Introduction

The buyer's agent fee is the commission fee that the real estate brokerage that represents the buyer is paid as compensation for completing the transaction. Historically, the buyer's agent fee was paid by the seller, however this is changing due to the NAR settlement.

Note: Some MLSs do not allow you to add this information to a listing. When the Buyer Compensation field is added, it will be visible on your IDX website. This information will not be added to other websites or to the MLS, it will only be visible on IDX websites on your Lofty account. This field will be removed if the listing is sold. Please be aware of your MLS requirements.

Summary

• Add Buyer Agent Compensation
  • Compensation Label
  • Compensation Amount
• Compensation Visibility

Add Buyer Agent Compensation

The Buyer's Agent Compensation field can only be added to My Listings or Team Listings. To add to one of your listings, navigate to the Smart Listing page and select Add Buyer Compensation from the Actions menu.

To add to one of your Team Listings, navigate to the Listing Discovery page and add via the ... menu.

After selecting Add Buyer Compensation, the information is added in a pop-up box:

Compensation Label

The Compensation Label is the field label that is shone on the listing page on your IDX website. By default, the field is called "Buyer Agency Compensation".

You can only edit this label if you have the Manage Website permission enabled on your Lofty account.

Compensation Amount

The Compensation Amount is the buyer agent compensation amount that will be displayed on the listing page on all of the IDX websites on your Lofty account. You can add this field for any of your own listings.

If you have the Manage Website permission enabled, you can add this field for your Team Listings.

Compensation Visibility

1. Once a listing is marked as Sold, the Buyer Agent Compensation field will be removed from the listing detail page.
2. The Buyer Agent Compensation field is only being added to your Lofty account websites. This data is not being added to the MLS or any other website.
3. This field can only be added to your own listings or your team listings. You cannot add this field to listings that do not belong to you or your team.

Comparative Market Analysis

The buyer's agent compensation can also be added to a CMA report. This is a great way to share this information with a lead, without displaying it on your website. 

There is also a block available that can be used to explain why buyer's agent commission is important. 

Questions?

If you have any questions regarding this topic or any others, please contact our Support Team via email at <support@lofty.com>, by phone at 1 (855) 981-7557, or by chat with us through your Lofty CRM.