Okay guys i have 2 questions for you guys.
I have a Realtor that has a newsletter that has his client’s wants. I found properties for those wants and spoke with the Realtor today. He said great and the magic question “WHAT ARE MY FEES?” Since i’m a newbie and this was my first time discussing fees with anyone i said 500 because i’m new and i was nervous. So he says "Let me get this straight (i was thinking oh what did i say wrong), you find my client’s properties and i pay you 500 per lead when the deal closes and i said yes as confidently as i could. He said GREAT and he’ll make up a contract and send it to me tomorrow. Now before i spoke with him (with all my courage built up) I thought to myself, "Okay when i talk to him i’ll tell him my finder’s fee is 10% of his commission. EX. If the house sold for 150,000, he would receive 9000, and i would get 10% of that which is 900. Well when i actually talked to him i froze up and just spit out 500. When i got off the phone with, i started to look at the properties i found. I took one which he’s looking for a Lake Tarpon Home with a dock(if possible) 700k. Well i found several and started to do the figures. One is for 699,900, 6% of that is 41,994 for the Realtor , and that is just 500 for me when it could be 4199! Now i don’t know if i’m missing some things with my figuring or if i’m doing it completely wrong (please correct me if i’m wrong) but that’s a big difference. Now since i’ve already said 500, i don’t want to burn my bridges with people and create bad business but that’s alot of money to me! Please let me know your thoughts about this because i’m new to this and i don’t want to mess up any potential good business relationships.
I was on craigslist in the apartments wanted section. I saw that there are tons of people looking to rent apartments and houses whether they are relocating or not. Well i put an ad there for people needing help locating properties, i will do it for them and i charge a finder’s fee. I was thinking something like a deposit of $50 and another $100 when i find the apartment.
- Is this a good fee?
- What do i do if i can’t find the apartment or they don’t like any of the ones i present to them, something to protect me and give them adequate time to find a place. (deposit returned)
- Some one replied and asked me for a break down of my prices i was gonna email back $50 deposit and 100 afterwards but then i asked myself the previous question and SHE also asked if i did background checks, etc. Well i didn’t really think about that or anything else really, so are there any other things that i should be doing and what would your break down be?
I would really appreciate your thoughts and ideas about my situation. Thank you in advance for reading my post and replying!!!