that this should be paid out of the Realtors pocket as part of their fee.

I also run a successful real estate business as a 1 woman show! However, I do believe that once you reach a point and become a mega agent it does definately help to hire the services of a qualified and knowledgeable transaction coordinator - having said that I don't agree with charging an additional "transaction fee" to your clients. It should come out of your own pocket and commission.

SEP

I am one who doesn't use a TC because I want to make sure it is done right. I agree with Christiane and don't think that agents should charge an extra fee to their clients - transaction fee.

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