When entering the Buyer's Agent Compensation (BAC) on a listing, it is generally entered as a percentage of the gross purchase price. However, it is permissible to enter it as a percentage of the net purchase price if that is disclosed on the listing on the MLS. In this scenario, the list agent must enter this information in the Compensation Notes field of the listing:
When entering the Buyer's Agent Compensation Amount, the following guidelines should be used:
- BAC Dollar ($) amounts must be greater than or equal to $1.
- BAC percentages must be greater than or equal to 0.01 and less than 100.00
- BAC percentages must be greater than or equal to 1.00 and less than 100.00
- Do not enter a $ or % into the BAC Amount field
Here is the section of the SmartMLS Rules & Regulations (Section 7.1) that explains this particular issue:
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