Comments on: $395 Realty Firm's "Admin Fee": Junk or Legit? http://blog.franklyrealty.com/2007/02/395.html Tue, 02 Mar 2010 02:11:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: FranklyRealty.com http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-4222 FranklyRealty.com Sat, 28 Nov 2009 05:37:58 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-4222 Great question. Depends what the exact contract says. Ask them to show you where it says that they are owed a fee. Frank Great question. Depends what the exact contract says. Ask them to show you where it says that they are owed a fee.

Frank

]]> By: Dharvesi http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-4221 Dharvesi Sat, 28 Nov 2009 01:45:48 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-4221 Hi Frank I listed my townhome for selling with B&W. No luck. I completed the contract and took the property off the market. They now send me a bill for 295.00 for admin fees. Is this legal? The contract does state that we have to pay if we seel but does not explicitly mention that we have to pay that no matter what. Whats your opinion ? Hi Frank
I listed my townhome for selling with B&W. No luck. I completed the contract and took the property off the market. They now send me a bill for 295.00 for admin fees. Is this legal? The contract does state that we have to pay if we seel but does not explicitly mention that we have to pay that no matter what. Whats your opinion ?

]]> By: Chris http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-3960 Chris Sun, 05 Jul 2009 18:47:57 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-3960 Hey Frank, I gotta say I love the website as well as all of your incredibly helpful insight. As a DIY person, it really helps to be able to talk with and learn from those with experience. I was going line for line through our "Good Faith" (LOL) Estimate. Some of it was in accordance, but there were/are a few junk fees. Blogs like yours help people like me separate the good from the bad. Thanks for the helpful advice. P.S. Have you unraveled the mysteries surrounding the duties of a title company yet? They are still an enigma... Hey Frank,

I gotta say I love the website as well as all of your incredibly helpful insight. As a DIY person, it really helps to be able to talk with and learn from those with experience.

I was going line for line through our “Good Faith” (LOL) Estimate. Some of it was in accordance, but there were/are a few junk fees. Blogs like yours help people like me separate the good from the bad.

Thanks for the helpful advice.

P.S. Have you unraveled the mysteries surrounding the duties of a title company yet? They are still an enigma…

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Relo Companies. Scam or Yes Ma’am. http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-3389 FranklyRealty.com Trust Me I’m A REALTOR » Relo Companies. Scam or Yes Ma’am. Sun, 31 May 2009 16:28:42 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-3389 [...] there are NO “Realtor fees” (sidenote: ha, I wonder if they pay for the bogus Realtor Admin fees which the Washington Post, link, just covered and cited my blog) per se because the Realtor fees [...] [...] there are NO “Realtor fees” (sidenote: ha, I wonder if they pay for the bogus Realtor Admin fees which the Washington Post, link, just covered and cited my blog) per se because the Realtor fees [...]

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Admin Fees, MSNBC & 515+ Comments. http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-3366 FranklyRealty.com Trust Me I’m A REALTOR » Admin Fees, MSNBC & 515+ Comments. Sun, 31 May 2009 04:27:46 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-3366 [...] front page linked to their RedTape blog which ran a little piece on bogus Admin fees. My 2007 admin fee post fueled part of the article. So far there are 515 comments over there, and 5,000 unique visitors [...] [...] front page linked to their RedTape blog which ran a little piece on bogus Admin fees. My 2007 admin fee post fueled part of the article. So far there are 515 comments over there, and 5,000 unique visitors [...]

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-1977 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Tue, 08 Jul 2008 19:16:00 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-1977 I just pulled some data for a reporter, and this is what I found... <br/><br/>Out of the 18 deals that I pulled HUD1s for 13 of them charged Admin fees. They ranged from $210 to $295<br/><br/>Here is a buyer agent fee. Meanwhile they are giving a rebate. I thought that was pretty funny. <br/><br/>I pulled up a bunch of HUD1s<br/><br/>- $1.8 Million dollar purchase... Buyer agent $295 admin fee.<br/>- $800k Falls church Buyer Agent Fee $295<br/>- $300k Falls church Listing agent fee $0 (same company as one above) <br/>- $500k Arlington Listing agent No fee listed (same company as first line)<br/>- $450k Alexandria. Listing agent plus $210 admin fee.<br/>- $525k falls church. Buyer Agent no Admin fee. <br/>- $300k reston buyer agent $210 admin fee (same as $210 company above for listing side) Listed at bottom of page 2<br/>- $350k $250 buyer agent fee<br/>- $225k $295 buyer agent fee<br/>- $800k 3% to buyer agent, $295 admin fee<br/>- $379k $295 admin fee (listing side)<br/>- $285k Listing , $295 admin fee<br/>- $500k ashburn NO admin fee posted<br/>- $800 buyer agent side charged $210 admin fee<br/>$550k buyer side charged $250 admin fee<br/>- $250k, Plus $295 admin fee for listing side<br/>- $300k buyer side, NO admin fee<br/>= $635k Listing admin fee is $399<br/><br/>So of the 18 deals about I found 3 that did not charge admin fees. Keep in mind, we never charge them, so the info about is when the other side charges them.<br/><br/>Frank I just pulled some data for a reporter, and this is what I found…

Out of the 18 deals that I pulled HUD1s for 13 of them charged Admin fees. They ranged from $210 to $295

Here is a buyer agent fee. Meanwhile they are giving a rebate. I thought that was pretty funny.

