Always Something New to Learn

Hello Members of HAR and Friends of my Blog!

VARIABLE RATE COMMISSION...WHAT DOES IT MEAN?

Almost everyone seems to understand what the term Commission means as it relates to the Real Estate Transaction.  The opposite is true as it relates to a Variable Rate Commission.  I hope this information helps explain what it is and how it relates to you and your Buyers and Sellers.

Section 3.4 of the REALTOR Code of Ethics defines a Variable Rate Commission as follows: A listing in which one amount of commission is payable if the listing broker's firm is the procuring cause of sale and a different amount of commission is payable if the sale results from the efforts of the seller or a cooperating broker.

The National Association of REALTORS Multiple Listing Policy & MRED Rules and Regulations requires listing brokers to disclose a Variable Rate Commission to potential cooperating brokers as soon as is practical.  There is a field in the MRED MLS that must be filled in by the Listing Broker.  Also, once a cooperating broker knows that a Variable Rate Commission has been offered, the cooperating broker must disclose this information to his/her client before the client makes an offer to purchase.  Here's a great reason why... A buyer who makes an offer that's identical to an offer from a buyer who's represented by the listing broker's firm is at a disadvantage, since the commission on the other offer will be lower.  It all comes down to asking the right questions for your buyer. 

ARE YOU MISSING MESSAGES FROM POTENTIAL CLIENTS ON FACEBOOK?

If you don't already know this about your facebook page/account, then today this might be your "AH HA" moment in learning! 

If you are working on your PC (Desktop Computer) try this!  Go to your facebook page and login.  Go to your Messages and you will see your "Recent" Messages.  Now look to the right of "Recent" and you should see "Message Requests".  Click on "Message Requests".  These are messages sent to you by "friends" that are NOT your "friends" on facebook.  You might just find messages here from potential clients... Now you know.  If you are using facebook on your phone: (Instead of it saying "Message Requests" it says "New Message Requests")

Hope this information today is helpful to your real estate career!  Have a great week!

Heather Wiedrich AE, RCE, e-PRO
HomeTown Association of REALTORS