Platinum Real Estate breaks down the new rules for selling a home—and commissions are affected

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By Patricia Nugent

In March, as part of a landmark legal settlement, the National Association of Realtors agreed to settle a lawsuit by paying $418 million in damages and a requirement that multiple listing data services do not make mandatory a “field” stating how much, or if any compensation to an agent representing a buyer, will be paid or offered by the “listing brokerage”.

With the deadline for new contracts to be in place by Saturday, August 17, I caught up with Denise and Mark Zervos, founders of The Neighborhood Experts at Platinum Real Estate, for a little explanation on what this means to home sellers.

“Even though the spirit of the NAR settlement was supposed to provide transparency, it actually hasn’t,” she says. “In reality, commissions have always been negotiable. Removing the language from the MLS does not prohibit a seller from offering incentives, or concessions, to maximize their net profits We’re finding local MLS boards are interpreting this already vague instruction and are left to make their own dos and don’ts. It’s a little like the Wild West.”

With the guidelines of the settlement, now if an agent is showing a house, before they walk over the threshold, they must have the person sign a representation agreement that they will work with them going forward.

“That’s like walking into a car dealership and having the salesperson tell you that you have to sign a loyalty agreement before taking a test drive,” she says. “It’s bananas.”

In the long run, since the real estate agents who work with Denise at Platinum have decades of experience, she trusts the ruling won’t affect their level of professionalism and service.

“Everyone on our team is a skilled negotiator to be sure the terms and conditions are suitable in a sale to the party we represent, and that all details commensurate with the purchase price,” she says. “ I live here. This is my home. I was raised by hard working parents who taught me by example to build a business that focuses on customer service for the betterment of our neighbors, friends, and community. I married a man that has faith that one wins in life by helping others. I maintain that the firefighter, the business owner, the teacher, the doctor, the veteran, and those on a fixed income, deserve to buy or sell a home with confidence in their decision and the process. I will stand by them and serve regardless of the method of how I am paid for my services, because I believe in homeownership and the path to getting there.”

Platinum Real Estate has offices in Ohio, Florida, South Carolina and Tennessee. To get more information, call 216-990-2100 or 440-974-SALE or visit NeighborhoodExperts.com.

Categories: Professional Services