GAINESVILLE, Fla. (WCJB) – On August 17, changes in policies and real estate agent commissions will come into effect for people looking to buy or sell a home.
The real estate industry is changing some of its practices and many people, including home buyers and sellers, may not be aware of what is coming.
“The news means that a buyer must now have some sort of agreement with their agent before they start viewing homes. That’s one part of the agreement and the other part is that home sellers can no longer offer compensation to a buyer’s agent on the MLS,” added Gacar President-elect Lisa Baltozer.
This affects buyers, who know how the market changes. They are responsible for paying their agents. Sellers can negotiate fees for both parties.
However, brokers cannot advertise buyers’ brokerage commissions on the MLS
Some real estate agents support the new changes, including Debra Martin-Back, agent at Exit Realty Producers.
“I think this is a great thing for the industry and will take us to a new level. Nobody works for free, nobody walks out without telling you what they’re asking for. Now we just do it up front and don’t rely on the seller and the brokers to pay us like they did in the past. Whatever it said in the MLS is what we got paid,” Martin-Back added.
Others hope that brokers will follow the rules and explain all information to their clients in advance.
Florida real estate agent Zome De Las Estrellas said:
“It bothers me a little bit because it’s a little more complicated, but I’m not worried about it. I think my biggest concern would be just hoping that other agents do their part to explain the rules.”
Real estate agents say this is a game changer when it comes to buying or selling a home. It’s a learning curve that everyone goes through together.
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