Many real estate professionals lobbied against dual agency, saying an agent could not please a buyer who wants a lower price and a seller who wants a higher price. The broker will monitor the real estate deal instead of trying to juggle the best interests of both the buyer and seller, as dual agents have attempted to do. The Florida Legislature has invented a new position – the transaction broker. This fall, you will no longer be able to share a dual agent with the person trying to buy your house or sell you his or her house. If you wish to read the exact terminology from the Florida Statutes with regard to the three types of representation, click here.If you are selling your house yourself or looking at houses without your own real estate agent, the rules are changing. The bottom line is you will only be paying the one commission (that you set on our website) to one agent if that agent finds you a buyer. It means non-representation relationship of the agent with their buyer.
Many of our new clients call and question the “Non-rep Comp” and think that means unrepresented buyers. But, the IMPORTANT thing to remember is you, the seller, will be paying only the one stated commission to one agent, regardless of the relationship the agent has with their buyer. Most brokers require their agents to be transaction brokers and this is most common. Which hat depends on their buyer and what their buyer believes is best for them. In other words, they get to wear one “hat”. Other agents representing buyers can have any of the three relationships listed above as well. By Florida law, when a licensed person first meets with a buyer prospect, they must “notice” (give in writing) the buyer prospect declaring what type of agency relationship (representation) that agent will have with regard to that prospect buyer.ĪDDvantage® has a “Non-representative” relationship with you. In Florida, there are 3 types of “classifications” of an agent representing a buyer: (1) Buyer's Agent (2) Transaction Broker (3) Non-Rep or non-representative broker. Under Florida law all brokers are presumed to be transaction brokers unless the client or customer requests in writing to have another form of representation that is, single agent or non-representative broker. Nonrepresentative Broker: A legal brokerage relationship in which brokers do not represent either buyers or sellers in a transaction. The most common question is: “What does non-rep mean?”ĭefinition according to a Florida Realtor® Association: When you list with us, there is only one commission being offered and that is to the agent who brings a buyer to you, regardless of their relationship with the buyer.
Not all buyers have an exclusive relationship with their agent (buyer's agent relationship). The different types (buyer's agent, non-rep, transaction broker-and in some MLS's, Sub-Agent) all represent the different relationships that a buyer potentially has with the agent who finds them a property. The commission being paid to the listing agent is never displayed on an MLS. None of those fees/commissions mentioned refer to the listing agent. The different fees all apply to the commission being offered to the agent representing a buyer. You will only be paying one commission to the one agent who finds you a buyer. Short translation of above MLS categories:
In fact, none of those interpretations are true…
You may see the following categories in your MLS listing (3% just an example & may differ from your commission): Commission
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