Agents never publicly disclose their splits, but should that change?
Howard Schultz, the famed CEO of Starbucks, recently proclaimed that “the currency of leadership is transparency,” and his comment snuggled up quite nicely with what is a new trend in business circles. The Economist writes articles about “the openness revolution”; new studies proclaim the ethical and profitable nature of transparency; and businessmen like Elon Musk release all their patents to public scrutiny.
Yet, amidst that swelling of openness and transparency, real estate remains a relatively secretive, secluded industry, and a recent story over at Realtor Mag perfectly spotlighted the divide.
In short: Trelora, a Denver-area brokerage, launched a searchable database last week that allows consumers to see broker commissions, via information from REcolorado, the area’s MLS; problem is, REcolorado thinks that publishing commissions is against agency rules, and it has ordered Trelora, via a cease-and-desist e-mail, to shut down the database, lest the brokerage be fined, suspended or terminated altogether from its MLS feed. Trelora has until 9 a.m., Feb. 13 to respond.
According to Realtor Mag, Trelora’s attorneys are crafting an official response, but the brokerage struck a defiant tone in a statement to the Business Journal.
“REcolorado, acting as a monopoly of home listings in the Denver metro area, has chosen to block homebuyers from viewing critical information necessary for making wise financial decisions in a hot real estate market,” the statement read.”Commissions for buyer’s agents are chosen by sellers and the sellers’ agents and imposed upon buyers. Trelora simply wants to allow buyers to see how much commission has been committed to their agent on each home for sale, keeping them in full control of their home buying process.”
This got us wondering – with the business community embracing transparency so vigorously, is it only a matter of time before commissions become public record? before they become another detail consumers gauge before deciding what agent to work with?
What are your thoughts on the matter? Let us know in our poll below:
You have got to be RIDICULUS!!! we pay THOUSANDS of $$$$ to show up at work, THOUSANDS of $$$$ to advertise properties, THOUSANDS of $$$$ to educate & protect ourselves and get 0000$ to go towards retirement, vacation, sick time, Holiday, personal days or overtime. We actually get paid to HELP people HELP themselves, somewhat different than a $4 cup of coffee I think?
All commission is disclosed to both Buyer and Seller on HUD statement. All MLS participants get paid only at closing of property for 2-3% range and is normal and above board!
Brokers split the commission within their own company franchise formulas and agreed to by their commission only agents.. Remove this company from doing business with others on MLS if they can’t follow rules for brokerages nationwide that have served the public well for decades!
On most transactions. Buyer Agents have a written agreement stating how much the services are. These services are typically covered in the commission to the listing agents office. That office dictates what they are willing to pay the buyer agent office under the MLS system. This does not mean that agent is getting paid that much either. So this would be still miss leading. You would need to have all contracts also public record. Real Estate are private companies. Not non-profits or a goverment agency. How much the buyers agent gets paid has no bearing on the hard work it takes to get the buyer the dream home. Almost every transaction requires different amount of time. Some are profitable and some are not. I don’t think this would help in having a buyer purchase a home they want.
Real estate 101, for those of you who may have forgotten, prohibits discussions in a private or group forum, regarding matters involving things such as commisions or commission rates. It would be extremely prudent for anyone wishing to comment on this post to bear such fearful words as collusion, anti trust, fines, lawsuit and liability insurance very carefully before pushing the “submit comment” button.
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