Realty Resource Radio

WHAT'S ALL THE BUZZ ABOUT REALTORS AND COMMISSIONS YOU ASK?

I have been getting asked a lot in the past few days about this issue with Realtors and commissions, what's going on, etc? I wanted to put out there to my friends & clients what I do know so far. What you read or have heard may or may not be true. I just got done in a national meeting with Anywhere Real Estate which Coldwell Banker Realty is under. This is who I work for.

This lawsuit was aimed at agents who were not fully disclosing commissions and some were not showing property if the commission was lower.

So what do we know so far:

1). All the implications HAVE NOT been determined yet, it won't be until later this year that we know. Some news outlets have had to update their reports. Not everything you read is true. I will be informed throughout the process by my company and able to help my clients rest assured.

2). Offers of compensation will still exist, it just can't be in the MLS from Sellers now. We will have to put it somewhere else to know if a seller is offering compensation to Realtors or not. If not, I would imagine the Buyers Agent and Buyer will need to decide if the Buyer is paying compensation for their Realtors representation. That is just my assumption/opinion as I am not 100 percent sure yet how this will affect the buyers and Realtors.

3). Buyers WILL HAVE TO sign a Buyers Agency agreement now when working with a Realtor. I have not always personally done this as 90% of the time I work with past clients and referrals, therefore I haven't felt the need but do not think this is a bad idea at all as it will spell everything out to everyone and ensure that we are compensated.

What I want my FB family to know is that I have never let commissions drive my business. I have always put my client's needs first. Anyone who has listed with me and when I've discounted my commission knows that I take the hit. I've never made the buyers' agent take less. Example: If it's a 5% listing, I would take 2% and the buyers' agent would still get 3%. I have literally lost commission after showing countless homes to a buyer and then they went to a For Sale By Owner who didn't want to compensate me. I wanted what was best for my client at the end of the day.

I consider myself a trusted advisor with one of the most important, if not THE MOST important, financial decisions of your life, and that WILL NOT change!! I have been in Real Estate since 1996. I've been at this rodeo for a long long time and will continue to offer the best services I possibly can. Experience does matter!!

Feel free to reach out to me with any questions and I will be posting any updates as they come along and I know information.