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Finder's Fee?
Topic Started: Jul 9 2006, 10:44 AM (1,268 Views)
kenny
HOLY CARP!!!
I'm selling my 2001 Mason and Hamlin BB.
If someone finds me a buyer it seems proper to pay them something.

How much should I offer my piano playing friends if they bring me a buyer?
How much to my piano technician?
How much to my piano teacher?
How much to a dealer who does not sell this brand but has offered to refer a buyer looking only for a BB?
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***musical princess***
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HOLY CARP!!!
Hmmm... i guess it depends how much you sell the piano for.

What's it's rough estimation?

x
x Caroline x
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kenny
HOLY CARP!!!
My tech says it should sell in this market for over 40K, USD.
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Mark
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HOLY CARP!!!
5% is standard sales commission.

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o 0
When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
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***musical princess***
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HOLY CARP!!!
Hmm... i dunno, would 1% be too much (or too little? )? $400?

x
x Caroline x
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***musical princess***
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HOLY CARP!!!
Mark
Jul 9 2006, 08:27 PM
5% is standard sales commission.

5%? That seems quite high!

x
x Caroline x
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kenny
HOLY CARP!!!
I think more should go to a professional who has built up contacts than a friend.
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AlbertaCrude
Bull-Carp
Mark
Jul 9 2006, 11:27 AM
5% is standard sales commission.

There is distinct difference between a commission and finder's fee. Commission is paid to an individual who identifies a buyer and does whatever is necessary to close the deal. A finder's fee is usually a modest 1% of the total sale price (excluding taxes). If someone refers a buyer to Kenny then a finder's fee, not a commission, is appropriate.
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ivorythumper
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I am so adjective that I verb nouns!
kenny
Jul 9 2006, 12:29 PM
I think more should go to a professional who has built up contacts than a friend.

What is it worth to you as a seller? Whatever, that should be the same whether a pro or a friend. The built up contacts just makes it more likely that they would be able to profit, so their advantage is already built in, but that does not make it more valuable to you.

What would make it attractive to getting the word out? $1000 seems like a nice round number and a good reward for finding a buyer for a $40K piano.
The dogma lives loudly within me.
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kenny
HOLY CARP!!!
ivorythumper
Jul 9 2006, 11:39 AM
kenny
Jul 9 2006, 12:29 PM
I think more should go to a professional who has built up contacts than a friend.

What is it worth to you as a seller? Whatever, that should be the same whether a pro or a friend. The built up contacts just makes it more likely that they would be able to profit, so their advantage is already built in, but that does not make it more valuable to you.

What would make it attractive to getting the word out? $1000 seems like a nice round number and a good reward for finding a buyer for a $40K piano.

I can understand what you are saying, IT.

But if I were a pro who worked all my life in the field and because of my connections matched up a buyer with a seller I think that person is more entitled to be paid for her professional status.

If a friend happens to find a buyer the payment is more just gravy.
They don't make their living in the field.

AC, I see the difference between a commission and a finder fee.
I will be doing all the work of negotiating the details of the deal, flooring the piano, arranging the shipping and tech work, and I'm paying finance charges on 40-grand, and insurance while the piano is for sale.
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ivorythumper
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I am so adjective that I verb nouns!
kenny
Jul 9 2006, 01:22 PM

But if I were a pro who worked all my life in the field and because of my connections matched up a buyer with a seller I think that person is more entitled to be paid for her professional status.

I understand what you are saying. I would ask them before anything else what they would consider a fair "finder's fee" to get your B&B an new home (and ethically, they shouldn't double dip with a buyer's commission as well).
The dogma lives loudly within me.
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AlbertaCrude
Bull-Carp
kenny
Jul 9 2006, 12:22 PM
...I see the difference between a commission and a finder fee.
I will be doing all the work of negotiating the details of the deal, flooring the piano, arranging the shipping and tech work, and I'm paying finance charges while the piano is for sale.

