The world of US real estate is going to be seeing big changes starting on August 17. New rules will shake up how realtors are paid. They are coming as part of a $418 million agreement with the National Association of Realtors to settle claims that the industry conspired to keep real estate commissions artificially high.
Clever Real Estate managing editor Steve Nicastro joins Wealth! to give insight into the new rules introduced to the real estate world and what home buyers and investors should keep in mind moving forward.
Nicastro points out the two biggest takeaways from the rules: “First, these changes mean that listing agents can no longer advertise buyer agent fees on the Multiple Listing Service. So previously you would input that information in your listing agreement with your listing agent. And that would go on the Multiple Listing Service in your market. And second, buyers agency agreements are now mandatory. So buyers are, when they meet with an agent, they need to get a signed agreement before viewing homes in person… There’s nothing specifically that says sellers must pay for buyer’s agents, or buyers must pay for buyer’s agents.”
“The impact this is going to have, it’s just going to make negotiations a little bit more complex, the possibility of… buyers having to pay their own agents kind of changes the dynamics of the whole situation. But the bottom line is, for sellers it’s still the same,” says Nicastro.
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