Hi all the experienced investors, Can I know how an agent get paid? Say he bis for u, so theoretically he's doing work for you. So who pays em.
Thanks.
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Re:how does an agent work?
Date: 2006/10/12 23:52
By: boss
Status: Admin
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Admin
Posts: 53
Hi there, the case depends on whther the agent is a bank's panel marketing agent or not. If yes, then they shall be taken care by the banks. Lelongtips.com's advisors are always standing by to assist auction buyers to successfully bid for their dream properties FREE of Charge.
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Re:how does an agent work?
Date: 2006/10/18 11:39
By: benzkwan
Status: User
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Junior Boarder
Posts: 6
I was told tat most banks pay the agent but not all, s tat rite?
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Re:how does an agent work?
Date: 2007/03/04 17:32
By: zakry
Status: User
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Fresh Boarder
Posts: 4
There are three ways how these agents get paid.
1) If they are on the bank's panel, then the bank will pay their commission.
2) If the agents are not on the bank's panel, but they are on the auctioneer's panel, then the auctioneers will pay them (lower payout because the commission received from the bank must be shared between the auctioneer and the agent).
3) If they are neither the bank's nor the auctioneer's panel, then they will claim from the BUYER (this is of course, illegal) for trying to secure the deal for him.
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Re:how does an agent work?
Date: 2007/03/14 23:49
By: boss
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Yaya, that's right Zakry. However if the purchaser agrees with the fee upon the deal is successful, they can do so, right?
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Re:how does an agent work?
Date: 2007/03/18 19:18
By: zakry
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yes they can...but only purchasers who are not familiar with auction procedures will agree to pay commission to these agents. So to all investors out there, as far as possible, please liaise directly with the auctioneer. It might save you a few thousand bucks...
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Re:how does an agent work?
Date: 2007/03/20 14:26
By: boss
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Difference btw agent and auctioneer is that a good agent can help u on the after-sale services. Pls note that rarely auctioneer will help u on this. when an agent request for commission, pls clarify with the banker as they are the vendor of the property.
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Re:how does an agent work?
Date: 2007/03/20 14:28
By: boss
Status: Admin
Karma: -1
Admin
Posts: 53
Difference btw agent and auctioneer is that a good agent can help u on the after-sale services. Pls note that rarely auctioneer will help u on this. when an agent request for commission, pls clarify with the banker as they are the vendor of the property.
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