{"id":1340,"date":"2024-03-26T15:33:53","date_gmt":"2024-03-26T20:33:53","guid":{"rendered":"https:\/\/bettysellsflorida.com\/?p=1340"},"modified":"2024-03-26T15:33:54","modified_gmt":"2024-03-26T20:33:54","slug":"understanding-the-proposed-real-estate-commission-changes","status":"publish","type":"post","link":"https:\/\/bettysellsflorida.com\/index.php\/2024\/03\/26\/understanding-the-proposed-real-estate-commission-changes\/","title":{"rendered":"Beyond the Headlines: Understanding How Proposed Changes in Real Estate Commissions Will Actually Impact You as a Buyer or Seller"},"content":{"rendered":"\n<p class=\"has-black-color has-text-color has-link-color wp-elements-35bf1d3116f9d296a31a7bc70b236525\">You\u2019ve probably heard the news that there are changes coming in terms of how real estate commissions are paid.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d8c3ab9210b7dfc6ba0e5c662fad8b29\">This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like:<\/p>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-531dc783bce6bd8ea6ee1ffd543fb5d0\">\n<li>\u201cReal estate commissions are being slashed!\u201d<\/li>\n\n\n\n<li>\u201cSelling your house will now be less expensive!\u201d<\/li>\n\n\n\n<li>\u201cNo more paying 6% to real estate agents!\u201d<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-97c010bd29b608cab11b67426675a7a1\">But you\u2019re&nbsp;<em>also<\/em>&nbsp;probably not sure exactly what it all means, how it will work, or how you\u2019ll benefit from the changes.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-22916d3a82a89fed9c784afcabedbc91\">Unfortunately, even if you ask the most informed agents on the planet, you probably aren\u2019t going to get many answers. It isn\u2019t because agents don\u2019t&nbsp;<em>want<\/em>&nbsp;to answer your questions; it\u2019s because&nbsp;<em>they<\/em>&nbsp;don\u2019t even know exactly how the changes are going to work.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3bc55ab7adf3c8949ef7aed750115c7f\">The settlement happened seemingly overnight. There was no advance warning or discussion with agents. They found out by reading a bunch of headlines you probably saw at the same time they did.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d8109699519c70d5492fa14a70fb6191\">On top of that, most of the headlines are misleading, because&nbsp;<em>nobody<\/em>&nbsp;knows exactly how things are going to play out. Any claims that the media makes that commissions will be cut in half, or any specific number of dollars will be saved by consumers, remains to be seen. The changes&nbsp;<em>might<\/em>&nbsp;reduce commissions. On the other hand, they could&nbsp;<em>increase<\/em>&nbsp;them. As with many things the government or court system touches, there\u2019s always the possibility that it could create more issues than it solves.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-be470cdc029ca7085deee98b561687e0\">But, for the time being, as much as you might want or expect your local agent to be able to give you specifics, please understand that they can\u2019t. For starters, it\u2019s a&nbsp;<em>proposed<\/em>&nbsp;settlement, not yet accepted by the courts, and if it\u2019s approved, the changes won\u2019t start until July.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Here\u2019s What Matters to Buyers and Sellers in a Nutshell<\/h3>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-f58d94c3d28930f0ec6d59966545a75b\">Unless you\u2019re in the business, you probably have no desire to read through all of the court documents or proposed settlement. You just want to know what changes will possibly impact you. So here\u2019s an excerpt from a National Association of REALTORS\u00ae&nbsp;<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers\" target=\"_blank\" rel=\"noreferrer noopener\">press release<\/a>, highlighting the changes that will most likely affect you:<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-8abc9d07eb97422096dc09f29046b518\">\u201cIn addition to the financial payment, NAR has agreed to put in place&nbsp;<strong>a new MLS rule prohibiting offers of broker compensation on the MLS<\/strong>. This would mean that offers of broker compensation could not be communicated via the MLS,&nbsp;<strong>but they could continue to be an option consumers can pursue off-MLS through negotiation<\/strong>&nbsp;and consultation with real estate professionals. Offers of compensation help make professional representation more accessible, decrease costs for home buyers to secure these services, increase fair housing opportunities, and increase the potential buyer pool for sellers. They are also consistent with the real estate laws in the many states that expressly authorize them.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-6f030208c751ab217d4b11f75f92027a\">Further, NAR has agreed to enact a new rule that would&nbsp;<strong>require MLS participants working with buyers to enter into written agreements with their buyers<\/strong>. NAR continues, as it has done for years, to encourage its members to use buyer brokerage agreements that help consumers understand exactly what services and value will be provided, and for how much. These changes will go into effect in mid-July 2024.