Concessions Vs. Compensation - Differences Explained

CRMLS VP & General Counsel Ed Zorn discusses and provides examples of the distinct differences between concessions and compensation, why CRMLS planned on adding concession fields even prior to the lawsuits, and some concession usage statistics.
00:00 Intro
01:01 Important Difference #1: Incentive
02:25 Important Difference #2: Who Decides How To Use The $
04:47 Important Difference #3: Concessions Are Not A Replacement For Compensation
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[@HomeBuyingRegistry]

This will be helpful to share with consumers who are confused by the switch - thank you for posting.

[@lilsmart805]

Thank you 🙏

[@Patrick-US]

Thank you for explaining the distinction. But could the reason behind the use of the new field on the approximately 1000 new listings be that agents know that the old field is going away, so they have started to transition, as their listing period could go beyond Aug. 17, and they are just playing it safe, and not because the new field is preferred?

[@MAZDAKPRODUCTION]

Thanks for trying to explain the difference! Unfortunately, this ruling will actually make future real estate dealings less transparent and raise costs for buyers. In the end, it will decrease sellers' net profits and could lead to more lawsuits. Plus, it will undermine efforts by home ownership advocates to make housing more affordable for veterans, potentially killing many deals before people realize they need to abandon and retract this backward ruling.

[@apartmentinvestingrealty]

👌🏻

[@OwnItGroup]

00:10 Concessions in Price are different from offers of compensation
01:00 Concessions are distinct from offers of compensation
01:53 Distinguishing between concessions and compensation in real estate transactions.
02:41 Concessions and compensation have different decision-making processes
03:41 Buyer decides on concessions in price field
04:27 Concessions and compensation have key differences in real estate transactions.
05:11 Leveraging CRMLS Concessions vs. Compensation
06:05 Sharing commissions is not a seller concession
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