SAN ANTONIO – New rules for Realtors around the nation could mean changes for homebuyers and sellers after a $418 million settlement against the National Association of Realtors.
Juanita Ortega, a Realtor with Premier Realtor Group, said there have been many questions and misinformation about the changes and how they will impact the homebuying process.
The changes surround the commission that sellers and agents share. Ortega said the fee has always been negotiable, ranging around 4% to 7%.
“That commission that they agree to pay me is the budget that I have to be able to market their home, and I will offer part of that commission to a buyer’s agent to bring me a qualified buyer,” she said.
The first proposed change is that listing agents can no longer post how much they offer a buyer’s agent on Multiple Listing Services (MLS), a private database created and maintained by local real estate boards.
“That’s something that will have to be negotiated between the agents,” Ortega said.
Starting in July, before a buyer can be shown a listing, they must sign a buyer’s representation agreement with their agent.
“That is a contract between those two people that says, ‘Look, we’re working together to try and reach this common goal and work towards your best interest,’” Ortega said.
Realtor Anthony Sharp said there are still questions about how the changes might impact veterans buying a home.
“We need to polish up how they pay commission right now. The (Department of Veterans Affairs) is not allowed to pay commission,” Sharp said. “Sellers don’t know that they don’t see that side of it. So how else do they get representation?”
Sharp said the prices of homes are likely to remain the same.
“In a nutshell, will it impact home pricing? It’s not going to impact home pricing at all. Supply and demand is always going to prevail.”