As a result of the recent lawsuit in the national news, NAR (National Association of Realtors) has agreed to a new rule PROHIBITING OFFERS OF COMPENSATION IN THE MLS. As we understand it, interested Buyer’s Agents and / or unrepresented Buyers will simply have to get in touch with the Listing Agents to find out what compensation is being offered.
Things to Keep in Mind if You’re SELLING a House…
It doesn’t mean that you can’t offer a commission to buyers’ agents.
Although you can’t publish how much you’re willing to offer or agree to on your listing, in most cases, it will still benefit sellers to offer and be willing to offer commissions to buyers’ agents in order to get the most exposure for their home, and ultimately the best offers possible.
There’s a good chance that buyer agent commissions will likely still be paid through the proceeds of the sale, as they have been for many years.
If you’re selling to a buyer who doesn’t have an agent representing them, they’ll likely expect you to drop your price accordingly since you’re not paying another agent. In other words, if your house was worth $300,000, and buyers perceive that a buyers’ agent commission would have been 2.8% — even though it rarely was in reality… but that’s what the public and media have often perceived it to be — then the buyer will want a $9,000 reduction on your price below what they already want to negotiate as the fair market value
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