Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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7. Explaining Commission Payments to Sellers:
- Articles 2 and 12 of NAR’s Code of Ethics Apply equally to brokers working with sellers.
- Responsibilities: Listing brokers should explain the benefits and costs of various marketing strategies, including buyer costs, but must refrain from suggesting steering based on broker compensation.
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8. Provisions Required in Written Buyer Agreements:
- Required Inclusions:
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- Disclosure of the compensation amount or rate the broker will receive or how it will be determined.
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- A clear, objective statement of the compensation amount, not open-ended.
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- A term prohibiting the broker from receiving compensation exceeding the agreed amount with the buyer.
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- A conspicuous statement that broker fees and commissions are negotiable and not set by law.
9. Enforcement of Written Agreements:
- Responsibility: MLSs will be responsible for enforcing the rule regarding written agreements, as they do with other existing rules.
10. Definition of Touring a Home:
- Requirement: Written buyer agreements are required before a buyer tours a home.
- Definition of Touring: Touring includes any entry into the home by the buyer or the MLS Participant (or agent), including live virtual tours.
- Home Definition: A residential property consisting of 1-4 dwelling units.
Use the EXP 1 time Touring Agreement form.
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11. Open Houses and Unrepresented Buyers:
- No Written Agreement Needed: If an MLS Participant hosts an open house or provides access to a property on behalf of the seller to an unrepresented buyer, no written agreement with the buyer is required since the participant is working only for the seller.
- Stop preventing buyers from entering your open houses without an agreement!
As you can see, it’s more important than ever for you to stay educated, motivated, and in action. Understanding and complying with the new commission-sharing policies will not only ensure that you operate within legal and ethical boundaries but will also help you maintain the trust and confidence of your clients.
Let us continue to help you upgrade your best practices and not just survive these changes but thrive in the new, more professional environment!
Ethical Real Estate Professional
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