If you believe the headlines, millions of agents nationwide are poised to flee the business after a historic court case axed the traditional buyers’ agent commission structure.
I don’t know why we as a culture are so attracted to doomsday messages. The sky is always falling… But more often than not the truth is infinitely more complicated and rarely as dire.
Here's what's actually happening: realtors representing sellers will no longer disclose the commission structure agreed upon with their clients in MLS listing services.
The exact implications of this change are still evolving. It's bound to impact how, how much, and by whom buyer’s agents are paid. It will also affect how much and how sellers compensate agents, as well as how those agreements are communicated to other agents and their clients. Undoubtedly, it will reshape the landscape of lending.
Anticipate more nuanced negotiations on both the sell and buy sides. Buyers, expect your agents to formalize your relationship with an agreement outlining your terms. Sellers, prepare for more nuanced offers for your home – and expect more intense negotiations for credits toward closing costs and concessions to pay commissions.
Ultimately, these changes are positive: transparency and robust negotiation will benefit buyers, sellers, and their agents alike. If you’d like to discuss further, don't hesitate to reach out. I'm always happy to chat.
