Here is my update on the news -- you have all heard about new rules about commissions. I'm likely never going to hear the end of this, but let's start:

1) Written buyer representation agreements. In the DC metro area which obviously incudes northern Virginia, we have had written buyer representation agreements since July 2012. Most of America has not had written buyer rep, although in 18 states and the District of Columbia this is nothing new. So this is a good thing as far as I am concerned, although again no big change locally. 

2) Commissions are going to be negotiable. Well again, they have been negotiable and will continue to be negotiable. I know that is not the public perception. That certainly is not the media perception. If all the noise and hoopla results in everyone in the country  knowing that commissions are negotiable that is a good thing as far as I am concerned. 

3) What about six percent commissions?? Speaking just for myself because I am an independent agent and do not supervise anyone so i just know about me, and I know many people will not believe this but I myself have charged less than 6 percent for a long time. Are there situations where a higher compensation may be negotiated? Yes. Like what you ask? If more work is required by the agent. What do you mean by more work?  Each to their own, but as an example if the home is chock full of a lifetime of stuff and you cannot walk from room to room without falling over, and the client wants me to supervise emptying the home and donating things to charity, then supervise cleaning the home, painting the home, recarpeting the home, and so on to get the home ready for a sale at the highest possible price in the shortest time, that is going to take a lot more time so I would be negotiating a higher compensation. That is an example. 

Would I ever charge a lower fee? Of course! I almost always do negotiate a lower fee. I will tell you that when I tell a client my fee, I almost never get any pushback because people have heard higher from others, and yes, buyers and sellers are interviewing other agents, and they hear my fee and know my compensation is almost always lower than what they have heard from others so I don't hear a peep of protest.  Do I know what others are charging? No, and I don't ask. I do not want to know. I want to know that my buyers and sellers feel they have received value based on my work product on their behalf. So as you can see, speaking just for myself, I negotiate my compensation. 

What is the lowest fee I will accept? Zero. That's right, zero. You cannot negotiate lower than zero.

There is more going on and i will talk about that in my blogging later on, but that's the big picture. 

Regards, Andy