Do You Use Video in Your Business?

There are many ways to use video in your business. This article, reprinted with permission from the REALTOR®Mag, has some pointers on getting started with video.

Let’s Get Reel | By Stefanie Hahn

With millions of people watching online videos every month, it’s time for real estate professionals to consider how they’re adapting this resource in their marketing plans. Here are some tips for getting started.

As a society, we are consuming video like mad. A look at the current YouTube statistics shows that as of September 2012, more than 800 million people come to YouTube each month and watch more than 4 billion hours of video. Last year, traffic from mobile devices tripled. Now wrap your head around this: 500 years worth of YouTube videos are watched on Facebook every day and more than 700 videos are shared on Twitter every minute.

More importantly, people are interacting with video content — YouTube reports that 100 million people take a social action on YouTube (likes, shares, comments, etc.) every week.

Don’t think your clients have caught on to the profound impact of video? In April 2011, Mashable released an infographic by Postling stating that, “73 percent of home owners are more likely to list with a REALTOR® offering to do video.”

Based on these statistics, there’s never been a more compelling time to add video to your marketing plan. Here are a few tips to get you started.

Equipment

You probably have multiple devices that can shoot decent video these days — smartphone, digital camera, and tablets, for example. Try your digital camera with a tripod first, as it helps avoid the “shaking” effect of the picture and give you a smoother plane upon which to move your shots. Tripods are cheap, but they can make a big difference in the quality of your video. Always carry extra batteries and/or a battery charger just in case you run out of juice.

Shooting

Here are a few quick tips for capturing video:

1. Turn on every available light if you are shooting inside. Also, avoid shooting for a length of time toward a window or anything that will reflect.

2. Write a script, even if you think you don’t need one. Scripts will keep you on track and give a bit of confidence. For added security, create a full-blown storyboard with each video shot and the words that should be spoken over top.

3. Speak louder and slower than normal. Don’t emphasize your words to the point of silliness, but enough so you are easily understood.

4. Keep it short. If you don’t capture the viewer in the first 10 seconds, you will lose them. Limit your video to less than two minutes whenever possible.

5. Practice. When you make a mistake, laugh at yourself. Then, try it again.

Content

Sure, you could parrot your listing description and film the house room-by-room, but I would encourage you to be bolder than that. Try something different. Instead, ask your sellers two questions:

1. What attracted you to this neighborhood?

2. What will you miss most when you move?

Really, any variations of those two questions will work. If your sellers do not wish to be on video but are willing answer the questions, you might be able to record their answers in a voiceover while filming their favorite part of the house or what they love about the neighborhood. Your goal should always be to make the buyer feel something and (hopefully) get attached to the property.

If you don’t have a listing to shoot video in, don’t use that as an excuse. Start building a video channel with a variety of content that can help you market your services to potential clients.

Here are more content ideas to consider:

1. Vendor tips: Get your favorite loan officer in front of the camera to explain mortgage terms, the application process, and what’s happening in the market. Do this with your insurance rep, title people, and home warranty reps. Keep the videos consumer-focused, helpful, and short.

2. Market statistics: Answer that famous question, “How is the market?” Get local and you can attack one area within your market each week with statistics and analysis from your MLS reports.

3. Community information: Show off the communities where you work (or wish you worked). Ask shop owners to wave hello and maybe even grab a “man on the street” interview with a local.

4. Testimonials: A video testimonial is a powerful public endorsement of your work — these videos are your best self-marketing pieces.

5. Profile: If you have somehow managed to keep your face out of all the other videos so far, this is the one to showcase you and how you work. Try to keep your video focused on what you will do for the consumer.

Editing

There are many options when it comes to editing your video. Consider trying the editing tools on YouTube.com if you are planning to upload there already. For beginner video editing, I would go with iMovie (Apple) or Windows Movie Maker (Windows).

SEO

You can use the same search-engine optimization (SEO) principles that you employ on your Web site to your videos. Know your keywords beforehand and use them in your video title, description, and tags.

The title of your video should be descriptive yet short. And don’t jam it up with keywords — use the video description to tell the world what they are about to watch. Each video should be “tagged” with your name, the word “video,” and relevant keywords. Don’t over-tag your videos and always use your name (or team name) as the first tag. This will help with your “related video results” down the line.

Marketing

Once you have a video or two ready, you will need to set up a channel. Think of your video channel as your own little station packed with the content you upload. You can share videos from here and/or get embed code for your Web site or blog. YouTube is the giant in this space, but don’t rule out other viable options like Vimeo or Flickr. Do some research and determine which option is best for you. Here are a few more promotional tips:

1. Set up your video channel with all of your real estate and contact information. Remember to link the channel back to your Web site and use your keywords wherever they make sense.

