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Posted by MJ on May 18, 2000 at 17:14:12:

In Reply to: Re: posted by Anna on May 18, 2000 at 13:23:56:

Anna:

Thanks for the reply-I agree completely that the 15% (sometimes 17%) fee is outrageous, but I think the realtors add insult to injury by then also charging you $50 and upwards per person to run a check; that should be included in their commission.

We've dealt with many a broker and have gotten to the point of putting in an application several times, and in no case has any employee in the realty office ever done anything to process the application-we have done every last stitch of work, from filling out the forms to getting and photocopying letters of reference, employment, bank statements, etc. And I know for a fact that it costs an ordinary person $8 to get a copy of their credit report, and I am sure it is less for a business (realtors probably buy access to a database for a yearly fee, and I have no doubt that the subscription cost ends ups being way less than $8 per applicant). So the $50+ fee is a bigtime scam. They should charge a nominal fee, if anything-by law, as I understand it, administrative fees of this kind should not exceed $15. I've asked DCA about it and they are looking into it.

--MJ

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: Anna:

: Thanks for the reply-I agree completely that the 15% (sometimes 17%) fee is outrageous, but I think the realtors add insult to injury by then also charging you $50 and upwards per person to run a check; that should be included in their commission.

: We've dealt with many a broker and have gotten to the point of putting in an application several times, and in no case has any employee in the realty office ever done anything to process the application-we have done every last stitch of work, from filling out the forms to getting and photocopying letters of reference, employment, bank statements, etc. And I know for a fact that it costs an ordinary person $8 to get a copy of their credit report, and I am sure it is less for a business (realtors probably buy access to a database for a yearly fee, and I have no doubt that the subscription cost ends ups being way less than $8 per applicant). So the $50+ fee is a bigtime scam. They should charge a nominal fee, if anything-by law, as I understand it, administrative fees of this kind should not exceed $15. I've asked DCA about it and they are looking into it.

: --MJ


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