Question: What Is the Success Fee?
Answer:
The success fee is a fee payable at the end of a successful listing.
At the seller's discretion, this fee can be paid either:
- By the seller;
- By the buyer; or
- Split evenly between the buyer and seller.
If the seller chooses to pay the fee, this signals to potential buyers that they are a serious seller, committed to their sale and to the marketplace, and removes all friction for bidders. Choosing that the buyer pays the fee, on the other hand, helps to screen out frivolous and time wasting bidders.
Our preferred option is to split the fee between the buyer and the seller, which gives a good balance between the other two options.
The success fee is invoiced to the parties responsible at the successful completion of the listing, and must be paid within 30 days of that date.
One other option is that the seller pays up front a certain amount in lieu of the success fee. This is a useful course of action if you're sure the site will sell and have no worries about paying a bit more upfront to save money later.
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