hey folks my name is chris at hauseit
based here in miami florida today we're going to talk about a interesting topic
a lot of our sellers who are using the agent assisted fsbo do-it-yourself
listing plan have questions on and that is
can i offer zero percent commission in the mls well let's talk about this and the
question will be easily as applicable as for sellers who want to offer
lower commission and not necessarily zero you know we've heard requests for
hey can i offer less than two percent can i offer you know one percent can i
offer 500 or you know zero in the mls through our service
and the answer is is no first of all you cannot offer
zero or nothing in the mls because most mls rules prohibit that i
mean most ml less most mls associations require you
by default to offer some amount of compensation to cooperating brokers
basically buyers brokers well if you don't offer anything there's
no point of listing your property in the mls in the first place because to take a
step back the whole point of having an mls for using the mls is to
contractually offer commission to buyers agents so they won't be afraid to show
their clients your listing because when they you know
show your listing they don't need to sign a separate
commission contract with you they automatically know they will get paid
because every mls member is contractually bound when they join the
mls to co-broke what they say they will call brook meaning split you know
actually pay the commission they offer in the mls to cooperating brokers so
it's automatically contractual that's why it's so effective it works
so yes if you if you use the mls if you list your property in the mls
you know either you're an agent yourself or you list it through through a
broker for example through our service or our house agent assisted fsbo service
you know you need to comply with mls rules and offer
some form of commission to buyer's agents now
what that is can vary based on the specific mls for example with some mls's
the the one key mls at least in prior days um you know doesn't specify an
exact amount but you know it needs to be some amount of commission to buyers
agents the remnany rls in new york city you know specifies that the
commission that you offer first of all has to be something you know it has to
be at least fifty percent or greater in favor of the buyer's agent so if it's
six percent it needs to be at least three percent to the buyer's agents if
you can't favor yourself as the listing agent more
so again it varies based on the the mls but generally speaking no you cannot
just put zero and hopefully it makes sense why
if you wanted to put zero then why would you bother
doing a flat-fee mls or asian-assisted fsbo in the first place you would just
put a yard sale sign out equivalent and say i'm selling it you know by myself
for sale by owner the traditional method there's no need to go through the mls in
the first place and in other videos we'll talk about why
that is incredibly ineffective and why you need full exposure by going through
an agent assisted fsbo by getting it on the mls so all buyer's agents can show
it to their clients and such and then you know the the secondary
question to this is you know what if it's offering not necessarily zero but
you want to offer something below market rate like you want to offer one percent
when the standard for the area is three percent or two and a half percent or
more um well we don't recommend that either
because you know say that it's standard for
example in manhattan even here in south florida two and a half percent
three percent is fairly common you want to offer less you want to offer
one percent well it kind of goes along the same
logic i mean why would you bother doing that because if you you know if you're
listing your property on the mls to get the attention of buyer's agents and you
offer something that's substantially less
you know they can see it in the mls and they're going to generally avoid that
listing because they can get paid a you know two three times more you know three
percent for example on any other listing why would they show their client
something that's only offering one percent it's like shooting themselves in
the foot you know they see the commission it's fairly obvious these are
you know economical actors working on commissions so it does matter to people
which is why we always say you should actually offer something market route if
you're going this route you know offer two and a half percent three percent if
that's the market norm so you can see at least all of the action and you know if
there's a difference between two offers you have ones represented one's not you
know you can always counter higher to the represented one if it makes that
much of a difference to you to make up for the commission that
you'll have to pay and lastly you know keep in mind if
you're offering something non-market rate you know one percent or even in new
york city you know we've had agents from you know very large firms there to in
writing tell us when we've seen it before done it before hey
you know my firm does not allow us to show properties at in this price
range for only two percent so you know in the past we have gotten complaints
before for for example in the new york city market you know for less than two
and a half two and a half percent so for two percent you might get complaints
which is why we really recommend for sellers to to offer something market
rate that's typically two and a half percent or three percent and this is not
you know something that we dictate you know it can vary based on the market
norms for example in you know eastern queens or southern southern brooklyn you
know the the norms can vary it could be two percent might be acceptable so we do
recommend you offer something that is in line with market norms so you don't
shoot yourself in the foot because you will regret it later if you offer
something that's you know kind of viewed as a joke early on that's below you know
say you offer two percent and you have people complaining not showing it and
later on you realize you you really want the cooperation of of all the buyer's
agents and you raise it to two and a half percent well guess what you know
the listing's already been out there for a while there's not an easy
easy way to to alert people that you've changed the commission
you know and you have to keep track of of
you know like who saw it before and not and it's just that it's
it kills a lot of your momentum especially since most of the the sort of
the viewings and showing requests come early on in the process so we recommend
doing it right from the start offer something market rate if you just simply
don't want to work with buyer's agents again which is a very very
non-strategic move and we'll explain why that doesn't work then you shouldn't
bother with trying to get it in the mls in the first place
anyway my name is chris at hauseit one of the
co-founders here i hope you found this helpful please leave a comment below if
you have any questions we'll get back to you
and of course if you're looking to save on commission we can help you save all
six percent with an agent-assisted fsbo listing or if you want something more
hands-on we have a full service for one percent listing option where one of our
agents takes care of everything for you from beginning to finish and if
you're looking to buy something our agents can help you save two percent or
more by giving you two-thirds of the buyer agent commission
at closing and that can be you know quite substantial because oftentimes
you know developers will offer more than the typical three percent to buyers
agents they might offer five six seven percent as an incentive to buyers agents
and two-thirds of that can cover your closing costs and more
we cover all of new york city long island and the hudson valley we're based
here in miami these days we cover miami-dade county broward palm beach st
lucie and martin counties my name is chris and i'll see you on the next one
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