\u201d<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-7d765579263204ca5e6a1fdb8d2bab1e\">Again, unless you\u2019re in the business, that may not even be all that clear of an explanation. So to put it in simpler terms:<\/p>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-ee1fdebc90090a8420b0e0967478b178\">\n<li>Sellers and their agents won\u2019t be allowed to offer a commission to buyers\u2019 agents within their listing.<\/li>\n\n\n\n<li>However, that doesn\u2019t mean that a seller isn\u2019t&nbsp;<em>allowed<\/em>&nbsp;to pay buyers\u2019 agents a commission. It just can\u2019t be published in the listing.<\/li>\n\n\n\n<li>And buyers will now be required to sign a written agreement with an agent in order to work with them, which will likely require them to agree to a certain amount of compensation. That doesn\u2019t necessarily mean the compensation has to be paid out of the buyers\u2019 pocket; it could be an agreed upon amount that will be negotiated into the purchase price paid for through the proceeds of the sale.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-df1aa502e28861ab8c20829e1cafdd9f\">Basically, it allows sellers to choose to not offer or agree to pay a commission to buyers\u2019 agents when they list their house for sale, and allows buyers to choose to not work with a buyers\u2019 agent when they buy, in hopes of saving money. But before you do that, there are some things you should keep in mind.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Here Are Some Things to Keep in Mind if You\u2019re&nbsp;<em>Selling<\/em>&nbsp;a House\u2026<\/h3>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-8a7347ac12b3924178fc8b1241729165\">\n<li>It&nbsp;<em>doesn\u2019t<\/em>&nbsp;mean that you&nbsp;<em>can\u2019t<\/em>&nbsp;offer a commission to buyers\u2019 agents.<\/li>\n\n\n\n<li>Although you can\u2019t publish how much you\u2019re willing to offer or agree to on your listing, in most cases, it will still benefit sellers&nbsp;<em>to<\/em>&nbsp;offer and be willing to offer commissions to buyers\u2019 agents in order to get the most exposure for their home, and ultimately the best offers possible.<\/li>\n\n\n\n<li>There\u2019s a good chance that buyer agent commissions will likely still be paid through the proceeds of the sale, as they have been for many years.<\/li>\n\n\n\n<li>If you\u2019re selling to a buyer who&nbsp;<em>doesn\u2019t<\/em>&nbsp;have an agent representing them, they\u2019ll likely expect you to drop your price accordingly since you\u2019re not paying another agent. In other words, if your house was worth $300,000, and buyers perceive that a buyers\u2019 agent commission&nbsp;<em>would have been<\/em>&nbsp;3% \u2014 even though it rarely was in reality\u2026 but that\u2019s what the public and media have often perceived it to be \u2014 then the buyer will want a $9,000 reduction on your price below what they already want to negotiate as the fair market value.<\/li>\n\n\n\n<li>It could cause more risk and lawsuits that may directly involve you and your property. Dual agency, which is when an agent represents both the buyer and the seller, is one of the leading causes of lawsuits in the industry. This new way of doing business could create a lot more situations where consumers don\u2019t have their own independent representation, which could lead to either the buyer or seller feeling like their interests weren\u2019t entirely represented.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Here Are Some Things to Keep in Mind if You\u2019re&nbsp;<em>Buying<\/em>&nbsp;a House\u2026<\/h3>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-9bdc2b0278898f8f7d32af4d02486c05\">\n<li>The way buyers\u2019 agents have been paid is a result of originally trying to&nbsp;<em>protect<\/em>&nbsp;buyers decades ago. Years ago buyers didn\u2019t have an agent dedicated to representing their interests, and were often unaware that the seller\u2019s agent didn\u2019t actually represent their interests as well. So rules and laws were passed to change that, and listing agents were compelled to offer buyers agents a percentage of the commission if they represented a buyer on a house they were listing. This gave buyers more choice in who represented them, and the ability to compensate their agent without having to pay out of pocket. So, for many buyers, this isn\u2019t that great of a change for you unless you cherish the idea of representing yourself and figuring out how to do everything that needs to get done.<\/li>\n\n\n\n<li>You will now have to choose a buyer\u2019s agent and sign an agreement with them. This has always been an option, and it could be argued that it should always have been required, but most buyers\u2019 agents didn\u2019t want to seem too pushy or aggressive, so they never asked for one. Now you\u2019ll need to sign a contract to work with them.<\/li>\n\n\n\n<li>Don\u2019t expect agents to be willing or able to work for a much lower commission than they\u2019ve been working for in the past. According to&nbsp;<a href=\"https:\/\/www.nar.realtor\/agent-income\" rel=\"noreferrer noopener\" target=\"_blank\">recent data<\/a>&nbsp;from the National Association of REALTORS\u00ae, the average agent earns between $44,951 and $58,528. And they work long and hard to even earn that much. There is rarely a day off, let alone a vacation, and they easily work more than 40 hours per week. Will you be able to find an agent who will work for lower rates? Perhaps. But as is the case in any industry, sometimes going with the lowest cost option ends up costing you more in the end.