JACKSONVILLE, Fla. – Several real estate policies are changing after the National Association of Realtors (NAR) faced multiple lawsuits over the way agent commissions are set.
RELATED: Real estate lawsuit settlement upends decadeslong policies that helped set agent commissions
On March 15, the NAR agreed to pay $418 million to help pay home sellers.
In the past, the person selling a home would pay their agent and the buyer’s agent. With the new policy, the buyer will have to pay their agent unless the seller agrees to do so.
Another rule being changed is the amount of money agents will receive on selling a home will no longer be allowed to be on Multiple Listing Service.
“It seems like they don’t want it to be published because they don’t want the real estate agent deciding on which properties to show the customer based on the commission,” Tony, owner broker of America’s Real Estate Agency said.
They also want the buyer and the buyer’s agent to have a “buyer’s brokerage agreement.”
“That’s a contract between the buyer’s agent, the buyer’s agent office, and the buyer. Stating what the duties of the buyer’s agent is going to be and stating what they’re going to charge the buyer,” Tony said.
Jacqueline Walker, a realtor with Florida Homes Realty and Mortgage, gave her thoughts on the new policies.
“I don’t think I’m for it or against it. I think that with the amount of realtors that we have here in the state of Florida. It’s gonna affect a lot of people. But it’s really just you trying to step your game up as a realtor and do the best for your client and get paid for the services that you render,” Walker said.
News4JAX insiders shared their opinions on the changes.
“I can barely afford to buy my first home as it is with high-interest rates and prices so high. How can I also pay an agent’s commission?” an Insider said.
“With the new rules, I think it will keep more money in the seller’s pocket and I shouldn’t have to fund a buyer’s agent that could be between the buyer giving their agent something buy right now in 2024, the going rate is 6-10%. The market will pick up now since the commission is decided between seller/agent!” said Insider Jackie Glass.
If signed by a judge, this policy will go into effect by the summer.