Another lesson learned the hard way..

JMJ · Jan 1, 2006

As you my have noticed I've started moving into brokering premium names. Besides the obvious other related mishaps the big one occured yesterday. One of the names which I have been promoting for sale ended up selling due to my efforts and as it looks now I will get nothing from the deal.

Take it from my experience and get an exclusive broker agreement signed!

jdk · Jan 1, 2006

Sorry to hear that. Was it a big chunk you were screwed out of? Live and Learn. Now you know. Always sucks the first time but you will never make the mistake again.

JMJ · Jan 1, 2006

I'm still gathering info on how the transaction transpired all I have now is I know the name has sold and the buyer has my email which the only association with it and the name is via this board and the end-user emails I sent out.

jdk · Jan 1, 2006

Couldn't the potential buyer look up the whois information of the owner and contact them directly?

JMJ · Jan 1, 2006

Yes but what I suggest for those who plan to do this in the future and what I'm going to do is make up a contract just as real estate agents do and no matter how the name is sold you still get a percentage during the amount of time agreed on.

jdk · Jan 1, 2006

Usually with realestate they put down a down payment. However, if they sell it directly I do not believe the realator gets a %. I could be wrong.

JMJ · Jan 1, 2006

When a real estate agent is selling a house they usually have a contract signed for a period of 3-6 months. Any sale which occurs during this time they get their money. If they are the only agent involed they get 100% if two are involved it's split between the two. The reason being is they spend time showing the house, signage, advertising in various publications, etc.

As far as down payments are concerned that all has to do with closing and the lenders requirements. Real estate agents atleast in the US don't get any money unless the house sells. If you drive down the street and saw a house for sale with a realtors sign in the yard and you went and knocked on the door the people are going to refer you to the real estate agent because it's their job and the owners are bound to the contract. Downpayments are generally required by the lender not the real estate agent or the seller. The lender wants some sort of equitable security mostly based on credit.

I'm an ex mortgage broker, a certified home inspector, and practically my entire family either builds, designs, remodels, invests in, or sells real estate.