<\/li>\n\n\n\n<li>While you may expect sellers to drop their price because they don\u2019t have to pay a buyers\u2019 agent, don\u2019t be surprised if they dig in their heels and expect to get as much or more than similar houses have recently sold for. They will still be basing the market value of their house off of data that had buyer agent commissions factored in.<\/li>\n\n\n\n<li>If you go it alone, go in knowing that finding the right house, understanding market values, negotiating the best deals,&nbsp;<em>and<\/em>&nbsp;handling everything involved throughout the process from contract to closing isn\u2019t as easy as it may sound. There is more to buying a house than just finding it online, making an offer, and then going to a closing. You will have to do the work your agent would have done, and know what needs to be done in the first place. The sellers\u2019 agent won\u2019t be doing the work of the non-existent buyers\u2019 agent.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-db4450a0e4de3f24fde00bf3014fcfc1\">While it\u2019s impossible to predict exactly how everything will play out, those are a few things to keep in mind whether you\u2019re buying or selling.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-89e9bc54acd407175b6b93d479b7f51e\">The best thing to do if you\u2019re curious or concerned about the coming changes is to reach out to your local agent and ask them for their perspective, insights, advice, and to keep you in the loop as the changes get finalized.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-black-color has-text-color has-link-color wp-elements-250aa9c29d434c80d92644467e8d9d1e is-layout-flow wp-block-quote-is-layout-flow\">\n<h4 class=\"wp-block-heading\">The Takeaway:<\/h4>\n\n\n\n<p>While the headlines about changing real estate commission structures might sound exciting and like a potential game-changer for you as a home seller or buyer, they are misleading, because&nbsp;<em>nobody<\/em>&nbsp;knows exactly how things are going to play out. While it\u2019s true that commissions may shift, the details remain uncertain.<\/p>\n\n\n\n<p>If the proposed settlement is accepted by the courts, sellers won\u2019t be able to advertise agent commissions, however they will still be allowed to offer them, just not within their listing. In many cases this will still benefit the seller to do so in order to get the most exposure for their house, and sell it for the most money possible.<\/p>\n\n\n\n<p>Buyers will be given the option to not work with a buyers agent, however that could come with some unexpected downsides and difficulties, and may not produce the savings they anticipate. Fortunately, you will still be able to hire your own representation, and have an agent looking out for your interests and helping you through the process.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-34955557ee172808d62c0a3f8ba4bc58\">Find more information about the settlement here: <a href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/law-and-ethics\/the-truth-about-the-nar-settlement-agreement\">https:\/\/www.nar.realtor\/magazine\/real-estate-news\/law-and-ethics\/the-truth-about-the-nar-settlement-agreement<\/a><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-ddf0ffd957f8cce033b1e343d754f22b\">Learn more about me, and how I can assist you as a buyer or seller by clicking <a href=\"http:\/\/www.bettysellsflorida.com\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve probably heard the news that there are changes coming in terms of how real estate commissions are paid. This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like: But you\u2019re&nbsp;also&nbsp;probably not sure exactly what it all means, how it will work, or [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","osh_disable_topbar_sticky":"default","osh_disable_header_sticky":"default","osh_sticky_header_style":"default","osh_sticky_header_effect":"","osh_custom_sticky_logo":0,"osh_custom_retina_sticky_logo":0,"osh_custom_sticky_logo_height":0,"osh_background_color":"","osh_links_color":"","osh_links_hover_color":"","osh_links_active_color":"","osh_links_bg_color":"","osh_links_hover_bg_color":"","osh_links_active_bg_color":"","osh_menu_social_links_color":"","osh_menu_social_hover_links_color":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[6,12,7,2],"tags":[72,40,75,41,90,33,91],"class_list":["post-1340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","category-educational","category-selling","category-tips","tag-home-buyer","tag-home-buyers","tag-home-seller","tag-home-sellers","tag-news","tag-real-estate","tag-real-estate-commissions","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beyond the Headlines: Understanding How Proposed Changes in Real Estate Commissions Will Actually Impact You as a Buyer or Seller - Betty Sells Florida<\/title>\n<meta name=\"description\" content=\"What does the recent NAR proposed settlement mean for buyers and sellers? 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