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
