Effective October 1st, the Northwest Multiple Listing Service made some rule changes regarding the selling office commission (SOC). The first rule allows real estate firms and brokers to publish the offer of compensation to the buyer's broker on the firms' and brokers' office websites, and other places you can find the listings online. The second rule removes the requirement that a listing contain an offer of compensation to the buyer's broker. If a listing does not contain an offer of compensation, the revised rule allows the buyer and the buyer's broker the opportunity, as a part of the buyer's offer, to negotiate for compensation for the buyer's broker.
Did you get all that? No worries, Stephanie Spiro and Sloan Hunter take time to explain their thoughts and considerations buyers, sellers, and even real estate agents should take into account moving forward.
The Seattle Times article referenced in the conversation is here: https://www.seattletimes.com/business/real-estate/rule-change-by-agents-could-trim-many-thousands-from-cost-of-buying-a-seattle-area-home/
This is an important conversation that impacts anybody selling or buying real estate in the future. Tap in!
Find Sloan Hunter online:
Instagram: @sloanhunter
Find Stephanie Spiro online:
Instagram: @stephaniespiroabode
Website: www.stephaniespiro.com
Want to hear more? Subscribe to the insideABODE podcast available on all podcast streaming platforms.
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