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A multi-billion-dollar anti-trust lawsuit against the National Association of Realtors led to a settlement Friday. Pending a judge’s approval, it will change the rules for buyers’ and sellers’ agents and would start this summer.As Omaha spreads west and new homes spring out of the ground like corn, new regulations are knocking on the real estate industry’s door.”It’s going to affect buyers’ agents more than anything,” said Van Deeb, the CEO of Prime Home Realty.He says new rules would prevent listing agents from putting what their seller is willing to pay a buyer’s agent in the multiple listing service.The seller can still offer compensation to the buyer’s agent for bringing a buyer to their home, but what the seller is willing to pay can’t publicized anymore.”All the realtors in the United States are going to have to have a buyers agreement signed before they start working with them,” Deeb said.For the median-priced American home, sellers are paying more than $23,000 in brokerage fees. Analysis from TD Cowen Insights says that fee could fall by around $6,000 to $12,000.At Better Homes and Gardens The Good Life Group, president Tom Simmons feels consumers are still going to seek out ‘value’ rather than the lowest commission rate possible.”We see it differently. We think that really capable professionals will get paid a fair amount of money for the services that they provide, and those will be market-driven,” Simmons said.The changes for brokers could shake up the business. TD Cowen Insights estimates commissions are going to fall by 25% to 50% because of the new rules.”Man, I tell you, there is talk about mass exodus of people leaving the industry. Because it’s going to get harder,” Deeb said.
A multi-billion-dollar anti-trust lawsuit against the National Association of Realtors led to a settlement Friday. Pending a judge’s approval, it will change the rules for buyers’ and sellers’ agents and would start this summer.
As Omaha spreads west and new homes spring out of the ground like corn, new regulations are knocking on the real estate industry’s door.
“It’s going to affect buyers’ agents more than anything,” said Van Deeb, the CEO of Prime Home Realty.
He says new rules would prevent listing agents from putting what their seller is willing to pay a buyer’s agent in the multiple listing service.
The seller can still offer compensation to the buyer’s agent for bringing a buyer to their home, but what the seller is willing to pay can’t publicized anymore.
“All the realtors in the United States are going to have to have a buyers agreement signed before they start working with them,” Deeb said.
For the median-priced American home, sellers are paying more than $23,000 in brokerage fees. Analysis from TD Cowen Insights says that fee could fall by around $6,000 to $12,000.
At Better Homes and Gardens The Good Life Group, president Tom Simmons feels consumers are still going to seek out ‘value’ rather than the lowest commission rate possible.
“We see it differently. We think that really capable professionals will get paid a fair amount of money for the services that they provide, and those will be market-driven,” Simmons said.
The changes for brokers could shake up the business. TD Cowen Insights estimates commissions are going to fall by 25% to 50% because of the new rules.
“Man, I tell you, there is talk about mass exodus of people leaving the industry. Because it’s going to get harder,” Deeb said.
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