Changes in the real estate process
Earlier this year the National Association of REALTORS agreed to a settlement in a lawsuit that had been ongoing for the last couple of years. The plaintiff accused REALTORS of price fixing their commissions and lack of transparency with regard to compensation. As a result of the settlement, there are a few changes coming across the country. As of August 17, every REALTOR in the country will have to make the following adjustments but in our area the changes go into effect on July 29. REALTORS cannot show a buyer a home or do any kind of work on behalf of a buyer until they have a written agreement regarding compensation. The MLS will no longer show what a seller or their listing agent is willing to pay towards a buyer’s agent’s compensation. The buyer’s agent will now have to contact the listing agent directly to see if compensation is offered. In this episode Angie and Tonya break down the changes and dispel some myths and misrepresentations regarding the lawsuit. Find out the why, what, when, who and how and be up to date on the latest. If it’s been a while since you’ve bought or sold a home it will be different but your REALTOR will be able to explain the ins and outs. True professionals work through change and offer great service to all of their clients. Helping the consumer navigate the largest purchase of their lives is what we do. That’s who we R!
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