Since you are your own agent, a modest finder's fee of no more than 1% is appropriate if the buyer comes to you via a bona fide referral.
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kenny
HOLY CARP!!!
AlbertaCrude
Jul 9 2006, 01:32 PM
kenny
Jul 9 2006, 12:22 PM
...I see the difference between a commission and a finder fee.
I will be doing all the work of negotiating the details of the deal, flooring the piano, arranging the shipping and tech work, and I'm paying finance charges while the piano is for sale.

Since you are your own agent, a modest finder's fee of no more than 1% is appropriate if the buyer comes to you via a bona fide referral.

AC, do you feel the same fee should apply whether the buyer comes from a friend or a piano pro?
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BeeLady
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Middle Aged Carp
AlbertaCrude
Jul 9 2006, 05:32 PM
kenny
Jul 9 2006, 12:22 PM
...I see the difference between a commission and a finder fee.
I will be doing all the work of negotiating the details of the deal, flooring the piano, arranging the shipping and tech work, and I'm paying finance charges while the piano is for sale.

Since you are your own agent, a modest finder's fee of no more than 1% is appropriate if the buyer comes to you via a bona fide referral.

This sounds perfectly reasonable. What you are paying for is just a referral or an introduction. If that person also facilitates the paperwork, check cutting, inspection etc, then they could be entitled to more.

If referred by a friend, I am not sure I would offer cash. Perhaps tickets to a spectacular piano concert at the Disney Hall or some such would be a nice way to say thanks?
"My wheel shall sing responsive to my tread,
And I will spin so fine, so strong a thread
Fate shall not cut it, nor Time's forces break"
"Distaff and Spindle: Sonnets by Mary Ashley Townsend" 1895
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kenny
HOLY CARP!!!
BeeLady
Jul 9 2006, 02:10 PM
AlbertaCrude
Jul 9 2006, 05:32 PM
kenny
Jul 9 2006, 12:22 PM
...I see the difference between a commission and a finder fee.
I will be doing all the work of negotiating the details of the deal, flooring the piano, arranging the shipping and tech work, and I'm paying finance charges while the piano is for sale.

Since you are your own agent, a modest finder's fee of no more than 1% is appropriate if the buyer comes to you via a bona fide referral.

This sounds perfectly reasonable. What you are paying for is just a referral or an introduction. If that person also facilitates the paperwork, check cutting, inspection etc, then they could be entitled to more.

If referred by a friend, I am not sure I would offer cash. Perhaps tickets to a spectacular piano concert at the Disney Hall or some such would be a nice way to say thanks?

Really?
I thought EVEYRONE loved cash.

Tell ya what Bee, if you find me a buyer I'll buy you a ticket for the concert of your choice at Disney Hall, including round trip air fare.

BTW I have tickets to these Disney Hall concerts this season:

Emanuel Ax - piano with Yo-Yo Ma on Cello - All-Beethoven Oct 27
Andras Schiff - piano - Oct 29
Han-Na Chang - cello Dec 3
Helene Grimaud - Piano - Jan 10
Hilary Hahn - violin - Jan 21
Alfred Brendel - piano - March 13
Garrick Ohlsson piano - April 27
Chanticleer - A cappella singers - May 3

Your pick Bee, anyone else gets the 1% cash.
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Nobody's Sock
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Fulla-Carp
Garrick Ohlsson has some of the best chops in the business.

He's a big bear of a man who has the sensitivity of an angel.

He would definitely be my choice of those listed.

No offense to Mr.'s Brendel and Schiff, but Ohlsson can play rings around those guys.

"Somewhere, something incredible is waiting to be known."
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Dewey
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HOLY CARP!!!
I suggest a $40K finder's fee, in which case, I'll buy it.

^_^
"By nature, i prefer brevity." - John Calvin, Institutes of the Christian Religion, p. 685.

"Never waste your time trying to explain yourself to people who are committed to misunderstanding you." - Anonymous

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kenny
HOLY CARP!!!
Dewey
Jul 9 2006, 02:39 PM
I suggest a $40K finder's fee, in which case, I'll buy it.

^_^

Hey, wait a minute.

I'm not that is such a good deal for me. :(

I gotta think about your offer a while.
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The 89th Key
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Finder's Fee? :woot:

http://www.cinemafox.com/reviews/F/findersfee.htm
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