I saw a listing in the MLS that offered compensation for cooperating brokers of that MLS. The listing broker wrote in the agent remarks that the compensation offered would be reduced if the contract closed after a certain date. Does this violate MLS rules?
Yes. MLS policy and rules require that a listing broker specify on each listing what compensation is offered to other MLS participants for their services in the sale of that listing. Such offers must be unconditional except that entitlement to compensation is determined by the cooperating broker’s performance as the procuring cause of the sale. The offer you described appears to be conditional and therefore prohibited by the MLS policy and rules.
Please note that this does not prevent the listing broker from offering compensation other than the compensation indicated in the MLS, provided the listing broker informs the other broker in writing in advance of submitting an offer to purchase.
I am not in favor of your new format for this blog site. It used to be set up where every agent who wanted to read the question could also read the responses from other brokers & agents on the same page. ~This served as an educational tool. But now, all they do is read the question, and then, if they don’t click on “Comment on this topic”, they will never get the benefit from reading other people’s remarks about their experiences and other broker’s opinions. Most people are lazy, and that includes agents. So they will not always click… Read more »
I concur with Rick
I concur. Even thought some of the replies could not be deemed useful, many were and we need all the information to handle today’s consumer needs as we can get! PLEASE revert back to the old system were we all could see every reply!
I very much agree with Rick… i need to immediately see other comment’s.. i dont have time to keep clicking
All: The new format is the result of problems with our website (hwanfei.com). This blog is temporarily hosted here at wordpress.com until our site can be redesigned/repaired. I will attempt to tweak the layout in response to your comments. –Ward Lowe, TAR associate director of communications
Thanks, Ward. We look forward to our dues working to fix the TAR website. ~How long does it take…? When it comes to “educating” all the agents out there in the field, you almost have to cram it down their throats. There are still many people doing things improperly, and not all of them are “new” agents. So the easier you can make if for agents & brokers to see and read All the comments that are posted, the more likely we are to affect some real education in our industry. Although her license number was “new”, I had one… Read more »
Well Rick, I think the question that REALTOR should ask herself is “would I show a house for another agent for $25.00. S they can write an offer”. I’ve had buyers call me and want to see one of my listing and decided they want an offer written on it right then. I wrote the offer, got it accepted and sent their agent, who at that time was out of town, their full share of the REALTOR fees, as stated in the MLS. If we all worked together like that life as a REALTOR would be so much better. At… Read more »
Thank you, Ward. It is very evident more education in all areas is needed and the website was a great help to us who are willing to bring our craft to a higher place!
Regarding the part “Please note that this does not prevent the listing broker from offering compensation other than the compensation indicated in the MLS, provided the listing broker informs the other broker in writing in advance of submitting an offer to I’m wondering if I have a full understanding of the articles intent. Can you amplify that paragraph?
Would that mean, perhaps, on a flyer or social media post?