Update to Listing Entry Cooperative Compensation Fields
Beginning September 11, Unlock MLS will allow the minimum offer of compensation offered at listing entry to be fully customizable and range from $0 and up.
Here’s what this change means for you and your clients.
Beginning September 11, 2023, Unlock MLS will allow the minimum offer of compensation offered at listing entry to be fully customizable and range from $0 and up. Offers of compensation were previously accepted from $1.00 and up.
Why is Unlock MLS Making This Rule Change?
Unlock MLS has always supported a flexible, efficient, and transparent means of offering cooperative compensation. This update furthers that commitment to our subscribers and their clients.
What is the Benefit of This Rule Change?
This change provides increased flexibility in compensation negotiations between agents, brokers, and their clients. It further supports a transparent method of sharing cooperative compensation offers in the MLS.
What Does This Mean for Listing Agents?
Listing agents will continue to have conversations with their sellers about what impartial offers of compensation they would like the listing broker to offer, as part of the overall sales strategy for the property. Consistent with the Unlock MLS Rules, a seller can elect to offer any of the following:
- A flat dollar amount from $0 and up;
- A percentage of sold price of the property, from 0% and up; or
- A combination of the two.
What Does This Mean for Buyer’s Agents?
Nothing has changed. You will continue to negotiate your compensation directly with your client.
What’s Not Changing?
Outside of this minor change to the listing entry compensation field, nothing else changes.
- The contracts and forms your brokerage use today will continue to be used.
- Offers of cooperative compensation will still be entered in the MLS system, remain negotiable, and remain the choice of the seller.
- Unlock MLS will continue to promote the most efficient and transparent marketplace by providing complete, timely, and accurate listing information and supporting impartial offers of compensation.
Below are additional resources related to cooperative compensation from the Austin Board of REALTORS® and the National Association of REALTORS®.