You want your commission amounts to be more definite. We heard you and we’re making it happen!
Starting June 4th, 2018, Net Sale Price will be more clearly defined. For residential and commercial sales, the Net Sale Price will be the Gross Sale Price minus amounts to be credited or paid to the buyer as reflected in the initial contract.
This update mainly affects transactions where commission is influenced by concessions or other changes that were not a part of the initial contract. The rule modification is designed to protect broker commissions from last-minute concessions often introduced by attorneys and other third parties. It also honors the differences between commercial and residential transactions, allowing flexibility for the intricacies of those deals.
The option to pay on Gross Sale Price or a flat dollar amount is still available. Properties currently listed in connectMLS do not require any changes, i.e. listings already in the system are “grandfathered” in and will not be required to comply.
For rentals, the Net Rented Price will be defined as the Gross Rented Price minus amounts to be credited or paid to the tenant as disclosed in the agent remarks and/or compensation field on the listing. For commercial lease properties, net compensation may be paid on negotiated variables as indicated in the compensation/commission agreement.
These clarifications ensure all parties involved in a transaction know what they will be compensated. MRED does not influence commission payments in any way, so please refer to the FAQs on this topic below or contact your managing broker for questions on your office’s best compensation practices.
Still have questions? Check out these FAQs.
We’re always ready to help. You can contact MRED’s Help Desk at 630-955-2755 or send us an email.
More and more real estate professionals are accessing connectMLS from mobile devices and Midwest Real Estate Data (MRED) is committed to continually improving the mobile experience. We’re excited to roll out some brand new performance and cosmetic updates to the mobile platform to make it even better.
These mobile-focused enhancements came straight from user feedback, so we think you’ll like them! Click on the titles below for the full details on each update, or click here to read up on everything that’s new.
Enjoy quick access to all listing action icons on desktop
All of the listing action icons are now accessible above listing search results when your browser window allows for enough room. When the browser window isn’t big enough, the most common icons are shown, with the rest available under a “more” dropdown menu.
Combine CMA summary with Quick Stats access
Click the “Generate Statistics” icon from the search results page to open a report with combined access to both the CMA Summary and Quick Stats.
View consumer-facing reports directly from search results
You can see the search result reports as your consumers do with a new option to hide agent-specific details (agent remarks and office information). Use the “Client-Friendly” toggle switch at the top of the results to utilize this feature.
There’s even more: Read all the updates