Realtor Retainer Fees

[Jarrett Duncan]

Hey guys,

I own a rental property in Denver but have recently been searching/buying out of state due to the price points and to diversify across different markets.  I recently closed on a 4plex in FL but had a less than stellar experience with my realtor.  I'm now exploring other markets and trying to build up a team, and I've encountered a couple brokers in both AZ and FL who require either a retainer fee or charge by the hour for their services (identifying, evaluating, walkthroughs, etc.).  Both credit this back to you at closing (against their commission), assuming you close on the property.  If you don't eventually close on a property, you forfeit that money.

I'm just curious if anyone else has worked with a realtor/broker under this arrangement and what their thoughts/experiences were?  I obviously understand their reasoning for doing this to safeguard against people wasting their time and that is definitely not my intent.  However, this is different from the typical broker arrangement so just wanted to see if anyone else has had experience with this and how it worked out for them.

Thanks!

Jarrett Duncan