Changes in Listing and Buyer Procedures in ClientBAY
Includes Websites and CRM
With the removal of buyer agent fees from the MLS, clients have asked for their websites to provide buyer compensation information. Here is what you can expect from Back At You:
- A New Website Display of “Buyer Commission”: This new feature allows admins to globally name and set a display field on all agent listing sites. For example, if the default display name on a listing site is “Buyer Commission” an admin can change it to “Seller Concession” or “Buyer Agent Commission” or any other name on a global basis. The actual fee will be entered by the agent. Again, the site display label will be controlled by the admin (brokerage) and the fee dollar amount or percentage will be a manual input by the agent, for each listing.
In the circumstance that a buyer commission display field is not wanted on a site, agents will have the ability to turn it off and not have the website label displayed. - A New Website Display of “Listing Commission”: This will work exactly like the above for Buyer Commission. Though there is no new regulation on displaying listing commission, we are thinking ahead for the sake of transparency and making it available if you choose to display it or if future regulation requires it. By default this will be OFF and not displayed on your listing websites.
These changes will occur across all Back At You products. For example, if you have ClientBAY and SocialBAY, all changes will be affected across all listing property websites whether it’s a listing landing page from a social media post or a website listing directly from your main website. A major benefit you receive using a fully integrated all in one solution like Back At You.
Check out this video on how to set and enable commission percentages to appear on your website:
COMING SOON: With Buyer agency becoming more formal, written agreements will be required to be signed and securely stored. With some states already requiring this process, many states will need to adapt to this new regulation. New requirements create more administrative work and organization for both the broker and agent.
To help streamline this process and organize buy-side documents, Back At You will soon release the below improvements:
- Creating a separate “Buyer Representation Agreements” section as part of each contact record. The purpose is to associate the buyer agreement with a specific contact for easy reference and compliance;
- For Admins, a new “Compliance” review and approval workflow display will be introduced to help keep track of outstanding and active buy-side documents; and
- New display status’ will be included to easily track the status of buyer agreements. Such status’ will include: New; Pending; Approved; and Rejected.
To see how we are helping our SocialBAY users with their Social Media, Marketing, Lead Generation and Design opportunities CLICK HERE
Read about the NAR Settlement here.
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