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Buyers
The recent lawsuit with private parties and major real estate companies has shifted how Buyer’s Agent compensation can be communicated between brokerages. What does this mean for Buyers?
The new reality is that Sellers can still pay a Buyer’s Agent; however, they can no longer communicate via the MLS system with what (if any) that compensation may be. This means that a Buyer’s Agent (through their Broker) might be paid a “typical” commission of “X”, or may be offered anything from zero (no compensation) to that “X” amount.
The result of this, in part, is even more work for the Buyer’s Agent to communicate separately with each listing agent to determine/negotiate their compensation. The new court ruling mandates that there be a Buyer’s Representation Agreement in place between Buyer clients and their Agents, with a negotiated amount specified that the Buyer agrees to pay if a commission amount that is agreed upon is not fully available from the Seller. This may add an additional challenge to Buyer’s financial responsibilities.
At this time, Z is only working with a few committed Buyers. Buyer Representation agreements are now mandatory per the court’s ruling. Ithaca Home At Last’s (iHAL’s) policy requires a non-refundable retainer fee, which will be applied toward any agreed upon commissions due. iHAL may reduce the total fee owed through our BUYER REBATE PROGRAM, as part of our Exclusive Buyer Representation Agreement. Details to be discussed at our first meeting.
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