2. Add a title, description, and tags to uploaded videos. If your video is listing-specific, upload it with your listing anywhere you are able to add a video.

3. Share your video with the listing, use the built-in social shares, and embed the video on your Web site or blog.

Conclusion

Remember: You can do this! Video is easier than ever to record, edit, and upload. The investment on your part is mostly time. Like anything else, you have to be consistent to see real results, but video will give you a marketing piece that lives online and works in your favor long after you’ve uploaded. It’s time to get reel.

Stefanie Hahn is the education director for Coldwell Banker Hearthside, REALTORS® in Collegeville, Pa. Visit her Web site: www.StefanieHahn.com.

Content Generation Strategies for Small Businesses

Written by Ekaterina Walter, Social Media Strategist at Intel

While large corporations have locked on to the power of content to generate leads and exposure, small businesses are still struggling to understand why and how content can help their business succeed. Many owner-operators produce their own content, and if you’re not an experienced writer or videographer, you may find yourself floundering.

In a recent Inbound Now podcast, Ricardo Bueno of Diverse Solutions explains his content generation strategy for small businesses. “You need to create content that not only engages with your audience, but shows them you know what you’re talking about—that you’re the local expert.”

Ricardo specializes in niche blogging and lead generation for businesses based in a specific location. He works with real estate agents, restaurants, consultants and retail spaces to put in place content generation strategies any small business owner can follow.

Content as Customer Education
Ricardo advises clients to make two lists. “On the first list, write everything you know about your industry. So if you’re a real estate agent, brainstorm everything you know about real estate—from how to price your home for sale to all that technical jargon.” These ideas provide the basis for blogs, articles, videos and social media updates that inform and educate your audience.

Lisa Horn, Founder and Chief Content Officer of Why Content Matters, stresses the importance of creating content that helps people. “When blogging, resist the temptation to sell. While blogs are useful marketing tools, they shouldn’t be filled with marketing copy. That’s a huge turnoff for readers. Instead, posts should be informative, educational, even inspirational. And again, they must be written with what your audience needs to know, not what you want to say or sell.”

Lisa suggests profiles of case histories that demonstrate how your company solves customer problems. This is a great way for readers to understand the application of your products and services—and is much more persuasive than any marketing copy.

Personal Content to Engage, Entertain and Build Community
On the second list, Ricardo suggests business owners write down some of their hobbies and interests—the things that you’re passionate about. “You don’t just want to be a press release—you want to share things you might have in common with your readers.”

“For example, a real estate agent in the Vancouver area created a unique idea—for 365 days he shared something different to do in his local area. Instead of sell sell sell, he videoed himself giving café reviews and went to local events and blogged about them. At Christmas time he drove down one of the streets and pointed out the unique Christmas lights on display. He was selling the community before he sold the houses. By the end of that year he had tens of thousands of followers.”

Ricardo’s real estate agent is a great example of a content strategy that’s highly engaging without getting too personal. “You’ve got to create a balance between personal and professional content. Before you begin writing content, ask yourself ‘what sorts of things am I willing to write about? What do I not want to write about? To what extent do I want to divulge my personal life?'”

You have to maintain some of that professional posture, and since anything you say on the Internet will remain there forever, it’s good business practice to ensure you’re not alienating or offending potential leads.

Content generation isn’t something you can just dive into without a plan. You need to devise a strategy that not only gives customers and clients valuable information, but engages them on a personal level. By using your own interests and experiences as the basis for content, you build likeability and trust with you audience. And in business, that trust is vital for success.

Do you have a content strategy in place for your business?

Reprinted with permission from Ekaterina Walter
Photo credit: Mr. Moss

10 Tips for Avoiding Compliance Issues

Guest post by Vallerie Bush, RMLS Rules Administrator

Compliance notification is not something our subscribers are excited to receive, and often they aren’t sure how they have broken the rules. However, in most cases the solution to their compliance issue is a simple fix! Below you will find 10 tips for avoiding RMLS™ compliance issues. Follow these rules and you’ll be on your way to a happy listing!

1. Picture Perfect – Add a Photo!
Without photos, potential buyers may pass up your client’s listing. In order to prevent this, make sure to add a photo to your listing as soon as possible. The rule is that you must add a photo of the exterior building view within 72 hours of adding a listing to RMLSweb. Subscribers also have the ability to upload photos to In-Progress listings. If the seller does not want a photo, you can have the seller sign a Photograph Omission Form, which is Document #1263 on RMLSweb.

