|
The agreement between the National Association of Realtors and the Department of Justice is something I am following closely. The main takeaways are that the Multiple Listing Service can no longer have a column that outlines what the Realtor fees will be during a transaction. As it has always been, sellers can decide if they want to offer payment to a buyer agent. I believe that most will continue to do so, but it remains to be seen. This adjustment forces an honest and open conversation on commissions and who pays the broker. Buyer agreements (contracts between buyers and their agents) will most likely become normal protocol. Sellers already sign what we call an engagement letter when listing their home. Transparency is always good and is the basis of what all successful agents should be building their brand around. Think of these changes as an added step towards authenticity in my field. In the end, I hope the goal is even stronger connections between agents and clients.
Despite the inaccurate headlines you are reading, my focus will remain the same: to put my clients' needs and objectives first and to deliver and execute the top-tier service that I offer. My buyers and sellers need it and depend on it to purchase or sell the largest asset that many of them own. That thirst for guidance, experience, and an expert won't go away. There is no basis for the media saying that prices are going to plummet or that an agent's skills become irrelevant. It is reckless and dangerous to report this, in my opinion.
|
|
|
In many fields, fees are negotiated, and it has been no different in residential housing. Redfin is a discount brokerage that grew its business on a competitive fee structure that was below market value. Yet, in many of the surrounding towns, only one or two houses are listed each year by Redfin. Sellers had the chance to pay less and decided not to. Ryan Serhant, a top NYC broker, wrote today, "A great service, in any industry, can be expensive- but bad service or no service, can cost a fortune."
I will continue to monitor the agreement and dig deep into how these changes will affect you. Some things will be beneficial to the consumer, and some may not. The most vulnerable will be first-time homebuyers who are entering uncharted territory as they embark on the buying journey. Finding a way that continues to support them is essential, and they most certainly need guidance and support since they will wade into dangerous territory if they try and buy a house alone without representation.
|
|
|
Change can be good and it can also be scary, but it's something I have always embraced knowing that I will tackle the uncertainty with a positive attitude and a sense of adventure. The settlement that the National Association of Realtors and Department of Justice landed on will help us all grow and evolve. Once you are through the start of a new path forward, things calm down and adjustments are made and in most cases relationships or businesses are made stronger with excellent service as the foundation that carries you to success. Don't believe everything you read in the paper. Take it from this former reporter.
|
|
|
|
|
