Sotheby’s 2% Seller Commissions: Impact on MLSPIN Boston
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Sotheby’s 2% Seller Commissions: Impact on MLSPIN Boston
Discover how Sotheby’s 2% seller commissions may affect MLSPIN Boston condos for sale and the real estate market dynamics.
Sotheby’s offering 2% seller commissions – Will this kill MLSPIN?
Yesterday, I did a Boston condo for sale showing. Afterwards, I noticed that the listing agent didn’t document the buyer’s commission on MLS. I asked if he’s offering a buyer’s commission and he told me that Sotheby’s will no longer list the commission for the buyers agent. But if I put in an offer just write in the amount that I wanted.
I was confused and I wanted some clarification, The Sotheby’s agent told me he was only charging the Seller 2%. I was surprised that a large company like Sotheby’s would lower their commission to 2%.
So here’s the point, starting April 1, 2025 in order to keep up with Sotheby’s 2% commission, Ford Realty will start listing 1% commission to downtown Boston sellers in the following neighborhoods;
I may expand my offers to other Boston neighborhoods in due time.
Is MLS Death Around the Corner?
Link to a very informative article from the Wall Street Journal below. It will state MLS will not longer allow commission being offered to a buyers agent to be listed there. All commissions are to be negotiated outside of the MLS.
The MLS was started so that realtors can share each others listings. By doing this the members of the MLS had a competitive advantage over non members. Further to that any homes listed on the MLS requires an offer of commission to the buyers realtor. But that has all ended.
Boston condo buyers no need the local MLS website to search for homes. Besides for not being as engaging as a Zillow it is limited to the listings of the its members. Zillow has everyone’s listings. In addition, Homes.com has only the listing agent info on listings.
Yes, if you list your home on the MLS your listing will be broadcast all over the internet. But the problem is the realtor that listed the home on the MLS their information gets put all over the internet not only theirs. by searching online, and the one that gets the most visitors by a lot is Zillow Trulia etc.
You don’t need the MLS. Notice all the realtors are leaving the MLS because they no longer offer any value. Many realtors in this low inventory environment don’t need MLS to sell a listing. They can post it in a number of websites and get plenty of traffic.
Boston Condo Sellers and the Bottom Line
Bottom line, So can you the Seller. And the best part is you can do it without paying any commission at all.
If you want your Boston condo listed on MLS are are willing to due the open house and showings. Ford Realty is experimenting in the month of April a flat fee of $500.00 to list your property on MLS, Zillow. Trulia, etc..
For more information call John Ford at 617-595-3712.
Peace be with you
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
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