2. Update Your Status
It’s important to update your listing’s status. If your listing has sold, make sure to change the status to SLD in RMLSweb. If your listing has an accepted offer, make sure to change the status appropriately. Remember, changes need to be made within 72 hours.

3. Double Trouble – Don’t Duplicate Listings
A listing may only be entered into RMLSweb twice if the property is able to be listed under two different categories. If you’ve got it listed twice as a Residential listing, we’ve got a problem.

4. Keep Your Password to Yourself
RMLS™ Rules and Regulations strictly prohibit sharing your RMLSweb password with anyone else. We do audit your login information to see if there are any duplicate logins that are suspicious, so please keep your password confidential.

5. Property Type Perfection
Not sure which property type to use? A definition of the property types can be obtained in Listing Load by clicking on the field. There is a separate Document #1270 for Residential listings.

6. Your Contact Information = Private Remarks Only!
The Public Remarks field is not meant to be an area for your phone number, contact information, showing information or broker/agent branding, so make sure to enter this information into the Private Remarks field instead (viewable only to other RMLS™ subscribers).

7. Play the Name Game
Owner Name is a required field that sometimes gets forgotten. If the owner does not want their name to appear on the listing, have them sign the Owner Name Omission Form, which is Document #1261 on RMLSweb.

8. The More (Showings), the Merrier!
The listings in RMLSweb must be available for showing when entered in RMLSweb.

9. Select the School Name
“Other” as the school name is only meant to be used temporarily until you can enter the correct school name. By entering the correct school name, potential buyers interested in that area will be able to find your listing!

10. Correctly Enter Tax ID Number
Sometimes, tax numbers aren’t entered exactly as they appear on the tax records. It’s important to make sure it’s entered exactly the same. You can be sure to get the correct number by using the Tax Autofill function when you start your listing. Also, remember not to use any extra wording in the address field and lot number should be added to the Unit/Lot Field.

Questions? Contact the RMLS™ Rules department at rules@rmls.com

Positive Change 2012: Major Lender Steps Outside the Box

Guest Post written by Randy Shervey and Bonnie Baldwin, Portland Rose City Chapter of NAIFA (National Association of Independent Fee Appraisers)

The recent one and one-half-day appraisers event that was held December 5^th and 6^th in Seattle, Washington, found many members of the Rose City Chapter of NAIFA in attendance together with a total audience of 150, which included appraisers from Oregon, Washington and California. While some of the time was spent on properly utilizing the required Uniform Appraisal Dataset (UAD) format, this event provided an enlightening and informative presentation that included many other interesting topics and eleven hours of Continuing Education Credit.

The sponsor of this event was Lender Support Services, a newly formed management division of US Bank that was created as a result of the new requirements from Dodd-Frank. The event was prompted by the less than desirable quality of the appraisal reports they were receiving from various third party providers.

As part of the fifth largest bank in the nation Lender Support Services anticipates expansion of their coverage areas 10 fold in the coming months and wants to provide a source of business for top quality appraisers. A key point emphasized was that they will require good quality, well documented, USPAP compliant appraisals and they stated numerous times throughout the presentations “we’re looking for the best appraisers” and “we are willing to pay for the best appraiser.” They indicated payment for all completed appraisal work will be made within 30 days from receipt of the approved appraisal. They are also considering implementation of a direct deposit option that will ensure even prompter payment.

We as Appraisers have heard similar lip service before from various potential and/or current clients, however US Bank is the first major lender to actually step outside the box, own up to their obligations, and extend themselves with a precise business model that is intended to enhance their ability to better recognize and develop the best approved appraiser panel. They are making a sincere effort by working together with the appraisal community to provide educational development, communication and recognition of what we as fee appraisers deal with on a daily basis.

Their presentation included a team of six key members of their staff as speakers. Tony Pistilli, Chief Residential Appraiser, discussed the procedures for US Banks residential lending process. Todd Loudenslager, Senior VP and Senior Risk Officer informed attendees of the Banks obligations from a regulatory standpoint in the areas of fraud, disaster recovery, and operations, emphasizing that consistency in the valuation process is what federal regulators want. Rick Davis, Assistant VP, of Collateral Assessment, presented their policy on appraisal review. He pointed out that Underwriters will no longer be responsible for the appraisal review process. Each and every appraisal completed for US Bank’s Lender Support Services will be reviewed by their in-house review appraisal team, which is staffed with appraisers only. Jennifer Blake-Parson, Appraisal Training Manager, discussed the training side of the process and will assist in the review process by instructing/training the appraiser in correct methodologies and appraisal skills whenever a need is indicated.

