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Seller's agency explained & Common Questions
The Real Estate Industry is Changing
With the recent verdict in the Sitzer / Burnett Sherman Anti-Trust Trial, we anticipate some pretty big changes as it relates to real estate commissions. For the better part of the last 3 decades, commissions paid to a buyer's agent came through the listing agent via an agreement with the seller. This meant that seller's typically paid all commissions to both the seller's and buyer's agents. This will change in August 2024. Sellers may not wish to offer compensation to a buyer's brokerage in the future. We believe sellers should determine whether they wish to offer compensation to a buyer's agent or not. While no changes to the current compensation structure has occurred, we feel it is important to exercise maximum transparency when it comes to the subject of compensation and to set expectations accordingly.
Should I Offer Compensation To The Buyer's Agent?
Due to the recent real estate commission lawsuits mentioned above, we do not recommend that a Seller make a blanket offer of compensation to buyers agents. Due to possible legal risks, we recommend sellers seek legal counsel.
Can I Offer Funds to the Buyer to Help Pay for Closing Cost or the Buyer's Agent Commission?
Absolutely! The Buyer can then decide how they want to apply the funds to the purchase of the property. This is also referred to as a seller's concession.
Is There a Minimum Amount I Will Need to Offer for to the Buyer for Seller Concessions ?
Not at all. You will NEVER be required to supply a seller's concession to the buyer. It is always negotiable.
What if I cannot or just do not wish to offer a Buyer's Agent Commission?
We are prepared to work with buyer's directly in order to get your property sold. If a Buyer wishes to hire an agent to represent them, compensating them will be the Buyer's responsibility.