I am sure you have heard the terms below used in many transactions you have been involved in, specifically financial transactions.
- Admin Fee
- Administration Transaction Fee
- Transaction Fee
- Franchise Fee
- Professional Service Fee
- Processing Fee
Do you know what this fee is?
In the real estate industry, the first three named above are the names commonly referred to. As Broker of my own company, my company website clearly states that we do not charge any kind of administrative junk fee, nor do we charge something that is called any of the above names. Most companies will tell you that the fee is to cover administrative items that have increased greatly due to the Internet, as well as increases in processing requirements and archiving. Many real estate companies have this fee already pre-printed on their listing agreements and purchase agreements!
Wait a minute? I thought the Internet and technology, as a whole, is supposed to make things MORE efficient, not LESS efficient! Go ahead and read my blog entry (specifically, the 7th paragraph which reveals how much $$$$ a real estate company can make from what appears to be a minor cost per transaction.
My company does not charge this ridiculous fee and if consumers would wise up, and some are wise, but not all, to the ways of real estate, they would end up with more money in THEIR pockets.
Buyers and Sellers----It pays to do your homework!!
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