With money so tight in most real estate transactions these days, as Buyers and Sellers you want to make sure you make as much as possible when selling your home and you get the best deal on a home when buying.
Sellers
As a Seller it is important to watch out for hidden fees in a listing contract. Once you negotiate a listing commission rate, some brokerage firms will tack on extra fees at the end which they call administration fees. Often this is in the form of a specific dollar amount. For example a $500 admin fee on top of your listing commission. They say it is used to pay for administration costs, i.e. filing, faxing, closing services and so many other responsibilities. The broker gets a split in most firms with the listing agent. The reason for the split is for their services and company profitability. RLT Real Estate never charges hidden fees of any type. Know what your listing contract states from start to finish, and ask about the fees that are being charged and why!
Whether a buyer or seller, be very careful to understand the contract you are signing. Know what is in the contract and what the expectation is for payment on the services rendered. …And always watch and ask about admin and buyer agency fees.