The class action lawsuit against the National Association of Realtors and MLS systems that changed how commissions are paid has arrived. Like many changes it was sweeping and maybe a bit extreme but much of it has benefits and of course some problems. Basically the new rule is that commission to someone operating on a buyer's behalf is not automatic as of the 19th and in Oklahoma City it started even earlier. One positive benefit is that incompetent agents are not grated an automatic bonus for bad behavior. I have talked to too many listing agents saying that they had to work both sides of the sale to get it through yet the agent on the other end was paid handsomely. The g=fact that we have over 300,000 more NAR members than on the breath on a mirror fraud period before 2008 says that we are top heavy and that is about to change. Agents willow have to prove their value to the buyer and ask them for a commission if the seller is unwilling to pay it. Expect a ton of agents to go bye bye for this. I can also remember the early 1990's when buyers agency came into being by you guessed it, a class action lawsuit about everyone working for the seller. Many experienced agents who were resistant to change left the business and that will happen also but not in the same numbers. I would also predict that the competition for listing a home will get even greater and all of this will most likely reduce the commissions being paid for many agents but not for there top agents who can show proof of their value. To use the words of Robert Kennedy, "we are condemned to live in interesting times" and the times they are a changin'. Now back to me for a minute. Since I work directly with builders on behalf of real estate investors you don't have to worry about signing a buyers brokerage agreement to work through the MLS since we are direct. This can save us a lot of paperwork and it also means that there is only one agent working with you and one commission paid, not two commissions. To know more about how we work in your best interest please email us at joe@vreteam.com.
21 авг 2024
