September 13th, 2024 12:00 PM by Linda Holley
The NAR lawsuit has brought about changes in real estate practices that were effective last month. Here's what I tell Sellers:
I ask for a 6% commission to sell your home. This assures that you get the highest level of service from agents working with Buyers and allows me to effectively market your property. I always recommend this as the most effective way to sell a property.
Often, I will find a Buyer for your home and there are times when a cooperating broker--an agent from a different company--locates a Buyer. In this case, I will share 3% (cooperative compensation) with the Buyer's agent.
You also have a choice not to share the commission or not to offer a commission that would compensate a cooperating broker. This will require that the Buyer compensate their agent directly--or the Buyer may still ask you for a "lump sum concession" during the negotiation process to cover this cost. It's also the Buyer's right to ask me to show them only the properties that offer cooperative compensation, so you need to consider what is the most strategic.
I always recommend that my sellers offer cooperating broker's compensation. At the end of the day, if you offer the buy side the 3%, it can translate to a smoother transaction.
In conclusion, if Sellers want the highest level of service from Buyer's agents--and in order for me to effectively market your property, I ask for a 6% commission.
Please see below link for the William Raveis Seller's Guide.
Thank you for reading my blog and please call me if you have questions about real estate in Sarasota or Venice, Florida.
Linda Holley, Realtor, GRI, SRES, CIPS, 941-914-4914 William Raveis Real Estate, 6021 Midnight Pass Road, Sarasota, FL 34242
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