Realtor weighs in on potential rule change for commission

Real estate agent and broker Sophia Barry based in Shorewood said she heard about the major settlement Friday morning. She owns Sophia Barry Realty Group.

"I'm not panicking at all,” Barry explained.

The National Association of Realtors, the largest trade group in the nation agreed to pay $418 million to settle class action lawsuits over broker commissions. As part of the settlement, they admit to no wrongdoing.

Commissions are typically up to 6% of the purchase price.

"We're very used to that kind of generic concept of a co-broke commission being right there listed on a listing and that's going to go away,” Barry explained.

Sellers, home buyers, and agents would be able to negotiate fees upfront.

A practice Barry really believes in. "I've always made it a point to have conversations with my clients on both sides, seller and buyer negotiate my commission. Make sure that they understand what's going into it. And how I'm working for them to earn that.”

However, she says larger firms typically don't budge on the percentage. "It's an unspoken best practice to do a certain rate."

Barry said we could see some buyers and sellers not hiring an agent. Something she doesn’t recommend.

Read the full story: https://www.tmj4.com/news/local-news/local-realtor-and-broker-weighs-in-on-potential-rule-change-for-commission

----

TMJ4 News in Milwaukee, Wisconsin is your source for local breaking news, in-depth investigations, the latest weather and traffic, and livestreams on news happening right now.

Subscribe to the TMJ4 YouTube channel:

/ @tmj4

Watch 24/7 TMJ4 live coverage here: https://www.tmj4.com/live

Download the TMJ4 app: https://www.tmj4.com/apps

Sign up for the TMJ4 Newsletter: https://www.tmj4.com/newsletters

Watch more TMJ4 on YouTube:

/ @tmj4
On The Go with James Groh: https://on.tmj4.com/3V1oLvH
Milwaukee Tonight: https://on.tmj4.com/3UZroya

Тэги:

#tmj4

Скачать видео