Expert: Hans Weber, Licensed Broker Associate - 12/14/2004

Question
Hi Hans, I am a Real Estate agant in Brooklyn, Ny. I was out looking for FSBO and Expired listings. I came across this Leased property. I called the owner and had a meeting with him. After our second meeting he wanted to meet my broker/boss in regaurds to building on his property. My boss is also into building. They spoke at length, and they are going to work together to build 30 condo units,26 parking spaces and 2 medical offices on this property. I asked my boss since i brought this deal together I would like the exclusive listings when the condos are built. I would also like a finders fee, is this appropriate to ask for? I have to wait a year or so till this is all built to make my commission. I have read that people also get finders fees too. As you know property is scarse in NYC . Would you please let me know if I can ask for a finders fee and if so, what is the % and do I get paid now since they are starting the deal, or do I have to wait till its all completed to get this also ?  Thanks so much , Susan  

Answer
Hi Susan,

Thank you for your question.

Yes, it would be nice if you were chosen as the listing agent for the property as a reward for finding it and creating a meeting of the minds.

As far as being due a finders fee or commission now, that would depend on what conversations or arrangements you had with the owner and your broker. If in your 2 meetings with the owner of the land you agreed on a commission, even verbally, then you are due a commission on the closing of the sale.  

You did a great job finding the property and I hope you do a great job selling the condos!

Hans