Avoid These Costly Listing Mistakes - Tips for Agents

If you're a listing agent scratching your head, trying to figure out how to inform the buyer's agent about what your seller is willing to offer, don't worry—you're not alone. There are ways to handle this situation, and I'm here to share a few tips that could make your life a lot easier. So stay tuned!

My name is Kathy Byrnes. I’m a REALTOR here in the Lake Norman area, just north of Charlotte, and I’m with eXp Realty. You’ve probably heard a lot of things about eXp, some true and others not so much. But let me set the record straight. Today, we're talking about how to communicate commissions for buyer's agents in a way that keeps you compliant and in the know.

Get the Facts: Clarity First, My Friends

Let's talk clarity. One of the beauties of being with eXp is that you’ve got the facts right at your fingertips if you know where to look. There’s a lot of buzz out there, especially about what we will and won’t do as a company. For example, some folks are saying eXp won't pay its buyer's agents—wrong! The truth is, the landscape has changed in how we're allowed to communicate commission offers through the MLS.

Gone are the days when the listing agent could automatically split the offered commission in the MLS, with a portion going to the buyer's agent. That’s what people mean when they say the buyer's agent won’t be paid—it's not that they won't get paid, it’s just that the MLS won't handle that piece anymore. The seller is still in control, and they get to decide what, if anything, they want to offer to the buyer’s agent. This has always been the case, at least here in North Carolina.

Now, you may be thinking, “Well, how do I let the buyer’s agent know what my seller is willing to offer?” Great question. Let’s dig into that.

Marketing Guidelines: What You Can and Can't Say

I get it. It's frustrating when agents say, “The other agent never returns my call, and I have no idea what the seller is offering.” But here’s the deal: you can’t put commission offers in the MLS anymore, and that means we have to get creative about how we communicate this information.

First off, you can’t use the MLS to disclose what your seller is willing to pay the buyer’s agent. You also can’t reverse-prospect, use Supra lockboxes, or do anything else directly tied to the MLS. But don't worry, I’ve got a couple of workarounds for you:

1. Use Your Voicemail

If you’ve got three or four listings—or even just one—set up your voicemail to include the commission information. Create a simple recording on your phone, and after you list the property details, say exactly what the seller is willing to offer to the buyer's agent. This way, when an agent calls, they’ll automatically hear the information they need.

2. Automated Text Replies

You can also set up a template for your text messages. When a buyer’s agent reaches out, have a pre-written message ready to send with the details of what the seller is offering. Yes, it’s a little bit of extra work, and you’ll need to update the message as listings go under contract, but hey, that’s the nature of the business these days.

Watch What You Post: MLS Rules and Marketing

Here’s another key point. Be very careful about what you post online. I was on Facebook today and saw an agent advertising a beautiful waterfront property. The post included all the details and said, “Yes, we will pay the buyer’s agent commission,” along with a link to the MLS listing. Big mistake! You cannot say what the seller will offer if you include a link to the MLS.

To be crystal clear: if your post has a link to the MLS, you can't mention anything about paying the buyer's agent. It's a direct violation of MLS rules, and those fines are no joke.

I sent that agent an email, and I'm sure they thought I had a buyer lined up. Nope, just trying to save them from a potential fine! So, always double-check what you're posting and make sure you're compliant. You can still have flyers or social media posts without MLS links where you mention commissions, but make sure to follow the guidelines.

Open Houses: Another Avenue to Communicate

Now, if you're hosting an open house, that’s another opportunity to share what the seller is offering. At an open house, you're allowed to have a sign stating what the seller is willing to offer to a buyer’s agent. In fact, open houses might become more important going forward because they give you a direct line of communication with buyers and their agents.

Make sure you’ve got everything documented though. Get those 220 forms signed by the seller, outlining exactly what they’re willing to offer. If an unrepresented buyer walks in and asks if you'll represent them, you'll want to have all your paperwork in order to make that transition smooth.

Collaboration is Key: Work with Your Broker

If you’re feeling uncertain about all these new rules, I urge you to collaborate with your broker. It's essential to stay up-to-date on what you can and can't do, especially since rules are changing all the time. If you're with a smaller brokerage that isn’t on top of these changes, it might be time to seek out advice from someone who is.

One person leading the charge in keeping agents informed is Leo Pareja from eXp Realty. He’s been a wealth of knowledge on this topic and is constantly posting updates and interviews about the latest industry shifts. I highly recommend following him on Facebook to stay in the loop.

Stay Ahead: The MLS is the New Sheriff in Town

Let me be real with you for a second—the MLS is the new sheriff in town. They’re the ones enforcing these rules, and they aren’t playing around. If you slip up, you could face fines or even lose your MLS access. So do yourself a favor and stay ahead of the game. Keep your marketing compliant, use your voicemail and text templates, and always check with your broker to ensure you're doing things by the book.

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Let's Connect and Grow Together

At the end of the day, we’re all in this together. The real estate landscape is always changing, but that doesn’t mean we have to face it alone. If you have questions or need help navigating these changes, let me know. Book a business strategy call with me and let’s help each other out and keep things moving forward.

If you found this helpful, share it with a fellow agent who might need some guidance. Remember, we’ve got each other’s backs—let’s stay sane and empowered through these changes.