03/22/2024
I know there is a lot of confusion surrounding realtor compensation and sellers no longer being required to pay 6% commission to listing agents and sellers no longer paying buyers agents. TO BE CLEAR: Sellers ALWAYS had a choice. Compensation to realtors has ALWAYS been negotiable.
As a realtor (entrepreneur) I have a price that I charge for my services. I have always explained what’s included in that price. If I bring you a qualified buyer who buys your home I get the full amount negotiated at the signing of the listing agreement. If a buyers agent brings a qualified buyer we will divide the amount negotiated with the buyers agent according to what was agreed upon at the signing of the listing agreement.
If you (seller) DO NOT want to pay a buyers agent you are limiting your pool of buyers. It’s a marketing strategy. If your house is identical to your neighbors and you both are selling your home for the same price but your neighbor is paying the buyers agent and you are not which house do you think is going to sell?
As a business owner I’m paid for my time and my expertise. I’m also reimbursed for equipment & mandatory services used (car, gas, MLS fees and dues, broker fees, E&O insurance, higher car insurance, etc) marketing, (staging, professional photos, email, social media, networking, etc) paying taxes on the compensation, as well as clearing a profit to live and take care of my family.
I also manage the transaction and ensure you and the buyers stay within the legal boundaries of the contract. I make sure the process is as streamlined as possible reducing the stresses of selling your home.
Please believe we earn every penny of our commissions. I’m happy to discuss this further with anyone who has more questions about this lawsuit. Here’s a really good article explaining why cooperation with buyer’s agent is important.
https://www.housingwire.com/articles/buyer-agency-a-crucial-historical-shift-in-real-estate/?fbclid=IwAR1rPCUeGq8huleUCZwGGVtz61gE9Y9-qXDp2eido4FvjDzqJQdkghKfkIM_aem_AaBoooWErqFcF-Yrr6huLNYwssNhwylZ1c2XWhhSlX8lf0MMFcBPplbJ-9kL1ultDD4
From buyer beware to protecting the buyer in the real estate transaction, it's vital to understand the evolution of our industry.