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Seller Experience

Selling Real Estate has changed

There are new rules and guidelines from the National Association of Realtors that have changed the way buyers can shop for real estate.

  • Buyers must enter into a Written Agreement before touring homes.
  • Buyer broker compensation can no longer be guaranteed to be paid by the listing broker through the MLS.

Chip Collins, Broker-in-Charge, explains in detail in this short video…

COMPENSATION is the payment given in exchange for work.
A CONCESSION is an incentive offered by a seller to a buyer to help offset the costs of purchasing something.

In’s and Out’s of Compensation

Given that agent compensation is not fixed, and is not guaranteed to be offered in association with a seller’s listing, it’s critical to have a dynamic and detailed Compensation Strategy discussion with your listing agent. 

Here are some of the aspects of that discussion:

  • Buyers and Buyer Agents establish what a Buyer Agent will get paid in the transaction before viewing properties
  • Buyer Agents will inquire upfront with Listing Agents what/if any compensation is being offered to the Buyer Agent
  • Some Buyers may have limited funds/cash to compensate their Buyer Agent in full or in part
  • Some Sellers feel that paying the Buyer Agent is the Buyer’s responsibility
  • Some Sellers feel that they should compensate the Buyer Agent for producing the buyer for their home

The decision on whether to offer Compensation and the amount of such compensation is yours. Find a trusted Real Estate Specialist to provide you with all the information and strategies to make an informed decision that aligns with your goals for selling your home.

Benefits of Concessions/Credits

A Concession, sometimes referred to as a credit, is an amount that you, as the seller, agree to credit the buyer at the transaction’s closing. The buyer can use this credit to cover part of their closing costs or other expenses associated with purchasing the property.

  1. Attractiveness to Buyers: It makes your property appealing to buyers considering the overall costs associated with purchasing a home.
  2. Quicker Sale: By appealing to the buyer’s financial considerations you are removing potential hurdles during the negotiation and closing process.
  3. Beat Competition: Stand out in competitive markets by addressing buyer needs upfront.
  4. Larger Buyer Pool: By offering concessions, you’re directly addressing some of the biggest obstacles buyers face: upfront costs. This can help attract a larger pool of buyers.

The decision on whether to offer a Concession and the amount of such a concession is yours.

Find a trusted Real Estate Specialist to provide you with all the information and strategies to make an informed decision that aligns with your goals for selling your home.

Why Choose Collins Group Realty

That’s a great question! With the support of professional staff members and a cooperative team setting, our real estate specialists are empowered to focus on their clients, ensuring they are more readily available and responsive. Learn more about what to expect when you choose Collins Group Realty.

But don’t take our word for it, here are our most recent Google Reviews!

Additional Resources

Home Sellers: Here’s What the NAR Settlement Means for You

Realtors’® Duty To Put Client Interests Above Their Own

Options of Buyer Agent Compensation Infographic

South Carolina Disclosure of Real Estate Brokerage Relationships