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recent survey of 516 US real estate agents reveals a mixed reaction to the commission structure changes implemented last month following a lawsuit against the National Association of Realtors (NAR). Despite growing acceptance, most agents remain apprehensive about industry-wide repercussions. The settlement shifted responsibility from sellers to buyers to compensate their own agent.

    The majority of agents surveyed (64%) still oppose the recent changes, with nearly half (48%) reporting a more pessimistic outlook on their career since the settlement was approved. Agents used words like "confused" and "worried" to describe their feelings about the settlement.

    Most agents predict a negative impact on the industry (72%), while only 20% expect a positive outcome. A significant majority of agents (76%) believe the changes will negatively affect first-time home buyers, although 53% of overall buyers surveyed support the settlement. Homeowners and potential buyers are more divided, with 67% supporting the changes but only 26% admitting to having a strong understanding of the lawsuit.

    The survey also found that most homeowners (79%) and buyers (71%) believe real estate agents should disclose their commission rates upfront. A majority of homeowners (57%) and buyers (59%) support government regulations of commission rates. In response to these changes, 83% of agents plan to experiment with new business strategies, including avoiding working with sellers who do not provide concessions for buyer agent fees.

    The full report is available at https://listwithclever.com/research/realtor-commission-changes-2024.