Are buyers and sellers under siege? As I look at HUDS from deals that our agents are closing I see an alarming trend and it’s mainly from franchised offices, but a few independents are doing it as well.
FEES, FEES and more FEES! By now we’ve all read that transaction fees are a no-no, but it appears a name change was in order, not an elimination of said fees. We have one office in town charging a buyer minimum and not taking what the selling agent has to offer in commission. No, I am not talking about reduced commission; it’s on homes under a certain price they want a flat fee in addition to the average 3% they would normally receive.
Here are some examples:
Processing fee- 200- to 750 Extra for doing your job!
Termination fees- 500-1000 Getting paid not to do your job!
Guaranteed minimum commission to buyer-3000-5000 Theft!
If you wonder why real estate agents get a bad rap, then look no further than phony fees to do their job. The companies charging these fees offer no more or better service than any others, but are apparently damn good salesmen.
We don’t charge additional fees at Miller Homes Group and I feel eventually there will be a huge legal price to pay for those that do. It’s happening all over and changing the name of it doesn’t make it right.