How New Commission Rules are Changing EVERYTHING! Reactions and What to Expect in the Future
Real Estate Commissions for Buyer's Agents are now the responsibility of the home buyers. For many years, the standard has been that the listing agent would charge a percentage of the purchase price from the seller and split the commissions as a co-broker with the Buyer's agent.
Now, post class action lawsuit settlements with the National Association of Realtors, several real estate firms and Multiple Listing Services nationwide; any commission that could potentially be offered by a home seller will no longer be advertised in the MLS.
For years, the commission amounts offered by home sellers would be documented in the MLS. There was speculation that real estate agents were conducting alleged "steering" practices by refusing or "talking" homebuyers out of certain listings because of the commission amount.
In this episode of the podcast, we provide commentary on what this will mean for homebuyers, home sellers, and real estate agents in the future. Will it mean that the buyer's agent will no longer be relevant? Will agent services change in the future? Will commissions be lower in the future?
Check out the latest episode to learn more. Don't forget to subscribe for more content!
Chapters
0:00 Topic Overview / Intro
3:10 Traditional Process of Buyer Agent Representation
4:50 Look for an Agent Before a House
10:00 Fee Based Structure Instead of Commissions
16:23 How Agents Spend Marketing Dollars May Change
18:17 Buyer Agent Role to Change
26:40 Real Estate Agent Services Are Need Based
29:30 Consumer Education to Play a Role Going Forward
32:42 Short Term vs Long Term Impacts
Opinions expressed on the Real Estate Talk Podcast are of Joshua Britt and Robert Keilman's own based on experience obtained through working with numerous home buyer and seller clients as well as personal real estate investments.
Britt and Keilman are licensed real estate agents in the state of Virginia at Prodigy Realty. We operate throughout the Hampton Roads area of Virginia which includes Virginia Beach, Chesapeake, Norfolk, Portsmouth, Newport News, Hampton, Williamsburg, Suffolk, Yorktown, and the outlying areas of James City and York County.
We support Equal Opportunity Housing!
Keilman and Britt are retired U.S. Navy Veterans. Thank you to all who have served and continue to serve!
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