Sometimes, I have to laugh at how small our worlds can be. For agents and investors, there has been lots of talk about the new NAR rules regarding commissions for agents. If you aren’t an agent, you probably aren’t privy to some of the chatter between licensees, and that has been more than comical. I’ve heard everything from unbelievable hubris to complete ignorance about how the changes will or will not affect people’s livelihoods.
The funny thing is, most of the public hasn’t heard anything about these changes. They don’t know how commissions are currently paid, and they aren’t thinking about it now, either. They just want to buy and/or sell their home and know they need help to do it.
I’ve spoken to dozens of new clients about this over the last few weeks, and most of them shrug it off and tell me that they haven’t heard about any changes and will just pay whatever fees we agree to, exactly as they had expected to in the first place.
What’s Going On?
As for those of us in the real estate world, ostensibly, you’ve at least heard rumblings about changes regarding compensation for agents, but nearly every news article, blog, forum, and social media post I’ve read has conveyed a solid lack of comprehension regarding what is actually changing. If you aren’t sure what the deal is or what has or has not changed, I’ll explain.
Regarding commissions, how much they are, and who pays them, literally, nothing is changing. I know—you were going to sell your property and are all excited because you don’t have to pay a buyer’s agent any longer. Guess what? You never had to pay a buyer’s agent.
As a buyer, you might have been having a mild…