The REAL Value

– Kamini Lane, president and CEO, Coldwell Banker Realty

As your dedicated realtor, transparency has always been at the forefront of my business. It’s essential to keep my clients informed about changes within the industry that may impact them directly. That’s why I want to take a moment to discuss the recent settlement agreement announced by the National Association of Realtors (NAR).

Last week, NAR unveiled a settlement agreement in the Sitzer Burnett case, set to take effect in July. For those seeking a deeper understanding of this settlement, I’d recommend reading this opinion piece in the Sarasota Herald Tribune, debunking the myths surrounding the agreement and offering a comprehensive explanation.

One of the significant aspects of this settlement revolves around commission rates.

With the new NAR rules, the buyer’s agent commission can no longer be posted in the MLS. Instead – buyer commission will be negotiated between agent and buyer and/or between seller and buyer’s agent. Listing agents can advertise the co-broke fee – it just cannot be advertised in the MLS anymore.

Throughout my 19 years in the industry, I’ve witnessed commission rates ranging from 5% to 7% of the total sales price. However, it’s crucial to note that the agent doesn’t pocket the entire commission; it’s divided between the listing agent, listing agent’s broker, buyer (selling) agent, and buyer (selling) agent’s broker.

What the headlines fail to mention is the real value that agents provide; helping clients successfully navigate one of life’s most expensive and impactful transactions by providing invaluable advocacy, support, and expertise.

The value of a real estate agent goes far beyond simply facilitating the buying or selling of a property, it’s understanding our clients’ needs and priorities and providing personalized service and support, to help ensure a successful outcome for every transaction.

There is no one better equipped to help understand the true current and future value of a property. While the typical buyer may encounter the various steps of a real estate transaction only a few times in their lives, as agents we encounter them on a daily basis.

I have been actively selling real estate since 2004 and have the experience to confidently guide buyers and sellers through every step of the transaction. Experience matters! It’s almost two decades of honed expertise, market exposure, negotiation skills and the ability to understand the nuances of real estate.

What are your thoughts on the NAR Settlement?

As we navigate through these changes together, I invite you to join me in discussing these issues. Whether you’re a client, neighbor, or fellow real estate professional, your insights are invaluable as we strive to adapt and thrive in an ever-evolving industry.

Warm Regards,

Jeannie

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