Realtracs confirms our subscribers’ desire for transparent negotiations with their clients and prospective buyers by allowing users to enter any amount in a listing’s cooperative compensation fields, from zero and up, effective September 20, 2023.
Realtracs facilitates the most efficient marketplace by making property information widely and transparently available, and by facilitating blanket offers of cooperative compensation available to all buyer brokers on an impartial basis.
Effective September 20, 2023, the Realtracs system will allow all users to enter any amount in a listing’s cooperative compensation fields. Prior to this update, the cooperative compensation fields required entry of a textual or numeric value other than $0. Effective September 20, the fields will allow any amount, from zero and up. We are making this change to underscore the complete flexibility of Realtracs’ customers to engage in transparent negotiations with their clients.
What Does This Change Mean for You?
Realtracs wants to confirm our subscribers’ flexibility and the transparency and clarity of the cooperative compensation being offered through the Realtracs platform. Realtracs has always offered flexibility and has never specified a cooperative compensation amount. Sellers could agree to have their broker enter as little as one cent in the compensation fields, which was close to zero as one could enter. With this update, a listing agent will continue to be able to enter the cooperative compensation amount agreed upon with their seller client, from zero and up, and continue to negotiate compensation at their client’s direction.
What’s Not Changing?
It’s important to note this update does not affect the efficient, impartial system of offers of cooperative compensation that Realtracs supports, including:
- Realtracs customers will continue to be able to make impartial, blanket offers of cooperative compensation to every buyer’s broker. This will continue.
- The contracts and forms used today will continue to work the same way.
- Offers of cooperative compensation remain negotiable.
- Offers of cooperative compensation remain at the discretion of the seller.
Additional Resources:
Realtracs Rules will be updated beginning September 20, 2023, and are available here.
National Association of REALTORS®: Commissions are Negotiable
