top of page
  • Writer's pictureDonna Piergies

The "C" Word

No, not that word! I’m talking about commissions!

If you haven’t been following along, a lawsuit involving the National Association of Realtors and commissions has recently been settled (subject to court approval). Plaintiffs in this case argued that commission rates were fixed and that sellers shouldn’t have to pay Buyer’s Agents’ commissions. In the settlement, parties agreed that offers of compensation to Buyer’s Agents will no longer be listed in the MLS beginning in July. Yep, you read that right. It's like major real estate plot twist! But what does that mean exactly?

Well, for starters, sellers can still offer commissions to Buyer’s Agents, but they can't talk about it anymore on the MLS. That means buyers and their agents will have to get a bit more hands-on and negotiate any commissions they want paid by the seller ahead of time. One big thing to note, however, is that sellers can still offer buyer concessions on the MLS. So, moving forward, you may see a lot more remarks like “Seller is offering a 2.5% concession to the buyer.” in property listing descriptions. The buyer could use that 2.5% for their closing costs or to pay their agent.Additionally, also starting in July, if a buyer wishes to work with a Buyer’s Agent, they must have a signed Buyer’s Brokerage Agreement before viewing any properties. Some states have already had this requirement, but it has been optional in Nevada. That will soon change. This summer you’ll need a signed agreement in place. Think of it like laying down the ground rules before house hunting—what can both parties expect of each other.

I know change can be a bit daunting. As humans we are creatures of habit, but we will adjust to the new real estate norm. As more information about the settlement and policies come out, we will keep you informed. It’s our goal as your Realtor to ensure you are knowledgable about what’s happening in the real estate market and industry. So, sit down, buckle up, and let’s go!



bottom of page