A couple of weeks ago in our company morning meeting, my Broker and another agent shared with us an issue this agent is having regarding her Cooperating Compensation.
The bottom of our MLS sheet states Information Deemed Reliable, But Not Guaranteed. The MLS sheets all state the CC amount. The closing happened. Until the other agent's Broker had seen the closing file, all was fine because the two agents had come to a commission agreement. They even talked about it verbally, not just an acceptance per MLS data. All of a sudden, the commission becomes a debatable issue and now it seems our agent will have to give up some of her commission.
Wow, you say? Me too. My Broker also. She got a response from a person at our Board. The person stated that our MLS CC is just an offer to pay. That it is negotiable. That just because it is on the MLS sheet doesn't obligate the listing company to that exact amount. They said that we should get a commission agreement in writing and signed by both agents while dealing with the offer.
I was shocked!! To me, this is not what is best for the buyers/sellers. I hate to think that it become regular practice to negotiate commission during and/or before any transaction. If it does become a common practice, when do we as agents do this negotiation? Before we submit an offer? After the acceptance?
I hear this is becoming a common debate around here. If this is happening in your area, what are you doing?
Your Thoughts please!!!!!
Comments(2)