08/14/2024
REALTORS PRACTICE CHANGES STARTING AUGUST 17
This coming Saturday, August 17, is the date when the changes coming to the real estate industry will go into effect. These changes - the result of a national settlement agreement related to broker commissions - will alter industry practices across the nation. There are two major topics associated with these changes:
-First, offers of compensation will be prohibited from appearing on REALTOR® owned Multiple Listing Services (MLSs). It’s important to understand that home sellers and brokers may still offer compensation off MLSs. Compensation can include a range of options, including a fixed-fee commission paid directly by consumers, concessions from the seller such as buyer closing costs, or a portion of the listing broker’s compensation.
What doesn’t change is that commissions and fees have been and continue to be negotiable.
-The second change will require that agents working with a buyer enter into a written agreement before touring a home. The agreement must clearly and specifically set out the amount or rate of compensation. The written agreement requirement does not require any type of professional relationship between real estate professionals and buyers.
Change IS tough....Almost 20 years in the industry and now we have to ask buyers to pay us ...but it is what it is! I don't make the rules!
