The truth about realtors

My friend Ryan bought a home recently. He bought it privately from a friend. I told him I was available for any free advice and he asked if I knew any good real estate lawyers. I happily recommended two that have done thousands upon thousands of real estate deals over the years. They are real estate mills, these two law firms I recommended. They do a great job, as real estate is pretty much all they do.
A few days later, I asked, because I’m nosey, “So, who are you using?”
“I took your first recommendation.”
Great. I’m happy to be a trusted advisor. “How much is he charging you?” I asked.
I was surprised to find out that the lawyer is charging $300 more than he charges my clients, an increase we surmised, for drawing up the agreement, something that realtors do as buyer agents for free.
With all this talk recently about realtor commissions, it’s nice to have a reminder that we do provide good service, know who to call, who to recommend, what to expect, do all the negotiations and the paperwork, not to mention the counseling, advising and hand-holding (when needed). We do most of the running around and arranging too.
If realtors disappear, it is reassuring to know that the lawyers will draw up the contract for purchase and sale for an extra $300.