| Most home sellers and buyers aren't aware that the | | | | specific date. Lower the incentive for negotiated offers |
| Multiple Listing Service (MLS) has a secret data field | | | | and those that take longer. |
| which contains important information that is only visible | | | | 2. Agree to pay a 6.5% - 7% commission with 3.5% - |
| to real estate agents. This hidden data field is where | | | | 4% going to the buyer broker and 3% going to the |
| the commission rate and special comments about a | | | | listing broker. |
| property are published. | | | | 3. Don't want to pay a higher commission? We don't |
| "Soooo what", you say? This unknown field is precisely | | | | blame you. Ask your listing broker to change the |
| where professional home builders discreetly advertise | | | | commission split from 50/50 to 60/40 in the favor of |
| huge incentives to agents whose clients buy their | | | | the buyer broker. Add a twist and make the higher |
| homes. For example, a Las Vegas builder, American | | | | payout contingent on a full price offer and date |
| West, recently offered agents a $15,000 bonus to sell | | | | requirement. If the time or price is not met, then your |
| homes in its Glen Eagles development, provided they | | | | listing broker receives their full 3% split. Your listing |
| come in with a full-price offer within 30 days. Home | | | | agent may not object to this approach as it may |
| buyers would not be able to see this incentive in the | | | | speed up the time required to sell. |
| MLS but would be highly encouraged by their buyer | | | | 4. Alternatively, you could offer the home buyer an |
| agent to purchase a home from this particular builder. | | | | incentive like giving them a plasma TV at closing. But |
| A competing nearby builder, without an incentive, might | | | | this could backfire on you and potentially result in a |
| not get a mention by the agent. | | | | lower negotiated contract price. Note: this incentive |
| Home sellers can use this same technique to sell their | | | | would be published in a data field viewable by the |
| home and it requires using the secret MLS data field. | | | | public. |
| We encourage you to talk with your agent to see | | | | The downside of paying an incentive is obvious - it will |
| what type of incentive works best in your location. | | | | cost you more money. But a full price offer in a down |
| Here are some incentives to consider: | | | | market is hard to come by, and full price with an |
| 1. Offer a cash bonus (e.g. $2,000) to the agent who | | | | incentive may be better than the alternative. |
| brings a buyer with a full price offer on or before a | | | | |