In this podcast, Mark from CenterCityCondos.com at BHHS Fox & Roach Realtors discusses the ramifications of a recent lawsuit that the National Association of Realtors has settled and its potential to fundamentally alter the real estate industry starting in July. This podcast touches on the uncertainties around commission procedures, the implications on realtors and buyers, and a forecast of future industry changes.
Mark breaks down the lawsuit results and dives into two crucial outcomes. Firstly, a selling agent can no longer disclose in the Multiple Listing Service the commission a buyer broker will get if they sell a property. Secondly, a buyer broker must secure an agreement on their commission from a buyer before beginning the property search process. He anticipates that these changes will lead to a decrease in the number of Realtrors due to the high costs associated with being a realtor.
Mark also examines potential strategies for buyers and sellers amidst these changes. He suggests some buyers might ask for property rebates to cover their agents' commission costs and anticipates a rise in popularity for open houses. He also foresees a potential shift in the selling paradigm if sellers opt not to pay a buyer's agent's commission.
Looking ahead, Mark predicts that buyers could increasingly hire transactional agents that provide limited representation to help navigate the home buying process, and charge a percentage of the sale price. He also sees potential for real estate commissions to decline, with realtors possibly taking on more roles for less commission. Mark also theorizes about the negative impact on property values if condos stay too long on the market due to commission changes.
Mark acknowledges the real estate industry's future remains uncertain and commits to provide ongoing updates. He wraps up by opening the conversation to listener feedback and thoughts on the evolving landscape.
Center City One Condos at 1326 Spruce St.
The Residences at The Ritz Carlton - 1414 Penn Square
The Philadelphian at 2401 Pennsylvania Avenue
1903-05 Green St. #3
The Belgravia Condominiums in Philadelphia
Locust Point Condominiums
Hopkinson House Condominiums
Hawthorne Loft Condominiums
Fitler Square Philadelphia
Rittenhouse Square Area Condos
Washington Square West Philadelphia
Old City Philadelphia
2015 Philly Condo Market Overview
Tax Abatement Questions
Why we Love Waterfront Square
Moravian Condominiums Unit 205
2015 Philly Condo Market Forecast
Ten Rittenhouse Condos Philadelphia
The Ritz Carlton Condominiums Philadelphia
The Murano Condos at 2101 Market St. Philadelphia
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
The Ramsey Show
Planet Money