NWMLS has revised several rules and forms related to selling office commissions ("SOC"). The rules and forms revisions discussed below are effective October 1, 2019.
1. Rule Changes to COMMISSION offered to the Buyer's Agent in the NWMLS (Northwest MLS):
a. Publication of SOC ( selling office commission) commonly known as the Buyer's Agent Commission or Buyer's Broker
The first change allows real estate firms and brokers to publish the offer of compensation to the buyer's broker (SOC and SOC comment field) on the firms' and brokers' internet data exchange ("IDX") and virtual office websites ("VOW"). Those fields will also be added to the client reports and the client portal in the Matrix system.
Making this information readily available to consumers allows for complete transparency with regard to buyers' broker compensation and provides consumers with additional information at the outset of the transaction. Early and better access to all the relevant information about a real estate transaction will help consumers make informed decisions about every component of listing, selling, and purchasing real estate.
b. Offer of SOC
The second change 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. This change allows for greater flexibility for sellers when listing property, while affording buyers and buyer's brokers a vehicle for negotiating for compensation (if none is offered) when making an offer to purchase.
The above are welcome changes for sellers whom want to have the opportunity to negotiate a commission based on the offer received and with the Buyer's agent. As of October 1st, ALL of my existing seller's with an NWMLS listing (NOT the RMLS) can update their commission offer (SOC field) to ZERO!