Broker Cooperation Invited!October 14th, 2008 by PA - Bloger
Auction companies have traditionally offered brokers who bring clients to an auction and “duly register” them a broker cooperation fee. This is essentially a commission to the broker/agent if their client successfully closes on the property. However, in the last few years, during the boom times, we noticed some auctioneers moving away from this practice. After all, properties were selling left and right, without any need to excite the brokerage community to come out and play.
The times have turned and we’re seeing broker co-op fees climbing: 2% seems to be the norm, however, 3% and even 4% can be found right now. And the registration process is usually a piece of cake. Fill out a 1 or 2 page form, have the broker and the buyer sign, fax it in and collect the cash! Well the buyer still needs to win the bid and close on the property, but that’s just a minor technicality-:) Auctioneers also prefer (and sometimes require) that the broker/agent be present at the auction along with their client and for good reason: usually the agent can assist the client in value, signing, etc.
The slower economy has hit the brokerage industry particularly hard. Brokers and their agents should be embracing the auction community by searching right now for residential auctions or commercial auctions for their clients and get in on the broker cooperation fees being offered!
Here are two very exciting residential auctions coming up offering a generous broker cooperation fee:
Rowell Auctions is offering over 100 properties throughout Georgia this month at online absolute and reserve auction.
Tranzon Driggers is offering 31 new homes in Ft. Myers Florida. One third of the offerings will be sold absolute.
And here are two very exciting commercial auctions coming up offering a generous broker cooperation fee:
Eddie Haynes Inc is offering an RV Park and Executive 18-Hole Par 3 Golf Course in Cedar Valley Oklahoma.
Tranzon Venuebid is offering 6 +/- AC Upland Gulf Front Land in South Padre Island, Texas.
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