A: For as long as most can remember, seller’s paid a commission to the listing agent, and that agent would then split the commission with the buyer’s agent, also known as the “selling agent.” With the decision that came down as a result of this lawsuit, commissions can no longer be posted on an MLS sheet for the buyer’s agent to view. That agent must now reach out to the listing agent to see if a commission to the buyer’s agent is going to be paid from the seller’s agent’s total commission, or from the seller him or herself. Any buyer wanting to view a home, must now sign a brokerage relationship disclosure by law with a buyer’s agent, or agent working in that capacity, prior to showing any property. That document will outline the commission the buyer’s agent is to receive and the length of time that representation is to last. In a rare case, if a seller decides he or she wants the buyer to pay his or her agent’s commission, then that brokerage relationship disclosure the buyer signed will come into play with the buyer having the responsibility to pay the commission.
I’ve often used the analogy of buying a car. You either get the discount off your trade-in or off the sticker price, but not both. Essentially you have two different paths to arrive at the same number and this is no different. Virtually all the sellers we know are looking to keep the terms as they have been, as a seller’s expense. The thought is it will increase the size of the number of agents who want to show their property. However, as we’ve shared with our sellers, should they decide they want the buyer to pay the commission, just like every other consideration the buyer is taking into account when making an offer on a property, that commission will now be factored in as well. The result could be an offer that is significantly lower than the commission percentage the buyer will now have to factor in. In short, while there is an extra step that may be involved for a buyer’s agent, we are seeing things pretty much remaining the same.
Then came Labor Day, and once again, we somehow interpreted this day that originated as an observance of the labor unions contributions to the U.S. economy, as almost a weekend of rest and one final celebration before heading back to the drudgery of another school year. If you were like me, I bet you couldn’t wait for Halloween to arrive, and whoever would have thought we could have turned a day of observance for the deceased, martyrs, and saints into a night of ghoulish activities, costumes, and shopping bags full of candy! November brought Thanksgiving, which not only was the beginning of the holiday season but seemed to make us a bit more appreciative of the things for which to be grateful. There was a desire to savor the day in the company of family and friends, and it was perhaps one of the few holidays that genuinely made us reflect on the significance of that day. Then came Christmas for those of the Christian faith, and like most kids, it was a day we looked forward to since the end of summer. While it was supposed to signify the birth of Jesus Christ and God’s plan to bring salvation to the world, somehow, our focus was more about the gifts we showered on each other, and the Christ child in a manger got hidden behind that new bicycle and the mountain of toys.
I bet you think I forgot about April, didn’t you? For many, it represents the month that “God giveth and the taxman taketh away.” Perhaps Easter is God’s way of helping us endure that pain; however, Easter represents much more to me. The beginning of spring was starting to bloom. The air seemed fresher, and everything seemed to come back to life. As a child, my early recollections were of an Easter Bunny delivering a brightly colored basket full of jelly beans, a chocolate cross and rabbit, and a stuffed baby duckling, all nestled on a bed of colored cellophane grass. But, of course, no Easter would be complete without the dying of eggs and the Easter egg hunt that soon followed. As I got older, I thought, what sense did all of this make. Easter is supposed to be a celebration of the risen Christ and the hope of many for eternal life, and somehow we have a rabbit delivering colored eggs and candy. Did someone tell the rabbit he walked onto the wrong movie set?
While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.