03/17/2024
Lots of sensational headlines regarding the National Association of Realtors settlement.
Did you know that Utah, and many other states, already required buyers to sign a buyers broker agreement that discloses compensation and provides clarity on representation?
Did you know that the “6%” has never been a “set” amount? It has always been negotiated and yes, I have actually had sellers happily pay much higher that 6% because of the complexity of their home and transaction details. I’ve also charged less, when I knew it was going to be a simple transaction and the home would sell quickly without a lot of out of pocket expense for me, as their agent.
Quite frankly, those agents who have not been transparent or who have claimed the percentage is fixed, actually broke the ethics code given by NAR. And quite frankly, many agents would not waste their time with NAR, if we weren’t forced to do so. NAR has been a mess for years and added very little value to agents and the market.
Will there be some changes for some in real estate? Yes! For others of us who do more than slap a listing in the mls, not really.
Sellers, make sure you consider that if you do not want to help compensate as buyers agent, that it will limit your buyer pool. Not because of the agent, but because most buyers don’t have the funds to cover a down payment, closing costs, and commissions. Can you work with your agent on how much you pay? Yes, and you should and always should have been.
Waiting for the lawsuit against the corporations who claim to give sellers a Z estimate on the value of their home and buy said home with cash…when it’s now been proven that said Z estimates are not credible. Market value is determined by much more than a zip code and square footage.
Onward and upward! Make sure you are dealing with agents who know ow how to navigate the market, navigate the process, and truly understand contracts and will keep you out of trouble. This NAR nonsense is a big win for attorneys, as there will be more lawsuits between sellers and unrepresented buyers in the future. Not all transactions are clear and easy, some yes, but that is rarely the case.
By the way, the last person who told me Realtors aren’t worth paying and he can do it himself, did not get the lot he wanted to buy. Settled on his second choice and then found out his first choice sold for what he would have been willing to pay…but hey, in his mind, realtors aren’t worth it. 😀.
Liz Carter, KW Westfield