Post NAR Ruling: Display Buyer Commissions on Your Website
Following the groundbreaking Burnett court ruling against major brokerages and the National Association of REALTORS® (NAR), the buyer agent compensation landscape in real estate has undergone a seismic shift. Gone are the days of being able to display buyer commissions on MLS listings, replaced instead by a need for transparency amidst uncertainty.
We recognize the challenges real estate professionals face after these developments. We understand the frustration of constantly fielding questions about buyer agent compensation and empathize with the concerns brought forth by the case conclusion. Now more than ever, we're committed to staying ahead of the curve and empowering real estate professionals to thrive in this new normal.
Buyer Commission Tool on Renaissance
We're developing a beta feature on the Renaissance platform that enables team leaders and brokerages to label and display their buyer commissions on their website. With this potential tool, they can set an estimated buyer agent compensation by dollar amount or percentage, and showcase that on their chosen listings. Please note that this feature is still being tested and still needs MLS' approval.
The intention is for the buyer commission label and language to be customizable based on your preference or your state/ board requirements. Different terms can be set for each listing, whether a percentage of the purchase price or even no compensation. On the front end, the compensation offered will be showcased to registered agents or home sellers, promoting transparency.
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Example of how to add buyer compensation on the backend.
We decided to delve into this potentially game-changing feature because of Gary Ashton, CEO and Owner of the Ashton Real Estate Group and a dear friend of our CEO, Morgan Carey. His feedback and insights into the needs of the brokerage community allowed us to better understand how we can best support clients, especially in these turbulent times. Get the opportunity to meet Gary, Morgan, and other industry experts who will speak at REW Summit in Nashville on June 20- 21. Don't miss Gary's session on Day 1, June 20, at 2:30 p.m.
In addition to these insightful presentations, we'll host an R&D Roadmap session, discussing possible future releases. Secure your spot at the REW Summit 2024 and become part of driving change in the industry.
A meeting between Gary Ashton and our CEO, Morgan Carey, both speakers at REW Summit 2024.
Benefits of Displaying Buyer Commissions
Displaying buyer commissions offers a range of benefits for real estate professionals:
- Transparency and Appreciation: By showcasing buyer compensation, you demonstrate your commitment to transparency and supporting clients to facilitate successful transactions.
- Time-Saving: With buyer commissions displayed upfront, it eliminates the need for agents to call each listing regarding the offered commission. This streamlines communication and saves valuable time, leading to smoother processes.
- Increased Visibility: Displaying buyer commissions can attract more agents to view and share your listings. As a result, you gain more exposure, leading to increased interest from potential buyers.
Showcasing buyer compensation for a specific listing.
Promoting Transparency in Real Estate
Promoting transparency, particularly concerning buyer commissions, is essential for building trust and credibility. By openly disclosing this important information, real estate professionals can demonstrate their commitment to fairness and honesty in transactions. This transparency not only ensures that all stakeholders are fully informed but also helps streamline communication and mitigate misunderstandings. Ultimately, prioritizing transparency strengthens relationships and encourages better deals for all parties involved.
Preview of buyer commission on the website's front end.
Conclusion
The aftermath of the Sitzer-Burnett lawsuit rocked the real estate industry, and it highlighted the importance of being adaptable and proactive. By continuously innovating, we're not just keeping up with the times—we're setting the standard for success.
Buyer Commissions Tool FAQ
What is the Buyer Commission Tool?
It's a potentially new website feature allowing the display of buyer agent compensation by dollar amount or percentage for each listing.
How can the Buyer Commission Tool benefit real estate professionals?
It promotes transparency, saves time by streamlining communication, ensures compliance with regulations, and boosts listing visibility.
Why is promoting transparency important in real estate?
Transparency fosters trust, fairness, and smoother transactions by ensuring all parties are fully informed.