Our listing form has been updated to remain in compliance with the new regulations surrounding commissions. When you fill out your listing form, you will see the following option:

• Buyer Concessions/Agent Commissions: We believe it is in your best interest to consider all offers, as they can always be negotiated. Offers with concessions or commissions can still result in a favorable bottom line. Are you open to receiving offers that may include concessions or commissions? Yes/No
• You can select either yes or no. No commission amount will be collected at this or any time. This is because all commissions will be negotiated during the offer process.

If you are offering a specific buyer agent commission or would like to, you still can. But now, instead of seeing your commission in the MLS, agents will have to contact us or you directly to ask how much you are offering.

If you are negotiating your own offers, it’s critical to pay close attention to every word in every document. Agents may add a commission to the contract, and it might not be obvious or easy to spot. 

If you purchased our Platinum, Gold, or Premium listing package, we will continue to handle all commission discussions for you. 

Our listing documents have also been updated in regards to commissions. Here is what we changed:

• If you’ve listed with us before you’ll notice we no longer collect a commission agreement. This is because no mention of commissions is allowed in the MLS, so we no longer need this amount upfront. Instead commission will be negotiated during the offer process just as any other term like appliances, warranties, and possession would be.
• Our listing document will no longer list a commission amount but instead have a Yes or No checkbox that corresponds to your listing form answer. Regardless of what you chose at the time of listing you are always welcome to change your answer.

As a reminder, you do not have to offer a buyer agent commission. It’s a term that should be negotiated during an offer, just like price, appliances, and closing date. 

Thanks to these changes, agents will be forced to show houses based on their buyers’ needs and wants–not the commission being offered. This is a great day for sellers everywhere.

Please feel free to reach out to us at support@ohiomlsflatfee.com if you have any questions about how these changes may affect your current or future listing with us.

By August 17th, 2024 all MLS systems nationwide must remove all Buyer Agent Commission requirements and information. Also, no references to commissions will be allowed in the MLS or any MLS-fed websites like Realtor.com, Zillow, etc. 

The goal is simple: the courts and the Department of Justice are forcing long overdue changes in the industry. Here are some of the new MLS rules taking effect: 

• No MLS can show any commission (% or $) the seller is/is not offering to buyer agents. 
• No comments or documents referring to potential commissions will be allowed in any MLS nationwide.
• Sellers can still offer buyer agent commissions and buyer concessions, but they are not required. 
• All Realtors must explain to all buyers and sellers that Realtor commissions are not “standard” nor “set” by any law, association, or brokerage.

Going forward, all commissions can be negotiated during the offer process, like any other term, which is how we have always felt it should be.

This puts more negotiating power in your hands. Agents are no longer just expecting to get whatever number you offered in the MLS. Instead, if they bring you a less-than-attractive offer you can negotiate a commission you feel is fair in relation to that. If they bring you a dream offer, again you can negotiate a commission you feel is fair in relation to that. If you still want to offer a specific commission regardless of the other terms, you can do that too, and it will be communicated until we reach the offer phase.

Remember: If an agent asks, you may tell them any amount you like. However, our advice is to tell them that you are “open to paying a commission and that the amount will depend entirely on the quality of the offer” they bring you. If they press you, tell them you want to negotiate the commission during the offer–not before. If they keep pushing, let us know, and we will handle it.

If you are negotiating your own offers, it’s critical to pay close attention to every word in every document. Agents may add a commission to the contract, and it might not be obvious or easy to spot. 

Glen has a podcast that you may find extremely helpful when addressing these conversations with Realtors. You can listen to it here or on your favorite podcast app.

If you purchased our Platinum, Gold, or Premium listing package, we will continue to handle all commission discussions for you. 

Please feel free to reach out to us at support@ohiomlsflatfee.com if you have any questions about how these changes may affect your current or future listing with us.

Agents are now responsible for either negotiating their commission with sellers or with their buyer. 

Some agents will work out compensation with their buyer, meaning you will not pay them a commission at closing. Some agents will include their commission, to be paid by you at closing, in the contract. Regardless of how an agent receives their commission we strongly recommend it is addressed in the contract before anything is signed. (For Platinum, Gold, and Premium clients we will take care of this for you).

Any agreed upon commissions will still be paid at closing and should be reflected on the settlement statement. If you don’t see them on the statement or there is an issue, reach out to us or the title company that issued the settlement statement to get it corrected prior to signing closing documents.

Please feel free to reach out to us at support@ohiomlsflatfee.com if you have any questions about how these changes may affect your current or future listing with us.