Yes, you heard that right. Real estate commissions are now more negotiable than ever.
Here’s the big change – offers of compensation (commission) are now prohibited on the MLS.
So if I’m selling what do I do?
Offers of compensation to buyer agents are not going away. There will be real estate commissions to the buyer agent in your transaction, it’s just a matter of who pays what.
Buyer agent compensation now has to be listing by listing decided (on any terms you wish) through negotiation and consultation with your real estate professional. Or you can categorically set an amount and disclose it by other means.
Understand, currently any comparable homes you use to set your home price have commissions visible and searchable. From now on commissions are not visible.
Here’s why you want to pay one if you’re a seller.(credit Katie Johnson at the NAR):
1. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers
2. Offers of compensation increase homeownership opportunities for historically underserved groups
3. Offers of compensation benefit sellers by expanding the potential buyer pool
If you’re thinking of selling and need rock-solid confidence that your transaction will be on your terms and the process will be smooth give me a call 978-580-1069.
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