Chicago Real Estate Agency to Add Fee for Services

March 24, 2012

It’s about to get more expensive to work with one Chicago real estate company.

Beginning on April 2, Koenig & Strey Real Living will start charging homebuyers a fee to work with its real estate agents.

In addition, renters will incur a fee if a Koenig & Strey agent helps them find a rental unit they later buy.

According to the Tribune’s Mary Ellen Podmolik, “Such fees have been common in other parts of the country for more than a decade, but are virtually unheard of among the larger realty brokerages in the Chicago market.”

According to Podmolik, Koenig & Strey will next month begin charging their clients an upfront retainer fee set by the agent. That fee will be returned if a purchase is made and the agent receives a commission.

If no purchase is made or the homebuyer buys a home without the agent, that retainer is not returned.

While renters won’t be charged a fee when an agent finds them a lease, if a renter buys a property within a year of renting, the fee structure is applied.

Koenig & Strey has 17 offices throughout the Chicago area.

The company’s new fee structure is a gutsy move in our tough Chicago real estate market. Will it be attacked or will other local companies follow suit? Stay tuned.

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