Most Real Estate Brokerages are now charging a Transaction Fee (also disguised as other names) as a way to earn extra profit. This fee is tacked on to the commission and could be referred to as a Regulatory Compliance Fee, Administrative Broker Fee, or a Handling/Processing Fee and is just as likely to be charged to the buyer as well as to the seller.
This fee, in our opinion, is for no additional services and serves only to boost profit. In fact, not only do we believe that no additional services are provided, we believe that most of the time the fees are not disclosed until the very end of the transaction, as late as the actual closing. In addition, it is our belief that this fee is never explained or defined, and the client is often tricked into thinking it is a fee required by law.
We have witnessed these fees range from $99 to $750 and possibly higher at other companies. The fees are the equivalent of paying a “resort fee” at a hotel. It is our opinion that most (if not all) brokerages would waive the fee in every circumstance if you chose to take your business elsewhere.
Consumers in today’s retail environment are so conscience of price! They negotiate car prices, shop sales on clothes, clip coupons, and compare gasoline prices at the pump. Why would you pay a ridiculous real estate junk fee?!
At Platinum Realty Group of CF, we NEVER charge a transaction fee. Even if another firm is willing to waive this unnecessary fee, the question is, why in the world would you use a Company or an Agent that is trying to make extra profit from you in the first place?
The bottom line is, if you are buying or selling a home, never pay a junk fee and always use Platinum Realty Group of Central Florida.