Buy the Beach Realty Group will impose a fee to Selling Agent if we are asked to act as escrow agent for lease transactions where we are not the Selling agent. That is, where someone from another company brings in a rental offer and wants to have us hold escrow.
It is becoming more-and-more frequent to have other brokerages attempt to impose this burden on us because their Brokers cannot be bothered to maintain an escrow account. As of today, please inform them politely that we will charge their commission a $75.00 fee if we are to serve in the role of escrow agent in these transactions and that if they wish to offer to lease our listed property they must either use their own Broker’s escrow account and name that firm or person in the proposed rental agreement or accept this deduction from their commission.
Of course, they may carry on along the following lines:
- Oh, then we can’t do the business! (So? If they cannot make normal provision for handling deposits, perhaps they should work for a company that offers better support facilities).
- Oh, everybody else does this for us (This is simply a lie)
- Oh, why are you so unhelpful? (So, send us your customer if you cannot take care of him or her and we will handle both sides of the transaction, what do we need you for?)
Anyway, this is how it must be. I see no point in being the unpaid bookkeeper and escrow agent for a bunch of Brokers trying to operate on a shoestring. Let them make the arrangements they need in order to remain in business but no more freeloading on BTB.
Agents need to add to the broker remarks on the MLS, “If Buy the Beach Realty Group is the escrow agent, a $75.00 fee will imposed on Selling Agent (Tenant’s agent).”
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