Broker Agent Participation
Broker participation is encouraged, welcomed and appreciated at all of our real estate auction events. We are very conscious that as a real estate professional you have access to buyers for properties being sold at auction. There are specific rules & guidelines concerning registration of your prospect and qualifications to earn you commissions. Please call our office if you have any question about the process, we look forward to helping you get your customer in the deal. Broker participation fees are paid immediately at closing and we strive to maintain excellent relationships with our Real Estate colleagues.
Broker/Agent Guidelines & Commissions
A commission will be paid based on the following schedule to any properly licensed real estate agent whose Buyer/Bidder is the successful purchaser for this property and who close (no assignment of contract(s)) and pays the Total Contract Sale Price for this Property.
A TWO PERCENT (2%) commission will be paid on any written opening bid amount shown on the BROKER REGISTRATION FORM attached Here with or available upon request. If the written opening bid is within 85 percent of the final high bid an additional ONE PERCENT (1%) will be paid. A THREE PERCENT (3%) commission will be paid on all pre-auction contracts accepted by seller prior to the auction event. A ONE & HALF PERCENT (1.5%) commission will be paid on the balance remaining between the written opening bid amount shown on the Broker Registration Form and the High Bid (not including the auction fee or buyer premium) for all bids that do not meet the 85% qualification
IF AN OPENING BID IS WRITTEN ON THE BROKER PARTICIPATION FORM, THEN A ONE & HALF PERCENT (1.5%) COMMISSION WILL BE PAID TO THE BROKER ON THE SUCCESSFUL HIGH BID.
THE MAXIMUM BROKER PARCIPITATION WILL NOT EXCEED THREE PERCENT (3%) OF THE HIGH BID
To earn the foregoing application commission:
Participating broker must register his buyer/bidder by completing the broker registration form in full and must fax, mail, delivery or e-mail it to Glen Brooks Auctions Whatever etc no later than 36 hours prior to the Auction event. Send form to Brooks Auction Services, 1202 North Main Street, Anderson, SC 29621; Fax 864-965-9023; Email doublebranch@wctel.net
Agent/Broker must be licensed in the State where the property is located. The registration must include the signature of both the realtor and the buyer/bidder. It will be the responsibility of the Agent/Broker to verify receipt by the Auction Company of the registration by calling us at 864-379-1011 -
- Agent/Broker agrees that Agent/Broker will not claim any exceptions to the foregoing procedures.
- Agent/ Broker must show the property in person to his Buyer/Bidder.
- Agent/Broker must attend and register with his Buyer/Bidder at the auction and encourage bidding.
- Agent/Broker agrees that no oral registration will qualify Agent/Broker for commission Agent/Broker understands that in the event that the Auction Company has had a prior business relationship with the purchaser or if the introduction of the property by our firm was made before notification of representation that either of these may make the bidder ineligible for broker participation. Notification may include but is not limited to the distribution of marketing materials and preview of the property by our staff.
- Agent/Broker agrees that commission will be due upon final closing of the purchase by his Buyer/Bidder with all consideration paid in full.
- Agent/Broker agrees that only the first registration of prospective Buyer(s)/Bidder(s) will be accepted and honored. No amendments to registration opening bids will be accepted.
- Agent/Broker agrees that commission will ONLY be paid at time of closing and will be disbursed by Closing Agent.
- Agent/Broker agrees that he shall hold harmless and indemnify the brokerage firm, as well as Brooks Auction Services. including, the auctioneers, their agents or employees from any and all claims with regard to such commission.
- Agent/Broker must attach a copy of these terms, executed by the broker below, with each registration.
- Terms of commission subject to change. Contact Brooks Auction Services to verify commission rates for individual auctions.
