going into effect in August will allow buyers and sellers to more easily negotiate the commissions they pay their agents on residential real estate transactions, significantly impacting the businesses of anby the National Association of Realtors . Under the new system, commissions will no longer be paid entirely by sellers, and most buyers will enter into written agreements with their agents about how much they will pay.
“Sellers will need to be counseled by their agents about whether or not to offer buyer’s side commission, and the impact of their choices on ‘traffic’ when their listings are on the market, and, in the end, their net proceeds from the sale,” she said.Other realtors don’t think the change will impact their business significantly.
Wade predicts that real estate lawyers will see their business grow with buyers seeking an attorney instead of a realtor. He also agrees with Rodriguez that the change will “mark the return” of the open house, whose popularity has waned since the start of the pandemic.
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