As long as you have every right to your opinion why would it ever be itemized it as a charge ? Is it the gift of free will ? A broker has to be fair with a price opinion, so combining the opinion with any listing agreement might be something worth investigating. If the bank, buyer or seller wants to put some gas in your tank to drive by the property and check it out, and then hand them a printout of current sales on the block, deal with it ! Isn't it easy pickins', if you have a valid broker's license ? It seems that a tank full of gas, from the vendor, is a courtesy, not a tax liability or a RESPA violation. If you have to get technical maybe you could include it as tip money on your 1040. Then again, maybe not.
As long as your not getting paid you can still sling your opinion around. If you don't want to get paid for your opinion that's your business. But don't waste your time on anybody if they call on you and want to run you through the ringer doing the work for some other broker that's too lazy to get out bed.
An opinion of price could simply be the product of third grade math, a few pictures, and a quick glance at the county market value, assessment and recent sales in the target community. It doesn't involve construction calculations and the process works nicely for commercial, residential, agricultural, recreational, church and synagogue property.
Ethics don't dictate, but kind of suggest, to me that any opinion that escapes your thought process, one that is transmitted to interested parties, should be provided as part of the listing agreement and commission settlement upon the sale of any property. How about .00033 % = 3.3 x 10-4 commission from the sale as a start ? Is it a negotiable fee for your opinion ?
As an example, if the home sells for $143,000 as an REO the bank could pay you .00033% of the sale price which eqates to $47.19 for some gas. Is that a price- fixed, customary percentage they'll pay for a BPO that you agreed to provide ? Do you have to split the $47.19 with your principal broker ?
If you're an independent contractor will you have to pay taxes on $47.19 ? Isn't that about all anyone gets paid for their opinion of price ?
I've heard, although not confirmed, that some disabled and other agents use the city bus transit carpool system for about five or ten bucks to ride to a property, take some pictures and a few notes, and then the shuttle bus comes back for them at the appointed time for the round trip. Tip the driver two bucks and you clear about 35 bucks that you can use for drycleaning and burritos at Mama Lupe's Cantina, all for your opinion of price. Isn't that wonderful ! Save gas and share an opinion.
I'd roll the opinion into the listing agreement. I think the broker might save some money and have a little extra to go around when the holidays get here. The markets looking so good that there are a bunch of brokers that don't need the money. There might be some on the verge of living out of their cars who do.
What do you think ?
Comments(0)