BIC TIP #1335: Don’t Collect More Than You Agreed To
You can’t collect more than you agreed to! Here’s something every buyer’s agent needs to remember following the NAR settlement: whatever is in your buyer agency agreement when you go under contract is the compensation you should receive.
What That Means
- If your written buyer agency agreement says your compensation is 2.5%, you generally cannot collect 3% just because the seller or listing firm is willing to pay it.
- Your compensation is limited to what you negotiated with your buyer.
- And remember, commissions are always negotiable. There is no standard commission rate.
The Only Exception
Accepting more may be acceptable only if you inform your client, get their written consent and disclosure, and they agree to it. That means properly amending the buyer agency agreement, with mutual agreement, before you accept anything above what it says.
The Practical Takeaway
Know what your buyer agency agreement says before you write the offer. If compensation is going to change, talk with your buyer, put it in writing and get their consent. Nothing new here, but hopefully it’s helpful to you and your business.
This BIC Tip is general real estate education for licensees and consumers, not legal, tax, or financial advice. Rules and forms change, so verify current NCREC rules, MLS rules, and standard forms, and consult a North Carolina attorney or qualified professional about your specific situation. See Disclaimers & Disclosures.
