Hey everyone! Just dropping in to share my thoughts on some groundbreaking changes shaking up the real estate world. Many of you have reached out to me or possibly heard the buzz about the National Association of Realtors settling a massive lawsuit for $418 million and yes it's definitely a huge deal.
For years, I've been chatting with my buyers about the not-so-secret secret that "free" buyer agent services aren't exactly free. It’s all been part of the game where sellers have traditionally covered the commission for both buyer and seller agents. Well, guess what? There's a huge push for everything to change. This lawsuit could potentially have us saying goodbye to the standard 4% to 6% commission split we see across most of our markets.
What does this mean for you the buyer? More negotiation power, transparency, and possibly even savings when you're buying or selling.
For those of us advocating for clarity and fair play in real estate, it’s a breath of fresh air. It’s going to make the market more competitive, and honestly, it’s about time! Buyers and sellers can now negotiate fees directly with their agents, making the whole process more transparent and tailored to your needs.
For agents, the disappearance in millions of dollars in commissions, will probably discourage many of the part-time folks and ultimately lead to more competition and varying fees across the market. For me, this just means that I have to be better than ever before. Agents will have to prepare to negotiate commissions and focus on refining their skills/market knowledge to deliver exceptional services to their customers. People can think that this is the end to buyer agency, but the truth is that every transaction is different w/ many intricate steps involved, which when over looked can lead to significant financial loss.
The buyers that work with an agent will have more peace of mind, better financial security, and ultimately navigate the process with far more finest. Let us not forget about our fiduciary duties... The buyer who works with the sellers agent or goes direct will always pay top dollar because the "sellers agent" has a duty to serve in the "sellers" best interest and not yours.
Anyways, this is huge, folks! It’s the dawn of a new era in real estate where who you work with matters more than ever before. Let’s navigate these changes together. Whether buying or selling, know that I’m here to help you make the most of this new landscape. 🌅🏠