The last day of the event included a presentation by Mark Linne of Bradford Technologies. He shared his vision of the future for the appraisal industry and expressed a true understanding of the external pressures and uncertainty of the business environment we work in today. It was a thought provoking presentation that emphasized the need for innovation in the appraisal process and what he feels we as “Independent Fee Appraisers” need to do to remain viable in the future.

In an effort to step up their recruitment and retention of the “best appraisers” US Bank offered those of us who attended the opportunity to personally meet the appraisal team, so that we could learn and have a greater awareness of their perspectives and the new business model.

It was a refreshing and new experience for a lender to provide the opportunity to learn and grow together as industry partners. As attendee’s at this event we came away with a new optimism for the future of our business and felt that by stepping outside the box US Bank created an image of themselves as a leader by restoring respect for and recognizing the integrity of what we as “Independent Fee Appraisers” do. Other lenders and users of appraisal services take heed: “The Cream of the Crop will rise to the Top.”

Just as US Bank has stepped outside the box to become a leader in developing a more positive relationship with appraisers, placing good quality, well documented, USPAP compliant reports as a top priority, your local NAIFA Chapter will strive to take steps in 2012 to create opportunity through the individual development and education of its members and by fostering a greater awareness and more positive relationships with industry partners that include lenders, third party providers, Home Builders, Realtors and Legislators in an effort that will enhance the appraisers future in this ever changing profession.

Part Two: Fair Housing is as Easy as ABC! (N – Z)

Guest Post Provided By Jo Becker, Education/Outreach Specialist, Fair Housing Council of Oregon

Last month, we posted a poem provided by the Fair Housing Council of Oregon that described fair housing topics using the letters of the alphabet. The poem was broken up into two parts. Here is the second (and final) installment to the poem, Fair Housing is as Easy as ABC, Let’s Do it With Some Poetry!

Click here to read the poem: Fair Housing Poetry Part 2 (N – Z)

Fair Housing Is As Easy As ABC, Let’s Do It With Some Poetry! (Part One)

Guest Post Written By Jo Becker, Education/Outreach Specialist, Fair Housing Council of Oregon

In typical Nadeen Green-style, following is a spirited take on the legalities of fair housing law in poetic form. Ms. Green is an attorney who has spoken on fair housing topics to residential rental audiences across the country since the Fair Housing Amendments Act’s inception in 1989.

Here at the Fair Housing Council (FHCO) we make ourselves available to those who feel their fair housing rights have been violated, as well as to those with fair housing questions, including housing providers! If you have a question about your rights or responsibilities under federal, state, and local fair housing laws, please visit us at www.FHCO.org or call our free Hotline at 800/424-3247 Ext. 2.

Click here to read the poem: Fair Housing Poetry Part 1 (A – M)

Top Safety Concerns and Incidents Affecting REALTORS®

Guest Post Written by Kelly McKenna, Administrative Assistant at RMLS™!

These are lean and mean times in which we live. REALTORS® face occupational hazards that simply do not exist in most other industries. A recessed market seems to only encourage more bad behavior from those looking to take advantage of real estate professionals and the susceptibilities within their profession. So to celebrate REALTOR® Safety Month, listed below are some of the more prominent safety concerns reported to us over the years including a short list of scams special to the real estate community.

Lockbox Theft: Regardless of price brackets, there has been a surge of lockbox theft all across the state. Vandals have been known to remove an entire doorknob or guardrail just to get to a lock box. Usually, that’s the extent of the damage. The perpetrators cut the shackle with bolt cutters and take it to another location to try the lock’s mechanisms, expecting to come back to the property later. Either they are unsuccessful, or the locks have been changed by then.

Unfortunately, there are other times when they are able to access the property. There have been reports of staged houses getting completely cleaned out, down to the copper wiring. It’s rotten luck, but is a possibility to always consider when listing a vacant house.

In the event of a stolen lockbox, absolutely have your clients change the locks. Consider putting the lockbox in less conspicuous areas around the property to deter the more impulsive vandals. Staging furniture, timed lights and even house-sitters are great solutions to consider if you are worried your listing is susceptible to vandalism and theft.

Squatters: This is an extension of people gaining access to vacant listings unlawfully. Keep checking on your listings from time to time, even if there are no showings for the week. Certainly call the police if ever you get the sense that someone is in the house and never enter it until backup arrives.

