Can I offer any commission amount I want to buyer agents on the MLS?
Yes. The MLS minimum is $1, though we recommend offering 2.5-3.0%, which is typical for most areas. Remember that 90% of buyers are represented by an agent and that agent will likely not show your home unless you are offering a market-rate commission. Many buyers are uncomfortable representing themselves in a home purchase, so it's important to incentivize their agents.
There is a field on the MLS where we display the amount of commission that you are offering to buyer agents. When you fill out the MLS listing forms on homecoin.com, we will ask you for the amount of commission that you want to offer buyer agents.
Do I always have to pay the buyer agent commission?
No. You only pay the buyer agent commission if you accept an offer from a buyer who has an agent. If the buyer does not have an agent, you do not pay any commissions.
We recommend you offer a competitive commission to buyer agents (typically 2.5 - 3%) and then compare the offers that you receive from the buyer with agents to those that you receive from buyers without agents to see which will get you the most money with the least hassle.
Note that the typical real estate listing agreement requires you to pay the buyer agent commission to the listing agent even if the buyer does not have an agent. We believe this is very unfair to the seller and do not follow that practice. With homecoin.com, if your buyer does not have an agent, then you have effectively sold your home for $0 in commissions.
Does homecoin.com (or the listing agent) collect a commission upon sale?
No. Under no circumstances will homecoin.com (or the listing agent) collect a commission or additional fee upon the sale of your property. Our listing agreement is set up to be very clear on this fact. You can view the full terms of our listing agreement in the footer of our website.
Many of our competitors have fine writing in their listing agreements which require an additional fee that is due upon sale (or that they get the buyer agent commission if the buyer does not have an agent). Please be sure to read the full terms of any listing agreement that you sign. We want you to save as much money as possible on your property sale.