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Real Estate Fight Club

8
Nov 2021

What To Do If A Friend Asked You To Help With Real Estate Paperwork?- EP 111

November 8, 2021

On this episode of the Real Estate Fight Club podcast, Jenn and Monica will duke it out over "What should you charge if you are only doing paperwork?” or “What should you charge for a client that asks if you can help with the paperwork but they already have the buyer?”  Is this even an option? How much is actually entailed?

 

Episode Highlights:

  • Monica says, if we were to ask brokers all around, they would probably say be very careful because once you are in that role, your fiduciary responsibility becomes very high.
  • It doesn't work if parties don't have a business relationship or haven't done inspections, says Jenn.
  • What are your standards? Jenn says if you have a minimum fee for services you could offer it for that but there is likely so much more to it.
  • How much does an attorney charge? Think about that question
  • Jenn says if you are going to do it for the minimum, you already have to ask questions like where are you in the process? Who are these people, and why are they coming to you?
  • Monica suggests that realtors should have language to discuss this matter and explain that just having a realtor write up paperwork only does not give them protection.
  • Consumers don't understand how it works, and they don't understand the process of buying and selling a house. That's why they pushed back so much on this preapproval, says Jenn.
  • You can choose the house, but it doesn't matter if you cannot get a loan and you do not have the cash.
  • If all the parties are together and have decided who you represent, and it is just the paperwork, then Jenn says, "You would not go below your standard."
  • Monica will never make just the contract she may decide to represent their full fiduciary responsibility for an amount she will take.
  • If you enjoyed this episode, please go to our Real Estate Fight Club Podcast  Facebook page and let us know if you have a policy about this.
  • The tiebreaker for this episode, Candy Bowen, joins the conversation. She is the team leader for Candy Bowen and team at Realty Executives in Tucson, AZ.
  • Jenn asks Candy, do you ever do a flat fee for someone already knowing each other like for example, a tenant that's been living there, no inspections or anything like that, or do you still just charge a percentage on it?
  • There is no realtor contract that just says I'm not using you for your real estate, I'm using you for your admin." - Candy

 

3 Key Points:

  • Jenn gives her suggestion on - what do you say when people come to you and say, "I already have a buyer, and I am ready to pay?"
  • If you demonstrate the beginning of the process to them through the questions, you are not protected.
  • Candy suggests, "You must understand the risk if something goes wrong because your name is behind the title."

 

Resources Mentioned:

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