Customers already know that we as agents are paid for our work. How much is often times determined months after the fact in the form of performance bonus. This would be like requiring the cashier at Target to tell you how much they make to ring your sale.
I believe the DOI was encouraged to impose such a regulation by well connected people in the wake of the steering/price fixing debacle involving the larger brokerage houses. In fact, upon agreeing to disclosure in settlement of the case against one of those firms, an executive complained that the firm was now at a competitive disadvantage and suggested that disclosure by all agents and brokers as a means of evening the playing field.
Any agent that does not agree with this should make an appointment to meet with their local legislators and let them know what this will cause.
Customers already know that we as agents are paid for our work. How much is often times determined months after the fact in the form of performance bonus. This would be like requiring the cashier at Target to tell you how much they make to ring your sale.
I couldn’t agree with you more.
I believe the DOI was encouraged to impose such a regulation by well connected people in the wake of the steering/price fixing debacle involving the larger brokerage houses. In fact, upon agreeing to disclosure in settlement of the case against one of those firms, an executive complained that the firm was now at a competitive disadvantage and suggested that disclosure by all agents and brokers as a means of evening the playing field.