Variable Rate Commission
Hello there, editorial retraction, what I’m like, I was wrong. Never happens
Now it happens all the time, right? Way more than you would typically me. So let’s go ahead and post editorial retraction. It is, in fact, legal to do a variable rate commission. Shana has sent me the exact link. Let’s go ahead and share that of. So here we go.
So what we’re talking about is last week we talked about in a listing appointment, if somebody is wanting to reduce your your your commission, how you can kind of overcome it and maybe you do it in phases. If your home if I can get you X amount over this list price, then this is what we’re going to do. If I get you less, this is what I’m going to take. Right. So you work that into your listing agreement and negotiate that with your seller.
So what what we were talking about, my thought that was illegal. Well. Variable rate commission is what you offer for the cooperating broker. OK, so if you’re offering X amount and you’re getting X amount, if you were willing to take less because you’re going to bring in the buyer to your listing, which is intermediary.
We all know, then you have to disclose that it has to be known to all the brokers that, hey, if I bring in a buyer versus you, then you know, it’s going to be a better deal for the seller. So that’s basically what they want you to disclose. OK, and there is a button in MLS that we check to let everybody know that that’s the case.
So when I was wrong, my thought was, is I was like, oh, we’re talking about something that’s not right. And I felt I was just trying to protect, but we needed it was wrong. It happened like things happen that we didn’t want to give false information. Yeah. And it was said it here, do you want to keep talking?
Would you like to talk longer about it? Yes, I would. All right, fine. No, no, it does happen all the time that I’m just not right.
So it’s not that it’s it’s about disclosing. Right. And you would hope that people would disclose this properly if they ever got audited and somebody want to see their listing agreement, it would come out so. Listen, you only I think it is 70 to pass a brokerage test, so it’s not a big deal, like you missed some questions here and there. I’ve also been licensed in three different states as a broker or for. Oh, I forgot about that. New York. Florida. Yeah. I don’t even know what that was all about. Yeah. So there’s like different rules all over the place. And so anyways, we’ll see my man going after a couple of others.