You may be aware of a new rule change from the Northwest Multiple Listing Service regarding “Offering” a Buyer’s Agent Compensation (We no longer use the term Commission). While it’s a confusing topic for both consumers and real estate agents alike, The Cascade Team has put together some Questions and Answers on the topic.
Why was this rule change put into effect?
Do I have to offer a Buyer’s Agent compensation?
Who pays the Buyer’s Agent compensation?
Is compensation negotiable?
What happens if I don’t offer a SOC (Selling Office Compensation)?
Can I “Test” the waters with no SOC and then change my mind a few weeks later?
What happens when a Buyer’s Agent has a Buyers' Agency Agreement?
Can the Buyer’s agent “Ask” for higher compensation?
If the buyer’s agent asks for more but the offer is lower than asking, can I offer a lower compensation?
Many Buyer’s Agents offer “Rebates” to their clients. How does this rule change affect that?
Can a Buyer’s Agent reduce their compensation to make the offer more favorable?