Quote from @Brie Schmidt:
@Jonathan Klemm - You have to understand that what @Henry Lazerow and I do is very different than the retail side of things. Sure if you are buying a condo downtown you can probably get away with using a discount broker. But 2-4 units is Chicago is extremely complex with 100+ year old buildings, Chicago zoning, department of buildings with violations and inspections, plus the RLTO. Our business requires a much more in depth knowledge base to advise investors.
The new contracts are not release yet but here is how it is going to work:
* Buyer's are required to sign a agreement with their agent that sets a commission amount
* Seller's will sign a listing agreement only for the listing agent's commission
* Offers to purchase will include a buyer's agent commission amount
* Offers will be presented as net to the seller
* Buyer's may have to cover the difference between their contract commission amount with their agent and what the seller is willing to pay.
One important thing to note is when we run comps on the MLS both commissions were always included, so that needs to be adjusted if a seller is not willing to pay a commission. They won't be able to sell their home for the same amount as their neighbor with the exact same house if their neighbor paid 2.5% and they are paying 0%
sadly sellers won’t think like you - many see the gross sales amount. And many agents are not educated enough to explain the difference to them in a positive way.
Plus, at least in Texas (as I write this), the new listing agreement has an option for sellers to still offer BAC.
The main point from this law suit is the BAC will not be shown in the MLS. Which will require additional hours of work on behalf of Buyer's Agents to find out what is included and what is not. I pray that Realtors across the board get better at communicating with faster reply times (and or actually pick up the phone when it's ringing). End of rant LOL
As always just my opinion and not written by Ai.
