{"id":4121,"date":"2024-06-12T06:30:14","date_gmt":"2024-06-12T10:30:14","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=4121"},"modified":"2024-06-16T09:57:44","modified_gmt":"2024-06-16T13:57:44","slug":"seller-paid-agent-commissions-are-over-in-august-how-will-buying-homes-change","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/seller-paid-agent-commissions-are-over-in-august-how-will-buying-homes-change\/","title":{"rendered":"Seller-Paid Agent Commissions Are Over in August. How Will Buying Homes Change?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Effective August 17, sellers won\u2019t have to agree to pay both sides\u2019 commissions up front when they list their homes for sale. And agents can no longer communicate \u201coffers of compensation\u201d to other agents through their local Multiple Listing Services.<\/p>\n\n\n\n

August will mark \u201ca time of adjustment,\u201d says Kevin Sears, who recently took the role of president of the National Association of REALTORS\u00ae (NAR).<\/p>\n\n\n\n

Let\u2019s take a look at what\u2019s going on.<\/p>\n\n\n\n\n\n\n\n

After the Lawsuits, Real Estate Agents Face \u201cTime of Adjustment\u201d<\/h2>\n\n\n\n

This year, NAR agreed to settle<\/a> with home sellers who objected to paying for buyer agents\u2019 commissions. As we reported in March:<\/p>\n\n\n\n

NAR has long expected home sellers to agree to a commission (5-6% of the home sale price, to be split by the seller\u2019s and buyer\u2019s agents) when listing homes for sale through the Multiple Listing Service (MLS) database. Based on the new settlement document, NAR will delete that charge from the fill-in form.<\/em><\/p>\n\n\n\n

The NAR settlement marks significant changes for the 115-year-old association and its members. Agents will still get paid, although they\u2019ll be doing more to promote their services. Those determined to succeed will find ways to navigate the new restrictions. NAR\u2019s attorney Charlie Lee explains on this YouTube <\/em>video<\/a> how agents can get their commissions legally, without communicating them through the Multiple Listing Service.<\/p>\n\n\n\n

So, can\u2019t sellers still offer solid compensation to their listing agents? After all, sellers gotta sell, and they\u2019ll be under pressure to do what it takes to compete successfully with other listings. And can\u2019t the sellers\u2019 agents still work out fee-sharing arrangements without falling afoul of the new rules? That\u2019s plausible. Buyers and sellers alike would be wise to keep up with NAR\u2019s public messaging, just as agents are.<\/p>\n\n\n\n

Don\u2019t Stress, Find a REALTOR\u00ae<\/sup>: NAR Pumps Up the PR  <\/h2>\n\n\n\n
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Just before the March settlement agreement, NAR went on the defensive. Interim CEO Nykia Wright decried the \u201cmisinformation and attacks on the integrity of our association\u201d and called on supporters to \u201cmake clear the true value that REALTORS\u00ae and NAR provide.\u201d<\/p>\n\n\n\n

NAR\u2019s been on a public relations blitz ever since.<\/p>\n\n\n\n

Reps went to Capitol Hill to speak with members of Congress. PR leaders said the effort gave policy makers across the country NAR\u2019s perspective on the value of working with its member agents.<\/p>\n\n\n\n

A NAR publicity tour appeared, under the name Real Estate and Housing Market Trends for the Summer and Beyond<\/em>. At the same time, NAR leadership got busy setting up meetings and interviews with radio and TV stations.<\/p>\n\n\n\n

One day of media outreach in May, based at the Walter E. Washington Convention Center in D.C., reached \u201can audience of nearly 11 million,\u201d said Mantill Williams, the PR and Communications vice president for the embattled association. NAR\u2019s May 8 media tour engaged outlets like WMC-TV\u2019s Action News (NBC) in Memphis, and KEYE-TV (CBS) in Austin.<\/p>\n\n\n\n

\u201cDon\u2019t stress,\u201d went the mantra. \u201cFind an agent who is a REALTOR\u00ae.\u201d You\u2019ll get key advantages, NAR promised \u2014 local market insights, guidance with forms and disclosures \u2014 which can help you steer clear of costly mistakes.<\/p>\n\n\n\n

What About the Agents? How Many Are Leaving the Fold? <\/h2>\n\n\n\n

NAR\u2019s leadership sent a team on road trips to meet with its members, assuring them that their membership has value. It made previously paywalled course work free to members, encouraging them to prove their value as they sharpen their skills. Looks like agents will now have to sell themselves as well as their listings.<\/p>\n\n\n\n

NAR insists there\u2019s been no \u201cmass exodus\u201d of agents. National Association of REALTORS\u00ae membership numbers, reports REALTOR\u00ae Magazine<\/em>, have stayed basically stable over the year.<\/p>\n\n\n\n

The group had about 1.5 million members in late May. That\u2019s actually 2% less than it had last year. So some agents are leaving. But NAR points out that membership numbers always dip during slow markets.<\/p>\n\n\n\n

Lawrence Yun, NAR\u2019s chief economist, acknowledges that all members who paid their annual dues by New Year\u2019s Day 2024 will keep their membership through the year, \u201ceven as they leave the business for other opportunities.\u201d<\/p>\n\n\n\n

