In Illinois, incentives to buyer's agents must go through broker
Letter to the EditorBy Inman News, Thursday, May 17, 2012.
Re: 'Incentives to buyer's agents raise steering concerns' (May 11)
Interesting article on the offering of the Mercedes directly to the buyer's agent as a reward. This is illegal in Illinois and I suspect many other states.
In Illinois, all incentives and compensation from any source must go to the broker. As a managing broker, I would have to take a hard look at any extra compensation to make sure the buyer's agent was acting in the best interest of his client -- the buyer -- before I paid the agent anything extra.
McCoy Real Estate Services Inc.
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