How the NAR proposed commission settlement will impact consumers

Posted by Dan Miller, REALTOR on Tuesday, March 26th, 2024 at 5:41am.

You may have heard about the recent National Association of Realtors settlement related to buyer brokerage services and compensation. Although we have more to learn about exactly how business practices will change in the future, we do anticipate a few clear changes for consumers. 

On the plus side

We believe we'll see a variety of business models and compensation models emerge from the settlement, and consumers will ultimately have more choice. In the new landscape, the settlement will require many agents to do a better job of demonstrating their value proposition -- or face leaving the field -- which should help to elevate the profession.  

On the down side 

The home buying process in many cases will become more complex, not easier. And the new rules unfortunately will make it harder for many first-time home buyers and buyers with limited incomes to compete. Also, we believe we'll see a rise in buyers who purchase a home without any representation, which will expose more buyers to more risk. 

The good news for you

At Mad City Dream Homes we have always made buyer representation, advocacy, and negotiation our top priorities. And we have always loved serving first-time home buyers. And although we'll be adopting a few new procedures in accordance with the agreement, our core beliefs, practices, and service model won't be changing at all. 

If you're planning to buy or sell a home in the near future, you're likely to have questions. Please feel free to reach out to your Mad City Dream Homes agent with any questions or concerns you may have. We'll be happy to share everything we know and discuss the nuances of the agreement with you.

Until then, we wish you and yours a happy spring :)

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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