WSB Now
ATLANTA — Across the country, changes to realtor commissions could be on the way if a judge approves a settlement involving the National Association of Realtors.
The change in the ability to negotiate has been standard for years in Georgia, but we could still see changes.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
For decades, CEO of Atlanta Fine Homes David Boehmig has been at the helm of one of Metro Atlanta’s largest real estate companies.
“Georgia has had the ability to work on both sides of the transaction for over 30 years,” said Boehmig.
Now, the rest of the country could see what is standard here in Georgia, if a judge approves a settlement agreement between the National Association of Realtors and plaintiffs.
The deal would end the practice of sellers paying both their broker and the buyer’s broker. It’s a cost that was included in the home price and passed on to the buyer.
But realtors and brokers say they will encourage sellers to continue to pay for the buyer’s broker.
“I can’t attract other clients, other customers through other agents if we don’t pay the other side something, so we have to pay them something that is reasonable, let’s come up with a price,” said realtor Tim Lennon.
“I think buyer agents bring a very important aspect to the transaction and help keep the transaction together,” said Boehmig.
With years of experience, Boehmig believes not much will change in Georgia.
“The demand for homes even in this market in the middle of March as we speak is very strong and so I don’t think these changes, when they start to take effect in July, are going to have a material impact on prices at all,” said Boehmig.
TRENDING STORIES:
“I think ultimately what will happen is there will be some language that will change, there will be more clear that this is what I’m doing for this amount of money, the transaction already includes that in the price we will end up with,” said Lennon.
Buyers are hopeful that with the knowledge they negotiate, they can reduce the cost. But brokers warn that without sellers paying commission for their broker and the buyer, this could make it harder for some.
“It’s already expensive to buy a home. First-time home buyers have to pull together a down payment and closing cost and such, I hope this doesn’t limit their ability even further by thinking they have to come up with a commission on their own,” said Boehmig.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
IN OTHER NEWS:
Abandoned cemetery in southeast Atlanta draws complaints from residents
©2023 Cox Media Group
© 2024 Cox Media Group. This station is part of Cox Media Group Television. Learn about careers at Cox Media Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices.
