Rosenthal Mountain Properties
Alan J. Rosenthal
BGRE, AHWD, PSA, DCRE
Hey, Alan, Aren't Kickbacks Illegal?
Not this type of kickback!
North Carolina statutes allows real estate brokers to reward or rebate or give back commissions to parties to the transaction. While I can't pay a non-party for a referral, I can reward my buyers with cash or services.
Don't let real estate agents fast talk you by claiming that the seller is paying the commission, not the buyer. The buyer is paying the commission and that is the bottom line.
It works like this. You buy the house. The money you spend makes up the commission to the seller's agent. The seller's agent splits that commission with the buyer's agent. In this case, your buyer's agent (me) then gives his clients (you) some of that commission. Up to $1000!
My Easy Terms Save You Money by Reducing My Risk & Ensuring a Successful Home Buying Experience for Everyone!
Exclusive Buyer Agency Agreements
Are you working with other agents, either contractually or informally?
It is the law that we ask this question and it must be answered honestly. I can lose my license if I take you on as a client when you are contractually obligated to another real estate firm.
Our standard Agency Agreement period is 1-year. The Agency Agreement form will be completely discussed in our first meeting.
In accordance with the best practices of the industry and the rules of our licensing authority, I do not provided professional services without an Agency Agreement.
This is they type of attention to detail, honoring of the law, and professionalism that my clients enjoy.
Pre-Approval Letters, Also Known as Pre-Qualification Letters
All buyers must be pre-approved by a lender licensed to do business in North Carolina, and with which we can verify the information.
I ask that the buyer(s) provide me with their pre-approval letter that is no older than 30-days.
All parties to the transactions (those whose name would be on the deed) must be included on the approval letter or multiple letters.
For Cash Paying Clients, Please Provide a Recent Proof of Funds Letter
Non-refundable retainer fee of, generally, 10% of the total commission. This is applied to my commission at closing or upon termination of listing. For example, a $200,000 home would have a $600 retainer. $300,000 would be $900. Minimum of $500.
Buyers, Advisers & Decision Makers - They're Not Always the Same
Imagine driving around and looking at homes all day, only to find out later that the people you were with had no authority to decide which home another person was going to buy.
Imagine having a detailed conversation with someone about buying a home and they were not the ones to either buy it or live in it.
Here's a common scenario...Daughter of aging parents walks in the office. She even signs all the necessary forms and discusses the needs of the parents. The real estate agent might even show her some homes. The daughter doesn't return any phone calls or emails. Why? Because the brother or the other sister already has a real estate agent. Or, because there is infighting between siblings regarding executorship or any number of issues.
Really, Alan, that's a common scenario? Yes, with some mix of relationships. But, yes indeed! Entire working days of the year are lost, and it happens often without proper protocols like these.
So, at the first meeting, we determine who all the parties are and then create a plan to make sure everyone is working together. If we can't bring all the parties together in agreement, then we calendar the project for another time or walk away.
Pre-Approval or Proof of Funds Letter
All Decision Makers Identified and Participating
Upon and at successful closing and settlement, I'll kickback, I mean rebate back to you one of the following...
Final selling price of $100,000 up to $200,000, a 1-year home warranty up to $500.
Final selling price up to $300,000, home inspection fees up to $750.
Final selling price over $300,000, I'll pay your attorney closing costs up to $1000.