New MLS Rules:
As of July 15th, Buyer Broker Agreements will be mandatory, and the buyer agent commission will be omitted from the MLS; other than that, nothing changes.
Only the overall Total Commission is negotiated with the seller. We are not required to discuss buyer agent commission with the seller, as that is determined at the sole discretion of the Listing Broker. In other words, Buyer agent compensation is solely determined by you, and it is not necessary to discuss it with the seller. However, we will add a clause to the additional terms to allow for instances of dual agency and compensation of the buyer’s agent by the buyer.
If a Buyer submits an offer noting that they are compensating their agent directly, the seller may favor that offer over others. There is already sufficient language in the LVR Buyer Broker Agreement (BBA), so nothing needs to be added in additional terms on that form. Add the following to the additional terms of a listing agreement
- Listing Agreement Clause for Additional Terms: Compensation to Broker, as stated in Section 5, will be reduced in the event that the selling agent receives compensation directly from the Buyer or if the Listing Agent brings a buyer (dual agency).
Community Events & Networking:
- Spring Jamboree 2024: We will have a booth on 5/4/2024 – 5/5/2024 from 9am to 4pm. Hand out your business cards or other promotional items. Please start planning now! All agents are encouraged to attend, we don’t want an empty booth!
Marketing & Branding:
- Business Cards and Signs: Each agent is supposed to have business card and sign artwork on their agent page at https://trendingrealtygroup.com/user-page/. If you do not see your card and sign, please email your profile picture to membership@trendingrealtygroup.com. Once you have your artwork, you can use Quantum Printing here in BC, or whichever your favorite printer may be.
- Email Marketing: We have a new email domain! @e-realty-flyer.com. If you have a listing, you can have your own email address specific to your listing! Example: 220-lorryn-Ln@e-realty-flyer.com. If someone blocks it or marks it as spam it won’t effect your business email. Create a flyer and blast it out to whoever you’d like!
- FREE Business Email: You also have the option to get your own, your-name@bcnv.us, email address. Email jake@bcnv.us to get started.
Property Listings & Updates:
TRENDING (Active)
TRENDING (SOLD IN MARCH)
BOULDER CITY (SOLD IN FEBRUARY)
Broker Brief:
I think the new rules are good news! It has always been difficult to execute a BBA, and this solves that problem. Remember, you can execute an agreement for any term you’d like, even for one day! Familiarize yourselves with the BBA form and be prepared to start its implementation. The sooner, the better; you need not wait until mid-July.
Jake Marsden
Q&A and Feedback:
Please visit our General Discussion forum at https://trendingrealtygroup.com/groups/trending-agents/