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Make A Copy Of The MLS Part Of The Contract!

Recently, I had an ugly scenario happen with one of my junior agents. She was dealing with an unscrupulous Broker who decided to change compensation offered to the Selling Broker AFTER the parties had negotiated back and forth and reached a verbal agreement.

That other agent has egg on her face, now!

My agent was held up and so I offered to write the deal for her and submit it for final approval. Something was nagging me, (intuition I suppose, since the agent had given me reason to be suspicious), so I decided to go in and print a copy of the MLS that was dated so that I could write in our compensation. Well...what do you know? She had changed it to 2.5% instead of the 3% that was offered previously.

I called her and called her bluff. I said, "___________, this is Lania from Rocky Mountain Realty and I'm Viviana's Broker. I couldn't help but notice that you have changed the compensation offered to 2.5%..." I just stonewalled, knowing she would not know if I had printed a prior listing copy with the 3% on there. (In Colorado, the board listing shows change in status or price, but not comments or compensation), so she admitted what she had done and innocently asked me, "Would you like me to go ahead and go back in and change that?" I told her I would and she did. I printed a copy and wrote it in under attachments to the contract and this will be our new Company Policy.

Nice try, lady! Just thought you guys might like to use this if your board doesn't show changes in compensation offered as a coop.

Posted by Lania DeMers, Broker Rocky Mountain Realty Co. on 11/26/2007 03:43 PM

Comments (9)

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9 Comments on Make A Copy Of The MLS Part Of The Contract!

NOV

2007

Yikes! Good work!

Lania,

I have a fellow Realtor in my office who ran into the same thing. I always tell new Realtors to print a copy of the MLS listing in order to protect themselves in the process. Sure enough, the listing agent changed the commission to 1/2 of what they had listed it for before the offer was accepted. It's a shame that this happens at all. Thanks for mentiioning it so others will be aware that it's happening.

Good advice and nice catch!

Lania, Great reminder, we normally print the MLS listing more to document included items in the sale than commission rates, but now, thanks to you, we will do for another reason. Thanks!

Good catch, and my board does show changes in compensation, but it can take some diligence to find it and print the history sheet.

wow, I would never have thought of such underhandedness,.. what about ETHICS? fortunately in our contracts it states how much the commission to be paid will be. I have always printed out an MLS listing to be included with each offer... I have heard of things like refrigerators disappearing off the MLS agreement. Good thing you listened to you inner self. It is rarely wrong I've found.

Good Advice to pass on to my non AR Realtors!

Thanks for all the comments, guys! Gail, on the Colorado Contract there is a place to write down your compensation, but it's AFTER the body of the contract and the signatures. More like a witness spot, but not part of the contract, so we have to check carefully because that part is not binding.

Nice catch - like many commentors above, I print out the MLS sheet at the first showing and use that one to make copies from when submitting an offer. I also send it to the lender and title company - just rounds out the file. And what's with 2.5% - ugh! I can see reducing it if the agents had agreed upon it previously - that happens quite frequently her in the nothern part of the state, but to do it without discussion is just rude.

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