SHOULD I OFFER TO PAY COOPERATING BROKERS TO SELL MY HOME?
The recent settlement between the National Association of Realtors (NAR) and the Department of Justice (DOJ) has brought some changes to the real estate industry, particularly regarding the payment of cooperating brokers. While this settlement may have sellers questioning the practice of paying cooperating brokers, there are several reasons why sellers should consider the benefits of doing so, and the benefits of listing your property in the MLS.
First and foremost, paying cooperating brokers ensures a wider pool of potential buyers for a property. By offering a competitive commission to buyer's agents, sellers can attract more agents to show their listings to their clients. This increased exposure can lead to a quicker sale and potentially a higher sales price.
Additionally, cooperating brokers play a crucial role in facilitating the transaction process. They help coordinate showings, negotiate offers, and navigate the complexities of the real estate transaction. By compensating cooperating brokers, sellers can ensure a smooth and efficient sale process.
Furthermore, listing your property in the MLS can help you reach a world-wide audience of buyers who are actively searching for homes in your area. It is imperative that your property is exposed to the highest number of buyers and not withheld from the MLS so that an agent can “double dip” the commission.
In conclusion, sellers should continue to pay cooperating brokers after the NAR settlement to maximize exposure, facilitate the transaction process, and adhere to industry standards. By compensating cooperating brokers, and listing your home promptly in the MLS, sellers can ensure a successful and seamless real estate transaction. And remember, commissions have always been, and continue to be, negotiable.
If you are considering a home sale, contact me and let me answer any questions you might have. I continue to stay informed on what the NAR settlement means to our business and our customers. As always, your interests will be my first and only priority.