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Retainer Fee or Work For Free?


This is a follow up blog to a Michael Setunsky AR Q&A post earlier this week that created a great buzz!
Having been my own boss, an entrepreneur, (the ultimate career-path on this planet), since I was 13 (e.g. a door to door car wash business, a wood splitting & firewood business, a house painting business, my pride & joy: 25 years a Wedding Mobile DJ, and now a Realtor)...I've always questioned why we don't get paid for our time; only our “results”.
 
However, our time, our automobiles, our fuel/maintenance, staff fees, subscriptions, etc. cost us money whether ‘they” buy or not. (And it ain’t always our fault when they don’t).
 
I’ve always felt as Realtors, we give away too much of our time, our energy & our boundaries. The public doesn’t have the sense of value of our time the way they respect a doctor’s or attorney’s time.
 
So when Michael Setunsky posted in our AR Q&A: Do you ask for a retainer fee? Why or why not? I was all over it. (http://activerain.com/questions/show/33500/do-you-ask-for-a-retainer-fee-why-or-why-not-#102452)
 
I have been told by management for years it violates RESPA to require a retainer fee. (Real Estate Settlement Procedures Act) yeah, you know you always wondered what that stood for.J LOL ... more

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