Denise D.
Coldwell Banker is now charging buyers and sellers a $359 administrative fee in addition to the negotiated real estate commission.
As a former Coldwell Banker agent, I was shocked to see that Coldwell Banker is now charging buyers and sellers a $359 administrative fee in addition to the negotiated real estate commission. When I worked for Coldwell Banker, the company already retained 35% of the agent's commission, and agents were charged a $200+/- transaction fee on every closing. Those fees were presented as covering the brokerage's administrative and transaction costs. Charging clients an additional administrative fee on top of that is excessive. With my recent purchase, the contract required me to pay this $359 fee. The seller agreed to pay the 3% buyer’s agent commission, but not the $359 fee. Fortunately, my agent chose to pay it herself because she didn't think it was fair to pass it on to me. She provided outstanding service, and my criticism certainly is not directed at her. I believe this fee should either be included in the brokerage's share of the commission—not automatically added to a client's closing costs. Real estate commissions are already substantial. Adding another administrative charge without providing additional value leaves a poor impression and, in my opinion, is not a customer-friendly business practice. I am disappointed in Coldwell Banker.