One of the biggest changes ever to the residential real estate market is slated to go into effect on Saturday.
In March, the National Association of Realtors finalized a landmark class action settlement for $418 million, which will remove rules on sales commissions for brokers and agents.
Starting Saturday, the standard 5% or 6% starting commission sellers usually pay will no longer exist. Agents can negotiate with the seller for their rate. Some experts predict commissions will fall to 4%. This is a massive change for agents, brokers, and Realtors who will no longer be subject to receiving an automatic commission payment for selling a home.
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