Multi-million-dollar settlement could change how real estate agents get commission – KOCO Oklahoma City

Buyers and sellers can now more easily negotiate commissions on home sales, which are now typically 6%
Buyers and sellers can now more easily negotiate commissions on home sales, which are now typically 6%
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Buyers and sellers can now more easily negotiate commissions on home sales, which are now typically 6%
A multi-million-dollar settlement could change how real estate agents get their commission, and it could mean big savings for home buyers.
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The settlement with the National Association of Realtors is expected to shake up the housing market. Buyers and sellers can now more easily negotiate commissions on home sales, which are now typically 6%.
“What this will do is empower consumers who are buying their home to feel more comfortable in discussing those compensation offers with their realtor,” said Emilykaye Mitchelson, the president for the Oklahoma City Metropolitan Associations of Realtors.
She said the proposed rule change is good for buyers and sellers.
“What services, specifically, will that realtor provide for them? From just limited services, like opening a home, or a full range of services, including helping to coordinate closing services, inspectors,” Mitchelson said.
The changes came after multiple class-action lawsuits brought on behalf of home sellers across the country. The National Association of Realtors agreed to the changes as part of the settlement.
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“This gives realtors an opportunity to prove their value,” Mitchelson said.
Mitchelson said this will change how realtors operate, but it is an opportunity to grow.
“Take a deep breath. Talk to your broker. Learn what the ruling says,” Mitchelson said.
The changes are not expected to take effect until later this summer.
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