Buyer commissions tool for brokerage websites - display custom compensation on your listings - Post NAR Ruling

Don’t want to constantly answer questions about what buyer agent compensation is offered (if any) on your listings? NAR Settlement got you down?

This tool from real estate webmasters should help!

How it works (it’s super simple!)

First: Give it a label (You can custom name the field). (What do you call your compensation offer, or what does your state or board require you to call it?) - You can name it that.

Then go grab one of “your” listings available on “your” website (has nothing to do with the MLS or what is coming in from an IDX feed). On each listing you can set the terms offered. (And it can be different for every listing). For example you might offer 50% of the listing commission, or you might offer 3% of purchase price, or it might be a scenario where there is no comp offered).

Whatever it is, you can add it to your listing and it’s done!

On the front End

Whatever you named the label, and whatever compensation is offered (again this is only offered on YOUR listings) is presented to registered agents or home sellers.

Like so!

How does this help you?

By providing transparency into your co-operating compensation you can show both sellers and buyers that you value the role (and hard work) of buyers agents and that you are doing everything you can to get your sellers listings sold.

It also means you don’t ever have to field calls one at a time on what (if any) buyer commission is offered by the seller (or by you as a portion of your commissions). So it will save you time, and be appreciated by the buyer agents as well.

Compliance is assured: Because you can custom add whatever label and language you want in the field as long as you check with your local board - you can make sure your labels and offers are in compliance and do not violate any state or federal laws (note it’s important to educate yourself on these issues)

More eyeballs on your listings - if you become known for being buyer agent friendly (and other brokerages are not) you will naturally attract more agents to view your listings (and more often). Buyers agents will be signing up for a saved search for “just your listings” talk about extra marketing benefit!

Special thanks to @Garyashton of www.nashvillerealestate.com for providing me feedback on the tool and insights into the needs of the brokerage community.

As for timing, we’ll add this to our R & D roadmap and it should be available by July in time for the NAR settlement should it become ratified. @Rebecca @Aayaam

3 Likes

Excellent idea. My only concern is how would any agent know to look on my site for that info unless I sent them a link to it or returned their call/text? Since I often don’t do business with the same agents for years, agents won’t know where to look. So that would still be a lot of agent inquiries I’d potentially have to respond to. Also, I doubt it will be permitted to include a link in the broker-to-broker comments of listings instructing agents where to look for this info…after all, what would be the difference between doing that and advertising an offer of compensation on the MLS… Still, publishing the info on our site would go a long way towards communicating what compensation is being offered, if any.

1 Like

@jolenta One word: #Marketing :slight_smile:

1 Like

Being less cheeky about it though - (and this is especially true on larger brokerages) word gets around quite quickly with things like this, but since you have all agents email addresses, (and likely phone numbers etc) you could re-target them on FB, Youtube etc and make a campaign out of it.

I’d make it consumer-facing and speak to the consumers (A message on transparency in real estate) but of course agents would see it too.

Until we release that, would it be something that could be added via the enhanced listings within comment area, like where you can add to the public remarks? or is that not the right place for it?

Couldn’t we also list in the Agent Remarks on the MLS to take a look at the listing on our website and even provide a link? But Marketing as well.

I am not sure you’re allowed to do that (they specifically prohibit using MLS to circumvent the rule about displaying compensation and this is clearly a workaround)

I think agents need to give up on the concept of using the MLS as a broadcasting tool for compensation - we need to make “go to my website to get details” the defacto standard, it will take time but those that offer features like this first should attract agents first.