03/19/2024
The media is over reacting. Commissions have always been negotiable, and buyers have always signed a buyer agency agreement that clearly states that the buyer will pay x% to their agent as compensation for their services. At the end of the day, is where the x% is located on the HUD Statement, on the Seller side, the Buyer side, or split between both. Bottom line the only change is that the listing broker cannot offer buyer agent compensation in the Multiple Listing Service, it does NOT mean that it cannot be offered. Seller's will still want professional assistance in selling their home and buyers will still want professional assistance buying their home. If the Seller is not offering Buyer Agent compensation, the buyer can add verbiage to the Purchase & Sale Agreement (aka the Contract) "Seller to provide x% of the sale price to the buyers agent/broker. " If the Seller does not agree, either the Buyer can pay it their agent, negotiate it again with their agent or walk from the deal. Being a Real Estate Agent is not for the faint of heart and what the real professionals will do is show their worth and continue to flourish in the industry while others will claim the sky is falling.
A legal settlement has upended the model for buying and selling homes for the past three decades and prompted more than a million agents to re-examine their careers.
