08/09/2024
Lots of changes because of this national lawsuit. What a mess! No Realtor is happy about this. It's going to take some time to get everyone the same page. New forms must be signed to show your buyer properties & new listing agreements. This lawsuit outcome is changing how the agent's commission is paid and by whom. For so long, it has been customary for the seller to sign a listing agreement with a listing agent. The seller and listing agent agree upon a percentage, (usually 5 or 6% of the sale price) to list the property. Then the listing agent will share that $$ with the buyer's agent who brings a buyer to their listing. NOW it's not customary anymore because of this lawsuit. The sellers could or could not offer a commission to the buyer's agent to bring them a buyer. If they don't offer a commission more likely than not, a buyer's agent is not going to show that home unless their buyer can pay them a commission. Buyers have to come up with down payment, closing cost, etc. which is thousandsof dollars. It's going to be hard for many buyers to be able to pay a buyer's agent commission on top of that. I'm a little worried about the livelihood of Realtors. Of course everybody wants to save money where they can, as do I especially in this economy. But one of the biggest purchases or sales of a lifetime may not be where to save. Buyers may not be able to afford paying a buyer's agent commission, sellers are not going to want to pay either. If they don't have to. It's going to be trial and error for some time. The sellers are not going to be able to sell their home unless they offer commission and buyers can choose only to look at homes where the seller is offering commission. Now We have to get in touch with the listing agent to see if there is and how much of a commission is offered. We all know that Realtors are busy and sometimes it's hard to get in touch until the next day (with clients, in a closing, during an inspection, on important phone call already trying to negotiate any and everything, with subcontractors, need a day off etc) to figure out what commission is offered before showing the property. I love my job and I love working and helping with 95% of my clients LOL. Thank God my business is mostly referral based☺️, from past clients💖, cuz I'm not great at marketing myself lol. I hope that our livelihood is not destroyed because of this national lawsuit. There has always been greedy/ slickster peeps in this industry. I just think we'll see more of it now. More than ever you'll need to pick an agent that has your back and treats your transaction as if it was their own. No one will ever take advantage of my clients and never have.... feel free to ask them. Sometimes I get a little too fierce and protective LOL.
Shifting to a new reality is not so new for this 22-year veteran of the real estate business.
