S
eptember marks a new era for real estate professionals as they navigate post-settlement changes in commission rules. To gauge the impact and gather insights, top agents across the country shared their experiences and strategies.
Buyer agents are facing significant transformation, with companies stepping up to provide support and guidance. Laurie Weston Davis, CEO of Better Homes and Gardens Real Estate Lifestyle Property Partners, notes that her company has been preparing for this outcome for years. They've implemented a system where buyer agents present a request to sellers for compensation, which is then negotiated.
Anthony Malafronte, team owner at My Tampa Agent @ REAL Broker LLC, emphasizes the importance of establishing value with buyers through formalized buyer-broker agreements (BBAs). This adds layers of protection and clarity but requires more time and effort. He notes that the increased focus on transparency and technology-driven options has led to a shift in client expectations.
Jennifer S. Goodman, Realtor at REAL Brokerage LLC, highlights two key changes: decoupling compensation and requiring buyer representation before entering properties. She stresses the need for patience and understanding among professionals as they adapt to new processes.
Christian Harris, managing broker of Sea-Town Team | Brokered by ΓEA⅃ Broker, recommends that agents print out and bring a copy of the buyer's agency agreement to open houses in case they acquire a new buyer client. He frames this requirement as setting expectations for buyers about agent compensation.
AnneMarie Janni, team leader at Element Realty Group @ Allen Tate Realtors, emphasizes the importance of transparency and upfront communication. Her team has shifted to mandatory buyer consultations and written agreements before showings, which she describes as a "real estate prenup."
Sarita Dua, The AskSarita Team powered by PLACE at Keller Williams Sunset Corridor, notes that her team has always used buyer-broker agreements, so their workflow changed little. She sees the changes as an opportunity to articulate value to buyers and believes it will lead to better client representation.
Kristina Cusick, 2024 President of Greater Baton Rouge Association of Realtors, credits her association's leadership team for ensuring members were well-educated on the practice changes. Members have reported no issues in getting buyer agreements signed, and transactions are closing smoothly.
Stacie Staub, CEO of West + Main Homes, reports that her agents are thriving with the new contracts. They've prepared extensively through training and workshops, and their rules include guidelines for publishing compensation information and avoiding steering or collusion.
