Key take ways to Settlement :

 

*National Association of Realtors  (NAR) has settled a lawsuit that will change how a buyer’s agent gets paid and which will most likely dramatically affect how much buyer’s agent will get paid (some estimates are a 30% reduction for a buyer’s agent commission).  

 

*The settlement will not take place until most likely August or perhaps towards the end of this year.

 

 

 

*To prohibit listing agents to set buyer’s commissions arbitrarily for buyer’s agent’s upon taking a listing. In another words, to have an open and candid discussion of what buyer commission options the seller has and to review the pros & cons of those options. The goal here is to prevent the practice of the listing setting the buyer’s agent commission. 

 

*To no longer display compensation in multiple listing services therefore preventing commission steering by the buyer’s agent.

 

*That agents who use the MLS would be required to have a written buyer representation agreement in place with buyers before looking at homes together.

 

 

None of these changes are expected to take place until August, most likely towards the end of the year. The settlement still has to go through the courts and will likely be scrutinized by the Department of Justice.

 

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Your Advantage Realty we also will save you money TODAY with our 1% Listing Fee program and an open and straight forward conversation regarding options to save on the buyer’s agent’s commission. 

 Please read: 4 Rules about Buyer’s Agent Commission Savings

 

 

 

 Contact us for a consolation on our Full-Service listing fee program as well as your option to save on the buyer’s agent commission. You will receive the straightforward information you are seeking!