For agents in New Hampshire, this week marks two months since PrimeMLS, the state’s multiple listing service, implemented the business practice changes outlined in the National Association of Realtors’ nationwide commission lawsuit settlement agreement.
In these two months, one overwhelming trend has emerged — everyone is handling the changes a bit differently. Brokers from across the state dove into these difference during a panel discussion at the New Hampshire Association of Realtors’ (NHAR) conference on Tuesday in Concord.
“Everyone is adapting and coming up with business models and trying to settle in, and I think we are going to know a lot more about how this is going to really work a year from now,” said Matt Johnson, NHAR’s legal counsel. “So, for now, I would caution patience.”
According to the panelists, the largest discrepancies are occurring in how agents and brokerages are handling buy-side agent commissions now that offers of compensation are no longer allowed to be disclosed on the MLS.
“What we are seeing is kind of two buckets,” said Adam Dean, the broker-owner of Duston Leddy Real Estate. “In one bucket are agents and listings who are not sharing what they are offering for buy-side compensation and are instructing buyers to write all their asks into their offer. In the other are sellers who are choosing to advertise the buyer broker compensation they are offering in all allowable channels.”
While brokers said they are happy to work with sellers who are not disclosing offers of buyer broker compensation, Dean noted that if the listing agreement specifies a certain amount of buyer broker compensation will be offered, the listing agent should disclose that information if asked.
“If you are telling buyer’s agents they can ask for buyer broker compensation in their buyer’s offer, your listing agreement better reflect that,” Dean said. ”If your listing agreement has a number there and you…