The changes upend more than a decade of industry procedures and could impact how real estate agents have traditionally been paid. It could also open up more opportunities for homebuyers and sellers.
As a seller I’ve always questioned why the seller is on the hook for the full broker fee.
Both buyer and seller avail themselves of broker services. It only seems fair that the buyer pay the listing agent’s fee and the seller pay the buyer agent’s fee. The trick will be changing the mindset of buyers who have historically not had to pay a broker fee AND agents long accustomed to the current system.
Perhaps fee negotiation or a sliding fee scale might result. Who knows?
Traice
1 year ago
Plain and simple, although the % will no longer be published, realtors will know by word of mouth. If you don’t play their game with 2.5 – 3 5, they will not show your house. Nothing will change.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
As a seller I’ve always questioned why the seller is on the hook for the full broker fee.
Both buyer and seller avail themselves of broker services. It only seems fair that the buyer pay the listing agent’s fee and the seller pay the buyer agent’s fee. The trick will be changing the mindset of buyers who have historically not had to pay a broker fee AND agents long accustomed to the current system.
Perhaps fee negotiation or a sliding fee scale might result. Who knows?
Plain and simple, although the % will no longer be published, realtors will know by word of mouth. If you don’t play their game with 2.5 – 3 5, they will not show your house. Nothing will change.