Quote:
Originally Posted by EatthMama
In Florida, realtors are automatically assumed to be “transaction agents”, which means they can represent both sides; seller and buyer. The post that said they can’t is incorrect. I am an MLS realtor so I know of what I speak here.
Buyers will have to sign an agreement before they are ever shown a home by a realtor. The purpose of the new law is to provide transparency as to how each agent is to be paid. The vast majority of sellers’ agents will continue to offer split compensation to pay the buyers’ agent; it just can’t be posted on MLS that way. Buyers’ agents will be more likely to show a home that is offering compensation, so it’s in the sellers’ best interest to agree to the 5-6% on the initial agreement. Close to 80% of homes sold in The Villages are sold not by the listing agent but through the buyers’ agent, so it makes sense to make it attractive on the compensation to attract other agents who will show the home.
The reality is that nothing happens until the buyer brings the money for closing. It’s just a question as to whether the buyers’ agent commission is listed on the final balance sheet on the buyers’ or sellers’ side.
Of course you can choose to try to sell your home yourself. But there is quite a lot of work, knowledge and negotiation skills that realtors bring to the table. We definitely earn whatever percentage we negotiate.
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I don't agree. Here is the Florida law on transaction agents:
FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.
It clearly states that the agent needs written consent to change to a transaction broker. There is no automatic assumption. As a seller, I would not provide the consent. What am I missing?