With the real estate market slowing down in 2023, professionals in the mortgage industry are presented with an increasing number of commission disputes. It is imperative for those affected by commission disputes to carefully consider their actions before taking any definitive steps, as the consequences can be severe and prolonged. Resolving a commission dispute is often time consuming and costly.
Real estate professionals should avoid dropping into a dispute if they can, as they can find themselves with an expensive and drawn-out process. Furthermore, disputes can cause negative business disruption, legal expenses, and publicity for all involved. It is best to avoid a dispute if possible, as the parties’ reputations can be harmed, even if the resolution of the dispute goes in their favor.
It is important for mortgage industry professionals to consider the following when faced with a commission dispute:
• Obtain Professional Advice: Consider seeking advice from a real estate lawyer or other qualified professional to understand their legal rights regarding the dispute.
• Negotiate: In the negotiation phase, it is important to understand the other party’s motivations, and approach negotiations with a collaborative mindset.
• Be Proactive: Proactive action can be an effective way to manage a commission dispute. This includes monitoring the industry for changes in laws, regulations, and procurement policies.
• Resolve Cooperatively: Where possible, agree on a mutual resolution in a timely manner. This will save both parties time and money in the long run.
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