Investor · Great Neck, NY · Member since 2013 · 38 posts · 3 votes
My family has owned a small parcel of vacant land. We got a postcard from a brokerage asking if they can sell it for us. What I'm not familiar with is the fee for this. They are offering a setup fee / processing fee for $500 up front, then no commission. They are estimating a final price that we are comfortable with. Anyone have experience with this? Brokerage is licensed.
Flat fee listings are common. Are they going to take pictures of the property for you and put a sign at the road? If not you might try a regular listing... If they don't offer pictures or a sign and you still like the flat fee, you should have someone else handle it.
If the listing expires will they renew it for free?
Hi, some more details. They take the fee to list it and do marketing. From what I hear (I'm from NY) In FL, the buyer pays commission to the broker. So if they sell it for us, we get our $500 back. If they don't sell it, we lose the $500. I take it they will just keep it listed.
Does that seem right and fair? The brokerage has a webpage and looks ok to us so far.