This means the full impact of NAR\u2019s legal setbacks on member numbers won\u2019t become obvious until next year. NAR has promised to regularly post membership numbers through its magazine.<\/p>\n\n\n\n

Unfair to Agents, Says Critic\u2014And Not a Win for Affordability<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

A May 2024 opinion piece by Eric Forney in Housing Wire <\/em>slams the end of sellers\u2019 agreements to pay broker commissions. All this drama might look great for home sellers, but it piles stress onto buyers, Forney\u2019s piece suggests. Upfront payments to agents will burden those already struggling, because they\u2019ll have to shift a chunk of their down payment savings into the cost of hiring agents.<\/p>\n\n\n\n

Hardest hit, says Forney, will be \u201cminorities historically denied access, fixed-income seniors, and first-time buyers stretched for a down payment.\u201d \u201cA modern-day redlining<\/a>,\u201d Forney calls the commission reforms.<\/p>\n\n\n\n

But Forney doesn\u2019t acknowledge that buyers ultimately do have to pay for the agents. Buyers might not pay up front, but they cover these costs through their monthly mortgage payments. It\u2019s the buyer who ultimately shoulders expenses that sellers have been agreeing to when listing their homes.<\/p>\n\n\n\n

Forney piles criticism on the Biden administration and Department of Justice, too, for their push to stamp out fee splitting by brokers. The loss of incentives for agents to sell homes will just lead developers to raise their prices, Forney insists. Forney describes the future of real estate as \u201ca technocracy mired in predation, fraud, and barring the middle class from home ownership.\u201d<\/p>\n\n\n\n

Forney\u2019s argument for the \u201ctypical Realtor\u201d seems stronger. The typical agent, according to Forney, is a \u201c60-year-old woman in her second career\u201d who earns just $46K while helping clients through some of the most important milestones of their lives.<\/p>\n\n\n\n

No doubt, August will usher in a more difficult time for agents to earn their livings.<\/p>\n\n\n\n

\u201cREALTORS\u00ae appear resilient\u201d so far, says NAR\u2019s Lawrence Yun, adding that \u201cthey\u2019re holding onto their licenses.\u201d<\/p>\n\n\n\n

The question is whether they\u2019ll hold onto NAR.<\/p>\n\n\n\n

\n

Supporting References<\/strong><\/p>\n\n\n\n

National Association of REALTORS\u00ae via YouTube<\/em>: Window to the Law \u2013 Settlement Facts. Understanding New Rules on Offers of Compensations<\/a> (posted May 2024).<\/p>\n\n\n\n

Melissa Dittmann Tracey for REALTOR\u00ae Magazine<\/em> from the National Association of REALTORS\u00ae: NAR Membership Remains Steady Notwithstanding Slower Home Sales<\/a> (Jun. 7, 2024).<\/p>\n\n\n\n

Kevin Sears for the Spring 2024 edition of REALTOR\u00ae Magazine<\/em> from the National Association of REALTORS\u00ae: What\u2019s Next for Us<\/a>? (May 3, 2024).<\/p>\n\n\n\n

Nykia Wright, NAR Interim Chief Executive Officer, for the Winter 2024 edition of REALTOR\u00ae Magazine<\/em> from the National Association of REALTORS\u00ae: Our Next Great Chapter<\/a> (Feb. 9, 2024).<\/p>\n\n\n\n

Stacey Moncrieff for REALTOR\u00ae Magazine<\/em> from the National Association of REALTORS\u00ae: NAR\u2019s Surrogate Strategy Demonstrates REALTOR\u00ae Value During Nationwide Media Tour<\/a> (May 20, 2024).<\/p>\n\n\n\n

Eric Forney for Housing Wire<\/em>: Opinion \u2013 Will New Changes Make Houses More Affordable<\/a>? (published by HW Media on May 1, 2024. Eric Forney is a writer for Housing Wire <\/em>and the Senior VP for Training & Innovation at Livian, an advisory and coaching firm for agents).<\/p>\n\n\n\n

And as linked.<\/p>\n\n\n\n

More on topics: <\/strong>Oregon restricts real estate wholesalers<\/a>, <\/strong>Finding a good real estate agent<\/a><\/h3>\n\n\n\n

Photo credits: Antoni Shkraba<\/a>, Alena Darmel<\/a>, and Kampus Production<\/a> via Pexels\/Canva.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Effective August 17, sellers won\u2019t have to agree to pay both sides\u2019 commissions up front when they list their homes for sale. And agents can no longer communicate \u201coffers of compensation\u201d to other agents through their local Multiple Listing Services. August will mark \u201ca time of adjustment,\u201d says Kevin Sears, who recently took the role […]<\/p>\n","protected":false},"author":2,"featured_media":4122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[131],"tags":[493,1501,411,445,329,492,203,1502,179,408,438,1500],"class_list":["post-4121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-agent-commissions","tag-commission-rules","tag-home-buyers","tag-home-selling","tag-housing-market","tag-mls","tag-nar","tag-property-sales","tag-real-estate","tag-real-estate-agents","tag-real-estate-law","tag-realtor"],"yoast_head":"\nSeller-Paid Agent Commissions Are Over in August. 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