I pulled up a bunch of HUD1s

- $1.8 Million dollar purchase… Buyer agent $295 admin fee.
- $800k Falls church Buyer Agent Fee $295
- $300k Falls church Listing agent fee $0 (same company as one above)
- $500k Arlington Listing agent No fee listed (same company as first line)
- $450k Alexandria. Listing agent plus $210 admin fee.
- $525k falls church. Buyer Agent no Admin fee.
- $300k reston buyer agent $210 admin fee (same as $210 company above for listing side) Listed at bottom of page 2
- $350k $250 buyer agent fee
- $225k $295 buyer agent fee
- $800k 3% to buyer agent, $295 admin fee
- $379k $295 admin fee (listing side)
- $285k Listing , $295 admin fee
- $500k ashburn NO admin fee posted
- $800 buyer agent side charged $210 admin fee
$550k buyer side charged $250 admin fee
- $250k, Plus $295 admin fee for listing side
- $300k buyer side, NO admin fee
= $635k Listing admin fee is $399

So of the 18 deals about I found 3 that did not charge admin fees. Keep in mind, we never charge them, so the info about is when the other side charges them.

Frank

]]> By: veej http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-1974 veej Tue, 17 Jun 2008 15:31:00 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-1974 My agent at Baird & Warner said they would recommend me to another firm if I was adamant against the fee. That's just sad. I understand the brokers ae suffering financially, but I might as well hire a secretary to do the work to sell it FSBO (showings/placing ads etc.). It seems that admin fees will only leave them with the properties people are desperate to sell and further depreciate the marketplace. My agent at Baird & Warner said they would recommend me to another firm if I was adamant against the fee. That’s just sad. I understand the brokers ae suffering financially, but I might as well hire a secretary to do the work to sell it FSBO (showings/placing ads etc.). It seems that admin fees will only leave them with the properties people are desperate to sell and further depreciate the marketplace.

]]> By: Anonymous http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-1976 Anonymous Fri, 25 Apr 2008 19:39:00 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-1976 My buyer's agent disclosed a $395 admin fee to us and explained that it was to pay the broker for the use of his facility. <br/><br/>I had a perplexed and frowned look on my face when he told us this, and he quickly offered to pay for it out of his own pocket. <br/><br/>It still left a bad taste in my mouth and he made it seem like we were taking money out of his pocket. Not a great way to start a relationship with a realtor. My buyer’s agent disclosed a $395 admin fee to us and explained that it was to pay the broker for the use of his facility.

I had a perplexed and frowned look on my face when he told us this, and he quickly offered to pay for it out of his own pocket.

It still left a bad taste in my mouth and he made it seem like we were taking money out of his pocket. Not a great way to start a relationship with a realtor.

]]> By: INTENNESSEE http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-1975 INTENNESSEE Thu, 24 Apr 2008 19:47:00 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-1975 I closed on a home yesterday and the agent called back today to tell me that the closing attorney forgot to put in an administrative fee of $195.00. She did say that her broker was charging her for that fee and not me. The realtor Crye-Leike places this fee in te contract with other wording so that it blends into the contract and is not conspicious. This fee is outrageous and needs to be outlawed especially since the broker and the agent make so much money from the sale. I closed on a home yesterday and the agent called back today to tell me that the closing attorney forgot to put in an administrative fee of $195.00. She did say that her broker was charging her for that fee and not me. The realtor Crye-Leike places this fee in te contract with other wording so that it blends into the contract and is not conspicious. This fee is outrageous and needs to be outlawed especially since the broker and the agent make so much money from the sale.

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/02/395.html/comment-page-1#comment-1985 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Tue, 26 Feb 2008 20:01:00 +0000 http://franktempblog.wordpress.com/2007/02/05/395-realty-firms-admin-fee-junk-or-legit/#comment-1985 Hey Donald,<br/>Thanks for the feedback.<br/><br/>Make sure you sign up for the blog, as each post is designed to save somebody a few hundred or thousand dollars.<br/><br/>ALso if that agent didn't disclose those fees up front, you can report them. Email me directly to find out how.<br/><br/>Frank Hey Donald,
Thanks for the feedback.

Make sure you sign up for the blog, as each post is designed to save somebody a few hundred or thousand dollars.

ALso if that agent didn’t disclose those fees up front, you can report them. Email me directly to find out how.

Frank

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