Will Sellers Still Offer a Buyer's Agent Commission?
Tracy’s Real Estate Talk~ Episode 266
The recent NAR settlement has changed the way buyers will purchase property in the future. The most significant change is the decoupling of commissions for each broker. But does this mean one broker won’t earn a commission for the job they perform? Absolutely not.
First of all, a seller has never been obligated to pay anyone a commission to sell their home. However, most sellers recognize the advantage of not having to manage the complexities of the transaction themselves and opt to hire a professional.
Both buyers and sellers have always had the right to buy or sell on their own, without offering any commission to an agent. Furthermore, the amount of commission has always been negotiable and will continue to be so.
However, most sellers choose to invite buyers’ agents to bring their most qualified buyers to view their home and hopefully place an offer to purchase it. They understand that increased exposure often leads to a higher selling price. Sellers will realize that not offering a commission to an agent to bring a buyer is crippling their own marketing plan.
No one works for free, and the truth is that buyer agents work very hard. It is not an easy job, and sometimes it takes years to find the right property for a buyer; it is not a simple ‘one and done’ situation.
Even if a seller chooses not to offer a credit to the buyer for their agent’s commission, the buyer may request it and make it a condition of their offer. Therefore, it is likely that every offer a seller receives will include a request for a concession to pay for the buyer’s agent commission.
Whether you are thinking about buying or selling, give me a call. Let’s discuss your options and find what works best for you.
