How New Commission Rules are Changing EVERYTHING! Reactions and What to Expect in the Future
Description
Real Estate Commissions for Buyer's Agents are now the responsibility of the home buyers. For many years, the standard has been that the listing agent would charge a percentage of the purchase price from the seller and split the commissions as a co-broker with the Buyer's agent. Now, post class action lawsuit settlements with the National Association of Realtors, several real estate firms and Multiple Listing Services nationwide; any commission that could potentially be offered by a home seller will no longer be advertised in the MLS. For years, the commission amounts offered by home sellers would be documented in the MLS. There was speculation that real estate agents were conducting alleged "steering" practices by refusing or "talking" homebuyers out of certain listings because of the commission amount. In this episode of the podcast, we provide commentary on what this will mean for homebuyers, home sellers, and real estate agents in the future. Will it mean that the buyer's agent will no longer be relevant? Will agent services change in the future? Will commissions be lower in the future?
United States
