PART TWO:
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6. You DO have to be transparent and very specific about the compensation part of your agreement!
As per the proposed settlement, any compensation received by an agent or broker must be clearly specified in the written agreement with the buyer.
The agreement must outline the exact amount or rate of compensation to be received or provide a method for determining this amount. However, the compensation must be “objectively ascertainable” and cannot be left open-ended.
For instance, stating “buyer broker compensation shall be whatever amount the seller is offering to the buyer” is not permissible under the settlement terms. (Don’t be lazy and try to use this as a catch-all phrase). It won’t fly.
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Furthermore, the settlement stipulates that the compensation received by an agent or broker for brokerage services cannot exceed the agreed-upon amount or rate outlined in the buyer agreement. This means that if your agreement specifies that you’re charging $1500 flat fee, but the listing your buyer wants has a 3% buyer commission included, you still make just the $1500.
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It’s important to note that brokerages are not restricted to having only one agreement with a buyer.
The Frequently Asked Questions (FAQ) section clarifies that NAR policy does not dictate the components of a contract. The FAQ emphasizes that compensation remains negotiable and should be discussed and agreed upon between MLS participants and the buyers they represent.
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6. How long do agents have to make these changes?
-Until August 17th
7. Who will be enforcing the changes?
-Individual MLSs are responsible for enforcing these rules.
8. What about buyer clients and seller clients and our existing agreements through the transition?
-Local MLSs will require either new contracts or amendments by August 17th. Pay attention to what’s being required and make sure you’re compliant.
8. What should you do NOW in anticipation of these requirements?
-Join Premier Coaching so you can have (and use) a BUYER PRESENTATION which results in a signed agreement with your buyer clients.
-Be able to articulate your value with confidence, showing specific unique selling propositions and offer much more than a buyer can find on their own using online resources.
-Remember that knowledge = confidence and ignorance = fear, so stay informed, stay motivated, and get into action!
