TOR Real Estate Brings the Home Selling Process into the 21st Century.
The internet has changed pretty much everything – including how real can be sold and bought today. Today’s buyer spends their own time searching for the home of their dreams on the internet. Buyer’s no longer depend on an agent to shop the market for them. Online portals like Zillow, Trulia, and Realator.com has replaced the majority of the work a buyer’s agent use to do. Today home buyers find their own homes, but sellers still most often pay for two brokers and two Realtors to complete their transaction – each generally taking their piece of a of a 6% or 7% commission.
Cut Out the Middleman, use a Single Licensed Broker, and as a Seller You Can Save Thousands
The "middleman" in a real estate transaction is almost always the seller-paid agent representing the buyer. Sellers and buyers should absolutely work a professional to facilitate their transaction and ensure the process is legal and goes as smoothly. However, you should question whether paying the buyer's agent to negotiate against you is a good idea. Some may even call this process insane. It's an old and acquainted system to say the least where commission was paid as a finder’s fee. However, today listing data is available all over the internet, not some proprietary information brokers have exclusive rights to. Yet this is the bread and butter of the big box brokerages that will continue to try and convince the public the old way is the only way.
The Code of Ethics doesn’t require brokers to compensate one another
Directly from the Nation association of Realtors Website:
"Article 3 of the Code of Ethics requires that “REALTORS® shall cooperate with other brokers except when cooperation isn’t in the client’s best interest.” The Code goes on to say “the obligation to cooperate doesn’t include the obligation to share commissions, fees, or to otherwise compensate another broker.” REALTORS® must cooperate with other brokers regardless of whether or not compensation is offered. This “cooperation” may include sharing information about listings and allowing others to show a listing.
Taking cooperation a step further, an MLS is defined, in part, in NAR’s Handbook on Multiple Listing Policy as a means by which participants make offers of compensation to other MLS participants. Policy Statement 7.23 of the handbook clearly provides that “in filing a property with the multiple listing service of a Board of REALTORS®, the participant makes a blanket, unilateral offer of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered by the listing broker to the other MLS participants.”
A listing filed with the MLS must specify some amount of compensation (the amount of which is wholly at the discretion of the listing broker) to other participants in the MLS, including buyer’s agents, subagents, or transaction brokers. Otherwise no contract can be formed between the participants. Yet, it’s critical to remember that cooperation and compensation are not interdependent. Brokers who choose to participate in an MLS must abide by its rules. But the Code of Ethics is clear that cooperation doesn’t require compensation."
We Specialize in Flat Fee MLS. They are a Cost-efficient way to Sell Your Home – Saving Thousands in Commission.
Should a buyer insist on working with their agent, then they should be responsible for paying for the agent representing them. When sellers stop offering commissions to buyers' brokers, those buyers will have to pay for their own representation or choose to work in a more direct fission with a single broker facilitating the transaction.
The MS Pre-dates the internet. Yet it remains the most popular (and way over priced) method to sell your home
Long ago listing information was proprietary data tightly guarded in a ledger by the listing broker. In order to find a buyer, they had to co-broker a listing with another Broker. Today information is readily available online to the general public.
List With Confidence. We are a Florida licensed and insured real estate brokerage
TOR Real Estate is a network of licensed real estate professionals that specialize in listing properties on the local MLS for a low flat buyer’s -agent fee. Tor Real estate is owned and operated by a licensed real estate brokerage that is a member of the National Association of Realtors. We provide an exceptional value to home sellers through our innovative and “out of the box” solutions. Our network of professionals makes it possible for us to offer our service in most states and counties across the country. You can visit our FAQ page.