Tuesday, September 29, 2015

Just in case you didn't know: When Acquiring a Las Vegas Resort Hotel Casino, The Buyer Pays the Real Estate Fee!

Recently, and by that I mean just yesterday, a Buyer gave me a hard time about the real estate fee that I want to charge to help him acquire a Las Vegas Resort Hotel Casino Property.

At the last minute, he doesn't want to pay and said that it is customary for the Seller to pay.

Okay, true!

In normal real estate, the Seller would, as part of the listing agreement, pay the Listing Broker a fee to market the property; and, the Listing Broker in turn would normally split that fee with a Procuring Broker.

I am good with that, because, that is what normally happens in Las Vegas, too!

However, it has been a long standing understanding, that when it comes to a Resort Hotel Casino Property sale, the Seller will NOT pay any real estate commission fees.  This, the Buyer must be willing to pay, (and I will get that agreement up front before disclosing any available properties that are for sale).

End of discussion.

And, I know there are companies (people) who think that they are better off going around a Broker. (There are several Sellers right here in Las Vegas who feel they know real estate better than a Broker.)  And I will live with that, too!

So, if you want to acquire a NON-GAMING property, I can find a property where the Seller pays my fee.

If you want to acquire a Las Vegas Resort Property, the BUYER has to pay my fee.

And, I only ask for 1%!  When Clark County bought the Riviera, they paid Morgan Stanley 3.5%

So, who rips Buyers off more?  You decide.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

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