What homebuyers and sellers need to know about the NAR settlement and commissions
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- čas přidán 10. 09. 2024
- The world of US real estate is going to be seeing big changes starting on August 17. New rules will shake up how realtors are paid. They are coming as part of a $418 million agreement with the National Association of Realtors to settle claims that the industry conspired to keep real estate commissions artificially high.
Clever Real Estate managing editor Steve Nicastro joins Wealth! to give insight into the new rules introduced to the real estate world and what home buyers and investors should keep in mind moving forward.
Nicastro points out the two biggest takeaways from the rules: "First, these changes mean that listing agents can no longer advertise buyer agent fees on the Multiple Listing Service. So previously you would input that information in your listing agreement with your listing agent. And that would go on the Multiple Listing Service in your market. And second, buyers agency agreements are now mandatory. So buyers are, when they meet with an agent, they need to get a signed agreement before viewing homes in person... There's nothing specifically that says sellers must pay for buyer's agents, or buyers must pay for buyer's agents."
"The impact this is going to have, it's just going to make negotiations a little bit more complex, the possibility of... buyers having to pay their own agents kind of changes the dynamics of the whole situation. But the bottom line is, for sellers it's still the same," says Nicastro.
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Props for the agent here saying Multiple Listing Services rather than MLS! Not everyone knows what MLS is! Another channel kept saying MLS, and I had no clue wtf they meant! Thank you!!
Max fees should be capped at 1%
@@rgen28 negotiate then.
So buyers can’t view a home without signing with a buyer’s agent? That’s such bullshit
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Not a very clear explanation, quite confusing.
@@siennabay he was very vague but I’m sure it is due to protecting his industry. Just google new nar settlement for a better breakdown.
One thing is clear to me in this, and related, comment sections. Everyone has an opinion, but nobody has any idea how the real estate business works.
When is deadline to submit claim and approximately when will payments start goin out?? 🤔
Don’t you think it’ll be difficult to get people who want to look at houses to have to pay to do that? I’m assuming they’ll only be charged if they buy the house which still sounds crazy.
If I am a seller I don't mind giving a buying agent 1%, but 3% was a absolute rip off. The past 10 years have been a sellers market, so buyers agent have been charging way too much.
smart sellers won't care about the amount. It is about how much you net. If one realtor asks for 1% and their client is offering you 25% less than an agent asking 5% it would be unwise to care about the commission and take the higher amount of money
Agents don’t “charge” anything. Commission fees have ALWAYS been negotiable.
@@seanm3226 You are ignoring the whole court case and why agents lost the ruling. I understand many agents feel like you do, they just want to ignore the ruling.
@info781 it was for collusion. A specific agent can ask whatever they want
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NO more 6%! If you need an agent at all, offer 1%.
Flat rate fee should solve the issue on the buyer side. Buyer should pay an agent with a flat rate fee of $299-399 for buyer agent service. No more no less. Buyer agent should also be fired/replace for non-performance and get 100% refund of the flat-rate fee. Government must protect the consumers (buyer) and not the agents. There is a danger of agents manipulating new buyers into getting higher pre-approvals to accommodate agent's crazy pay which is predatory in nature. A flat rate would keep the bad actors at bay and at the same time protecting would be "buyers".
Good lock with that
Agents are already trying to push ridiculous agreements like guaranteed exclusivity in perpetuity on any shown home.
That is too low, but I think the seller should give 1% to get a number of buyers in there. 3% is history.
@@info781 why is it too low? I think agents should start charging flat fees to tour homes, that would easily make up the difference. The amount of work a buyer's agent does in closing is not worth more than $400, let's be real. Attorneys who passed the bar charge less than that to draft up legal documents.
@@nitroneonicman Good point you could do a la carte, fee to tour a house, fee to write up a offer.
Buyers will pay more because home prices are set by the comps….not the commissions
Realtors are way over paid. They should be hourly employees.