Despite the considerable amount of information currently available on the Internet, there may be gaps in the knowledge of some consumers in several important areas that can make real estate brokerage markets less efficient. First, it seems that many consumers are not fully informed about their market options. For example, the recent nar survey of home sellers and buyers found that the majority of home sellers only contact a listing agent before hiring one to help them sell their home.129 In addition, there is evidence that some consumers of brokerage services are not necessarily aware that commission rates are negotiable.130 This may be especially true for buyers who indirectly exceed the services of their brokers compared to the purchase price of 131 Although some comments from the workshop suggest that consumer awareness of their ability to negotiate the price and terms of brokerage services is increasing132, perhaps due to the increasing number of discount brokers who have entered the industry in recent years, some consumers do not negotiate commission rates. In addition to the MLS package only, many paid brokers offer other services. Agencies` review of de-service brokerage websites shows that most offer at least two levels of service and the full range of traditional services at a reduced commission. Therefore, consumers who purchase the MLS package only, but later feel that they need more help with their transaction, can usually get it from their broker for an additional fee. For example, one workshop participant who runs a fixed-fee brokerage stated that about 30% of their clients who sign up for a fixed fee end up purchasing additional brokerage services.74 This panelist`s website offers the list of fixed fees at $595, but also offers two other packages: « Flat-Fee Plus, » which costs an additional $1,500 and includes negotiation and post-contract support. and full-service brokerage for a discounted percentage fee.75 In addition, many fee-for-service brokers allow their clients to terminate their registration contract at any time, allowing consumers to seek alternative brokerage or non-brokerage options if they are not satisfied with the broker`s service. 202. Carney, loc. cit. Note 198, at 339 (excluding five areas where observations for new housing are insufficient, the average commission rate for existing homes was statistically significantly higher than for new homes in 59% of other market areas).

A seller`s representation contract, also known as a listing contract, is an agreement between a real estate seller and a brokerage firm that provides detailed information about the property for sale. .