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How to Find the Buyer Agent Commission on a Listing in MLS Long Island (MLSLI) - YouTube
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In this tutorial video we will show you
how to look up the Commission Amount
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being offered on a listing in MLS Long
Island. The way we will go about doing
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this today is by using the Collab portal
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which is a free software provided to
members of MLSLI. The URL is collab. MLS
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LI dot com. You can see it right at the top
and in order to log in you'll just need
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your MLS Long Island membership number and password. This is the same login you
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would use for Stratus which is the other
more antiquated listing system they
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offer where you can also check the
Commission information but primarily
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it's used for uploading and editing
listings. So in this case what we're
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gonna do to start is to go into search
listings on the left. Now ideally you've
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actually sent the portal to your client
and they've actually been using this to
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search for listings. That will make the
process much easier because you can
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actually keep track of what they've been
looking at in the portal directly and if
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a listing is discovered in the database
by definition there's a commission of
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some sort being offered but let's assume
in this case your client is searching on
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a different portal maybe it's Zillow or
some other online platform and they send
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you a listing and they say hey I want to
submit an offer. The first thing you need
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to do before moving forward is of course
to document the commission amount.
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Now usually there is an MLS number available if a listing is in the database and the
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easiest way to look that up is just to
Google the address that the client sends
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you. If you check one of the first
results perhaps zillow.com. You're gonna
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see an MLS number you want to copy that
MLS number and you want to paste it
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directly into the search bar and as you
can see that's gonna pull up the listing
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now once you have the listing up. You can
view the buyer agent commission amount
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by scrolling towards the bottom where it
says under here
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buyer agency comp. Now it is possible
there could be a number for broker
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agency comp or seller agency comp and we can go into this in a different training
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video but for the purposes of today's
exercise you really want to document the
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buyer agency comp. So you can take a
screenshot of this page or if you'd like
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you can click the drop-down on the top
right and you can click on export as PDF
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you can save that down email it to your
principal broker or otherwise just
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documented prior to submitting an offer.
You can also email yourself a listing
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you can email it to a client there's
also the option for texting the listing
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to yourself or a client as well. So
that's really how we check the buyer
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agent Commission and a quick aside so in Queens keep in mind that there's
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actually sort of to broker databases in
operation you have MLSLI which is Long
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Island they have at least I would say
twenty five thousand members and you
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know that's gonna have a fair amount of
the listings but it'll it is also
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possible that a listing could not be an
MLSLI and it might be an RLS. RLS is the
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broker database operated by REBNEY Real Estate Board of New York
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that's very dominant in Manhattan
Brooklyn and increasingly parts of
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Queens. So here at HomeDax we're
actually a member of both MLSLI and
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RealtyMX rather RLS and so we have two
softwares to check these two databases
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MLSLI is checked through collab as
we've demonstrated and for our less
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listings for REBNEY we use a software
called REALTYMX to search for listings.
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So if your client is looking at in
Queens and a listing does not appear in
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collab you need to also check in REALTYMX to see if it's listed in RLS. Now if a
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listing is not in either one it's
essential that as a next step you
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actually email the listing agent and ask
them to confirm the Co broke also known
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as the buyer agent commission and you
certainly don't want to proceed to
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submit an offer until you have written
conformation of whatever commission is
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being offered. If you have any comments
leave us a note below the video and if
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you have any ideas for other training
topics we're certainly happy to
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entertain them give us a shout you can
email us at [email protected] or you
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can visit our website at homedax.com
and send us a message through the
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contact form and if you're an agent in
New York City and you're looking for a
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sponsoring broker or you're looking to
make a change we'd love to speak with
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you give us a shout.
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