Video produced by the Minnesota Association of REALTORS®
Is your Minneapolis real estate agent acting properly if he/she offers you a special “deal” for listing and selling property? A common ploy is to offer a seller a discount on listing commission if the seller uses the agent to also purchase property. I am wondering why anyone would question this tactic. Don’t we have a free market economy?
The Realtor code of ethics and Minnesota statute both state that offer of incentives or premiums in the selling of real estate is not unethical. However, agents must have the permission of their brokers to offer incentives, and the terms of the offer must be clearly stated and time limits must be identified. If time limits are not clearly identified, and the agent no longer offers the incentive, this can be problematic if a customer still wants to claim the offer.
If the offer is complicated, the agent might choose to summarize the offer. If this is the case, the agent must state that additional terms and conditions apply, and be willing to offer a detailed written description of all terms and conditions.