I am a Massachusetts real estate attorney with over 40years of experience in the field of titles and conveyancing. If I don’t know how to do a residential real estate transaction by now, it it pretty obvious that I will never know. I am not saying I know every nuance of every kind of a transaction: I am saying my years of experience  have pretty much shown me what to expect in terms of time and expertise in any matter I am asked to get involved in.

That being said, I now take the position, in all residential real estate transactions, of providing my client with the option of a fixed fee for representation. I take a look at the scope of the deal, determine what amount of time I reasonably would expect to spend on the matter, and tell the client what the fixed fee will be. I ask for one-half of the fee as a retainer; the remainder of the fee can be paid at the closing table, by the Buyer or the Seller.

Once the fixed fee is agreed upon, there are no more discussions about billing. I keep my end of the bargain, in all instances. Sometimes (not often) I overestimate the time I need to spend on the matter, and the fixed fee presents a small windfall for me. It is more often the case, however, that I spend more time on the matter than anticipated. That has not proved to be a major matter of concern, and I  never,ever to mention that fact to my client. From my point of view, it is business risk I have assumed, and it generally has nothing to do with the client.

The results of this fixed fee approachhave been gratifying. I have clients who communicate, who ask questions. They do not call all the time. A few are somewhat pesty. You have the same problems as realtors or mortgage originators. The best effect,for me, is that my clients are unafraid to contact me. They are not worried about that Boogeyman, the time meter. They know that they have an all-inclusive fee, and they have to right to understand what they are signing and committing to.

I do fully 85% of my business through referrals. Satisfied clients tell their friends and family that I was easy to work with. They will use me to prepare their estate plans, or set up an LLC or corporation for them. They have learned to trust me. I have become convinced that my fixed fee approach to residential transactions has been a great part of the reason i have been able to expand my practice.