6 min
Changing Commissions in our Marketplace? Philadelphia Condos in Mark‘s Words | CenterCityCondos.com
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In this podcast, Mark from CenterCityCondos.com at BHHS Fox & Roach Realtors discusses the ramifications of a recent lawsuit that the National Association of Realtors has settled and its potential to fundamentally alter the real estate industry starting in July. This podcast touches on the uncertainties around commission procedures, the implications on realtors and buyers, and a forecast of future industry changes.
Mark breaks down the lawsuit results and dives into two crucial outcomes. Firstly, a selling agent can no longer disclose in the Multiple Listing Service the commission a buyer broker will get if they sell a property. Secondly, a buyer broker must secure an agreement on their commission from a buyer before beginning the property search process. He anticipates that these changes will lead to a decrease in the number of Realtrors due to the high costs associated with being a realtor.
Mark also examines potential strategies for buyers and sellers amidst these changes. He suggests some buyers might ask for property rebates to cover their agents' commission costs and anticipates a rise in popularity for open houses. He also foresees a potential shift in the selling paradigm if sellers opt not to pay a buyer's agent's commission.
Looking ahead, Mark predicts that buyers could increasingly hire transactional agents that provide limited representation to help navigate the home buying process, and charge a percentage of the sale price. He also sees potential for real estate commissions to decline, with realtors possibly taking on more roles for less commission. Mark also theorizes about the negative impact on property values if condos stay too long on the market due to commission changes.
Mark acknowledges the real estate industry's future remains uncertain and commits to provide ongoing updates. He wraps up by opening the conversation to listener feedback and thoughts on the evolving landscape.
In this podcast, Mark from CenterCityCondos.com at BHHS Fox & Roach Realtors discusses the ramifications of a recent lawsuit that the National Association of Realtors has settled and its potential to fundamentally alter the real estate industry starting in July. This podcast touches on the uncertainties around commission procedures, the implications on realtors and buyers, and a forecast of future industry changes.
Mark breaks down the lawsuit results and dives into two crucial outcomes. Firstly, a selling agent can no longer disclose in the Multiple Listing Service the commission a buyer broker will get if they sell a property. Secondly, a buyer broker must secure an agreement on their commission from a buyer before beginning the property search process. He anticipates that these changes will lead to a decrease in the number of Realtrors due to the high costs associated with being a realtor.
Mark also examines potential strategies for buyers and sellers amidst these changes. He suggests some buyers might ask for property rebates to cover their agents' commission costs and anticipates a rise in popularity for open houses. He also foresees a potential shift in the selling paradigm if sellers opt not to pay a buyer's agent's commission.
Looking ahead, Mark predicts that buyers could increasingly hire transactional agents that provide limited representation to help navigate the home buying process, and charge a percentage of the sale price. He also sees potential for real estate commissions to decline, with realtors possibly taking on more roles for less commission. Mark also theorizes about the negative impact on property values if condos stay too long on the market due to commission changes.
Mark acknowledges the real estate industry's future remains uncertain and commits to provide ongoing updates. He wraps up by opening the conversation to listener feedback and thoughts on the evolving landscape.
6 min