Other Theft: Open houses, broker tours and regularly scheduled showings have all served as backdrops for theft, particularly that of prescription drugs. Sometimes working alone or in pairs to serve as a decoy, people will rummage through bathroom drawers and medicine cabinets or wherever they think they might find… something. Unfortunately, theft occurs during private showings, too. This is limited to small items like jewelry or a box of checks. Please advise sellers to lock up everything when their house is being shown in any capacity.

Harassment & Harm: General safety precautions such as the buddy system and alerting people to one’s whereabouts are essential when meeting with new clients. There have been reports ranging from phone or e-mail harassment to REALTORS® cornered or even mugged at showings or worse. Know your surroundings and limit your vulnerabilities as much as possible when alone or meeting someone for the first time.

Craigslist Rental Scams: REALTORS® are increasingly victimized by individuals taking their listings or photos from the internet and posting them on bulletin sites in attempt to secure deposits from prospective renters. Flag these listings whenever you encounter them and, if you like, contact the FTC and FBI’s Internet Crime Center. Find more information at http://www.ic3.gov/default.aspx and http://www.craigslist.org/about/scams.

Large Homes, All Cash, Quick Escrow…: You usually lose nothing but time and gain only frustration with deals that seem too good to be true. A prospective buyer claims to have X amount of money, all cash, and needs a quick closing. Everything is perfect until the time comes to submit earnest money or sign papers. Always go on instinct and trust your judgment.

Leads for FSBO Listings: Someone claims connections with frustrated FSBO’s who need REALTORS® or other listing leads and attempts to sell these names for $10-15 a head. Usually they claim to get their leads through an affiliation with either a reputable brokerage firm or educational institution. The names are either of FSBO’s with no interest in working with an agent, or home owners who are not even in the market to sell. Always approach such offers with extreme caution.

Overseas Transactions: People from overseas purchase property all the time. However, scams originate overseas as often as they do locally. It is always a good policy to enter into transactions with people you can see past an e-mail and with verified funding.

Real Estate Scam for Lawyers: Someone will contact a real estate agent expressing interest in a large property. They will then request a recommendation for an attorney to set up a trust for escrow, sending a cashier’s check to the attorney for an exorbitant amount of money. After the deal is written, the scammer then rescinds and requests a refund back when the original check was no good in the first place.

The nature of the business of real estate requires REALTORS® put themselves in potentially dangerous situations. Meeting strangers in strange places is business as usual. Please be sure to take precautions at every chance for every scenario. It will work out so much better in the long run. For more information, please contact your local and national associations as well as your local MLS.

CIVIX Settlement

Big news from the RMLS^™ Board of Directors!

Written by Kurt von Wasmuth, President & CEO of RMLS^™

Recently, some very important actions were taken by the RMLS^™ Board of Directors. The steps they took protect all RMLS^™ subscribers and their businesses. These actions should be understood and celebrated by all involved with RMLS^™ (subscribers, shareholders, vendors and staff).

CIVIX-DDI LLC (CIVIX) is a corporation that holds a patent that it believes every MLS in the country currently violates. CIVIX’s patent is for an online system that allows users to search, display and transmit data. As you can imagine, all MLSs and innumerable other online companies use technology that allows users to perform these functions.

CIVIX has been pursuing this patent infringement claim against many online businesses, such as companies like Microsoft, Expedia, Move Inc. (operator of Realtor.com^®, Top Producer Systems^®, ListHub^®, etc.), which have all settled after consulting with legal attorneys regarding this claim.

In May of this year, MRIS (then-largest MLS in the country), also chose to settle with CIVIX, instead of risking the large fees involved with fighting a lengthy legal battle. In response, RMLS^™ worked in conjunction with about 50 other MLS providers to ask the National Association of Realtors^® to step in to see if they could negotiate a fee for CIVIX to leave the real estate industry alone.

Their response was for MLSs to pay $7.5 million dollars (roughly $9.06 per subscriber).

RMLS^™ has paid this fee per subscriber, which amounted to just under $100,000, and as a result, is now covered and cannot be sued for this patent infringement. Furthermore, this settlement covers all of our shareholders, brokers, agents and software vendors in this area.

Last, and maybe the best news of all, is that the RMLS^™ Board of Directors voted to pay this fee out of our RMLS^™ emergency funds. This means that there will be no special assessment to subscribers and we will not have to raise dues in order to cover this payment.

