What are your thoughts on alternative ways to share commissions, and how do you plan to adjust your communication strategy?
Join us at Inman Connect Las Vegas on July 30-August 1, 2024, where clarity will replace confusion, all your burning questions will be answered, and new business opportunities will be unveiled.
Every week on The Download, Inman’s Christy Murdock delves deeper into the most-read stories of the week to equip you with the insights you need to tackle Monday head-on. This week: What are your thoughts on alternative ways to share commissions, and how do you plan to adjust your communication strategy?
TAKE THE INMAN INTEL INDEX SURVEY FOR JUNE
Following the settlement between the National Association of Realtors and plaintiffs in various commission-related lawsuits, much discussion ensued about how buyer’s agent commissions should be handled.
Questions arose about whether buyers should pay commissions on top of their down payment and closing costs or if the traditional seller-paid model should continue, albeit through different communication methods. The emergence of new companies offering alternatives to facilitate compensation information sharing indicates a shift in how these transactions may be conducted.
As the settlement prohibits sellers’ agents from offering commissions to buyers’ agents in the MLS, the industry is exploring new avenues for compensation. These developments reflect a vision for the future of real estate, where online platforms facilitate compensation offers between agents and consumers.
While the legal landscape remains uncertain, individuals are encouraged to exercise caution when considering these workarounds and innovations. Planning ahead and staying informed are essential to navigating the evolving industry dynamics effectively.
As the deadline for implementation approaches, it is crucial for industry professionals to stay abreast of the changing landscape and position themselves for success in the new environment. Inman’s industry experts offer valuable insights to guide you through this transitional period.