Video- Explains how to correctly list on RMLS commission splits

MLS Listing Tip from Coastal Mitigation Partners on Vimeo.

Andrew Weitz explains disclosing the potential for a commission reduction and to protect yourself as the listing agent to disclosure upfront. All short sales are approved third party and nasty investors are chopping commissions on non Fannie Mae loan types.

In my humble opinion Investors and Servicers should raise the commissions to 6% or 7%. Short sales are a “Team Sport” and agents who are taking listing appointments and showing buyers new houses don’t have time to hang on the phone and argue with the loss mitigation departments. By raising commissions the agents will be able to afford a part time staff person on their team to help process the paperwork and move the file along. If we have a standard $9500 seller concessions credit towards buyers closing costs, prepaid items and facilitation fees plus the commission adjustment we would clear thru so much excess inventory. RMLS is a power tool of communications, explain where you are at in the short sale process.

Here some good phrases to include:

” Agents to split 50/50 any commission reductions per third party approval

“BPO (Broker Price Opinion) has been completed!!”

“Original Buyer has fallen out/doesn’t qualify his loss is your gain Short Sale Preapproved now!!