I think the Board was generous as well as cognizant of today’s marketplace when they decided not to pass the cost on to our subscribers. Although there is no call to action for our subscribers, they should know that they are covered and that the fee has already been paid.

Thank you for your ongoing support of RMLS^™.

To view a special video message from Kurt on this topic, go to http://bit.ly/Kurt8242011

Or, click on this image below!

The “New Language” of Appraisal

Guest Post Written By Bonnie Baldwin, Vice President of the Rose City Chapter of National Association of Independent Fee Appraisers (NAIFA)

The one true constant in our industry is change. As real estate agents, you have a comprehensive understanding of your market, and you fully describe the properties you list, market and sell. You can identify the components for condition and quality as good, average and poor. You can define a view and its perception in the market. And, you know how to read the grid section of an appraisal, and comprehend and identify with the comments.

As we all know, when you throw a stone in the water, you get a ripple effect, which in this case will be referred to as the Uniform Appraisal Dataset (UAD), the “new language” of appraisal. This ripple will require a new understanding of the definitions and terms utilized in an appraisal that will code the quality and condition rating of a property. There will be new codes and abbreviations for rooms below grade, view and location codes. One and two story descriptions of the design/style of a home will be a thing of the past; now it will be architectural descriptions only. 61 different fields on four different appraisal report forms will reflect these new changes.

The Uniform Appraisal Dataset (UAD) is the “big news” in the appraisal and lending world today. Fannie Mae and Freddie Mac have established a specific set of responses that all appraisers will be required to comply with for any appraisal being submitted to the secondary market. The intent is to support consistent appraisal reporting, regardless of the geographic location of the property or any localized reporting conventions, by clarifying vague data currently utilized in the typical appraisal report.

Effective September 1, 2011, Fannie Mae and Freddie Mac are set to roll out the Uniform Mortgage Data Program (UMDP) creating a uniform approach for receiving and handling appraisal data with the intent to improve the quality and consistency of appraisal data on loans delivered to the government-sponsored enterprises (GSEs). This standardization was mandated at the direction of the Federal Housing Finance Agency (FHFA) to improve operational efficiencies and to require appraisers, lenders, and appraisal management companies to conform to the new standardized requirements. HUD/FHA has also indicated they will be implementing the Uniform Appraisal Dataset later this year.

For more specific information about the “New Language” of appraisal, visit Fannie Mae’s website at www.efanniemae.com. Then, search for the Uniform Appraisal Dataset (UAD). Once there, click “UAD Field-Specific Standardization Requirements,” and print pages 34 – 37 for a useful reference of the codes and definitions. As a Certified Appraiser and Vice President of the Rose City Chapter of NAIFA, I encourage you to contact a Board Member or your NAIFA Appraiser at www.ifanw.com for additional information.

The Offer of Compensation

Guest blog post written by Gail Hare, RMLS™ Executive Vice President

One of the core elements of a Multiple Listing Service is the offer of compensation. Each listing entered into RMLS™ shows the amount of the cooperating compensation in the BAC fields. This informs other MLS participants about their expected compensation before they try to sell the listing. Any change must be communicated in writing before an offer is submitted.

The cooperating commission is shown as a specific dollar amount or as a percentage of the gross selling price. The commission of the Listing Broker is never displayed. The total commission negotiated between the Listing Broker and the Seller is also never disclosed.

Dual or Variable Rate Commission

Some listing agreements have special terms if the Listing Broker also represents the buyer. Those terms state that total commission differs when there is no Cooperating Broker in the sale. This could affect the relative attractiveness of competing offers. Listings have a required field called “Total Commission Differs If Sold In House.” This is checked YES to alert MLS subscribers about this condition.

Short Sale Considerations

Short sales present many challenges. The lender may require a reduction in the gross commission as a condition of approving the sale. The Listing Broker may use the Private Remarks to describe how any reduction will be apportioned. If there is no notification by this or other means, Cooperating Brokers can reasonably expect the published compensation.

Remember!

Compensation and the division of compensation is not fixed or controlled in any way. Each Listing Broker independently decides the commission for each listing.

Disputes between REALTORS® regarding offers of compensation are resolved through arbitration and mediation.

For More Information

Read Section 6 of the RMLS™ Rules and Regulations to learn more about commissions, and Rule 3.25 to learn more about how short sales are handled. Please contact our Rules staff if you have questions. Call Vallerie Bush, Rules Administrator, at 503-872-8045 or Wanda Kennedy, Rules Representative, at 503-872 8084. They can also be reached by email at Rules@rmls.com.