Change Brings Uncertainty

Any time change is introduced to a a prevailing system, it undoubtedly brings along uncertainty. Most of us are conditioned to be uncomfortable with straying from what we are accustomed to doing on a regular basis. The old adage that old habits die hard is true. The manner in which Realtors have been doing business may be about to change.

Realtors and consumers need to understand how these projected changes will effect the way both parties interact with each other. Should the proposed settlement with the National Association of Realtors be accepted by the courts later this year, then Realtors will be required to have a signed agreement in place with any prospective client who they will be showing houses to. This process will allow all parties in every transaction to know exactly what is expected of each of them. It also spells out in writing how a real estate agent, representing a client will be compensated. The better understanding all parties have to every aspect of a Real Estate transaction, the smoother they tend to be.

The other major change will be that no longer can any multiple listing service include any offering of compensation for a buyer’s agent. This change does not prevent a seller from still being able to offer compensation directly to a buyers agent. Whatever changes will come, I believe they will continue to benefit the consumer, which in the end is what we all want.

Good Luck to all as we move forward!