Are you unsure how to handle concession fields when entering a listing in Flexmls? You’re not alone! Concessions and commissions represent different information and should not be used interchangeably. Additionally, as of August 2024, commission details are not allowed in the MLS due to NAR’s policy update.
Important: The use of the new listing contracts became mandatory on August 15, 2024
Concessions in Flexmls
Flexmls provides three optional concession fields. While you may include concession details in these fields, you cannot condition concessions on payment to a buyer’s firm. Additionally, dollar amounts for concessions should not be entered in public or private remarks.
- Listing Input: Seller Offers Concession (Y/N)
- Change Sold Status: Sellers Final Concession Type: (% or $)
- Change Sold Status: Sellers Final Concession Amt
Concessions vs. Commission: What’s the Difference?
- Concessions are financial incentives or allowances a seller offers to a buyer to help facilitate the sale. These can include covering closing costs, offering repair credits, or providing other financial benefits.
- Commission refers to the compensation paid to real estate agents involved in the transaction (typically the listing agent and the buyer’s agent).
By understanding these distinctions and following MLS guidelines, you can ensure accurate and compliant listings in Flexmls.