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Updated 3 months ago on . Most recent reply
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New to me - How to handle Buyer's agent now?
So I'm listing a house (PersRes) and the listing site I use has a new disclaimer/warning on many of it's pages. This relates to that MLS ruling from earlier this year. The last house I sold was last year before the ruling.
You are not allowed to mention compemsation of a Buyer Agent anywhere in the listing (according to the warnings) and to do so owill result in fines imposed by the MLS. Here is an excerpt:
Important: Compensation offers have been removed from the MLS. Any mention or indication of a commission (or similar) will be an MLS rule violation and subject to a fine of $1,500+ (paid by you). Any concession offer can ONLY be in the concession fields and cannot include an offer to pay agents.
So my question is this: How is this handled by you Pro Agents who list properties? Because typically when I put a house up for sale, I will get a call from an agent that has (allegedly) a buyer, and they ask "are you willing to pay me 3% (or 2.5%)" and i usually work out something that works for both parties.
But I wonder...is the buyer now responsible for paying their agent? That would be nice, but I suspect that I will somehow be involved in it...?
Thoughts?
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@Russell Brazil definitely nailed it. The thing that some sellers are having trouble with is understanding that this is now a variable in the transaction where it use to be somewhat set at the beginning of the transaction. But it leaves room for the savvy listing agent to negotiate more money for the seller. And on the flip side, if I know that I'm going to be the only offer on a house as a buyers agent, I have a pretty solid chance of getting the service fee that I want.