Facts are usually misreported in the Press. Collusion in Pricing. Real estate is an incredibly competitive business. The real estate industry goes to extensive lengths to teach agents not to talk commissions between brokers and to state there are no standard commissions.

 

 

Every single commission is individually negotiated and customers have always had alternatives, including selling by owner.

 

The power of the real estate market is also in extreme cooperation. An agent

Adds a home listing to a computer database, the MLS, so it is visible to every buyer and buyer’s agent.  This makes for an incredibly efficient marketplace where the buyer finds the right house and the Seller the best buyer.

 

This market has worked in the past by the listing agent/broker advertising the commission to all agent members of the MLS. So agents know their remuneration.  

 

Since NAR and Other companies have settled, and this is subject to the judge’s approval, this last practice will be discontinued and the listing broker will no longer be allowed to pay the selling agent directly.  

 

There is nothing that says commissions will change.  No party admitted that the commissions were too high.

 

We firmly believe that agents, will continue to be the human center of the purchase.  Yes technology has progressed, but humans will always be needed to assist humans in such an eotional decision. 

 

Agents will need to improve their disclosures and communicate how it works and get better at presenting their value. 

 

Agents will need to have a representation agreement signed before showing a home.  The buyer will either ask for the seller to pay agent directly, or agree to pay at closing. 

 

Agents have always provided value in the transaction and they will need to continue to communicate and execute that value.

 

Remember, I'm here to guide you through the home buying process, and this settlement empowers us to work together to create a truly customized experience. Let's chat about your needs and how I can best serve you in this exciting new chapter of real estate.   

 

RealEstateGuy offers a free, no obligation consultation on the steps and what to expect in the process of buying a home.  Click www.realestateguy.net to learn more.