Changes To Real Estate Commission Fees Explained

By Travis Bard

We have a simple goal - impact the lives of our clients and change the lives of our agent partners. The PLACE.com business platform allows us to do both and we could not be more excited about the future.

Are you aware of the recent changes in the housing industry? There’s a lot of discussion in the industry and among the public about changes in real estate, particularly regarding compensation for buyers and sellers. I will discuss the key changes affecting your transactions when buying or selling a home moving forward.

1. Buyer-Broker Agreements. Buyers must have a Buyer-Broker Agreement with an agent to view a home. Refusing to sign an agreement with your agent means you won’t be able to view homes you might be interested in. This was not mandatory before so it will take some time to adjust to it.

2. Compensation and concessions. Sellers need to have a slightly different conversation with their agents about how to structure compensation. This includes whether you will or will not offer concessions or compensation to the buyer’s agent. We should have a one-on-one conversation to understand your situation better and give more personalized advice.

3. Forms. Arizona Association of REALTORS® revised some forms released in August, so make sure you use the new ones to avoid stress and delays in your transactions.

These changes are new, and we’re continuously learning about them to make the process easier for all of us. It’s best to have these discussions in person so we can share information with you and answer your questions.

Our goal remains the same: to serve you professionally and provide the best service possible, whether buying your dream home or selling your property for top dollar. If you have plans to buy or sell your home, let’s schedule a time to discuss your situation. You can contact us at (928) 710-7007 or email me at travis@legacyren.com. I look forward to talking to you soon.