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#448940 - 11/17/15 05:14 AM Commercial Buyer
gwesley Offline
Member

Registered: 09/15/04
Posts: 84
Loc: Houston, TX, USA
I have a commercial buyer who I'm working with. We have gone through a pre development meeting with the city about a particular property he's interested in buying. He's changing the use so the are some variances and conditional use permits that will be needed. The buyer wants me to gather the information and complete the application process for him. Is the buyer's agent usually the person to complete this? Should I ask for compensation for doing this? If so, how much. I will be getting 3% from the sale but this just seems above and beyond being a buyer's agent.
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#448941 - 11/17/15 06:34 AM Re: Commercial Buyer [Re: gwesley]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7866
Loc: Vermont's North-East Kingdom
Is this a case of him thinking that you're more knowledgeble and qualified to explain the Project than he is ?

Maybe you should feel flattered (I guess) ?

I might sit with him to take notes and fill in the blanks . . . . maybe even type up the Application (if he has no Typist) but I wouldn't create any verbiage on my own. And in the end, he has to be the one to sign and submit the Application, and pay the Application Fee; NOT YOU !

Tell him Commercial is normally a 10% Commission (split 50/50) and you'd only get 3% on this one if this Application is successful so ask for a Retainer Fee of something (maybe $1000 ?) just to make sure he's serious and that you get a little "something" out of it; or get him to sign a Buyer Broker Agreement requiring you to get 4% (1% from him) or ask for both . . . . plus your normal Office Surcharge for Document Preparation (if you didn't have one, you do now).

Sounds good to me !
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Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#448948 - 11/18/15 12:31 AM Re: Commercial Buyer [Re: gwesley]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2273
Loc: Outer Banks
I have applied for permits for clients. If you leave it up to the buyer then the pemits/variances might not happen and then you get no commission and lose your buyer to an agent who is willing to work for their paycheck.
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Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#448972 - 11/19/15 02:28 AM Re: Commercial Buyer [Re: gwesley]
gwesley Offline
Member

Registered: 09/15/04
Posts: 84
Loc: Houston, TX, USA
Thanks.
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