This is a YouTube video titled "Q&A MEMBERS CALL: How to Collect a Transaction Fee from Buyers" containing a detailed monologue or presentation from January 27, 2015. The speaker discusses strategies and scripts for real estate agents to collect transaction fees from buyers, including handling objections and explaining agreements. The content is instructional and focused on real estate transaction processes.
So I can't give you advice on whether or not you can take transaction fees. But I wanted you. I just went through this with a client, Tiffany who's in my market. I think generally I think Tiffany, you're in wax. All right, so that's my market. So we're in the same market and we're talking about she's rolling out transaction fees and she's getting some pushback from her agents. And I basically told her and I just wanted to run through this sort of role play with everybody because I think it's helpful. You'll have some agents sort of flip out. Right. So getting a buyer to sign an agreement that looks like this, it's a very non threatening agreement. I don't have, my team doesn't pull out the state agreement. So at the first meeting, you know, we present our services in the buyer presentation and we go through this and my agents go, okay, so here is our loyalty agreement. There's actually like, you know, once we put an offer on a property there's a more involved agreement that you have to sign. But for now it's just benefit rich. It's a few bonuses. So we'll, and then we just go through the bullet points here and then we go, we know we're going to secure, we're going to negotiate a home warranty on your behalf. We've got the cancellation guarantee so if I'm not doing a good job you can fire me. And you've got the sell for free guarantee. So 24 months. If you're not happy with your home, we'll sell your home for free. So ReMax Real Estate Experts gets paid 3.5% of the purchase price and they're paid by the seller and negotiated as part of the purchase agreement. So basically you're giving us permission to ask the seller to pay our commission on your behalf. If there is ever a commission deficiency and the seller won't make up the difference, you will not be responsible for any shortfall. We also charge a 695 transaction fee. It's due at closing so it's only due upon successful closing. And that's for the internal processing of your transaction. That's for our closing department. Make sure that your property, the contract actually makes it from getting under contract to closing. There's actually like in the market at 25, 30% fallout ratio which we don't experience on our team because we've got a dedicated closing department. And we're going to ask the seller to pay for this on your behalf. If they don't pay for this. You, you will be responsible for the 695. But don't worry, I'll get them to pay for it. Basically you just let us know which properties you'd like to see. If there's ever a FSBO or any builders, just let them know that we're your exclusive agent. And this is a six month agreement unless it's canceled by either party in writing. So if you go ahead and just sign here, we'll get the process started. Okay, so that's the first step and I go through that. Most of you hopefully know that. So you've got, you have the buyers permission to negotiate with the seller up to three and a half percent commission plus 695. So I put this, this is in the buyerpacker folder as well. This was the one gap that I had with my agents. And some of my agents do really, really well on this and some not so well. I've got an agent that gets 90 average last year 92% transaction fee collected. My agents aren't really good and I don't push them on 3.5%. We're actually considering just going to 3%. It's a mental issue that I'm really not willing to fight with them. But anyway, so we put this together. So most like my one agent on my team, like 15%, 16% of his transactions. Last year of 50 transactions he collected a transaction fee, which is horrible. It's mostly kind of just lazy. They're at the last property, they want to write an offer and even though you've gotten them to agree to a 695, you kind of just don't follow through. So I put this buyer offer summary sheet together. You may have to change some of these, but basically it gets down to the bottom. The whole point of this whole sheet is to lead into whether or not there's a commission deficiency. Write in the number, your 695 is automatically pre printed there you total those two up. So these are the additional closing costs we're going to ask for like you agreed in the buyer loyalty agreement. And then, sorry. So any commission deficiencies, 695 and anything. So Mr. Buyer, in addition to the thousand dollars additional Commission and the 695 transaction fee, are there any closing costs cost that you want to ask the seller for? And then we put that number in here, we total these three numbers and we put that in the contract.
