The Residential Real Estate Industry Is Getting an Overhaul on Saturday — Here’s What to Know

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.

Related: Barbara Corcoran Sounds Off

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