Kevin Sears
speaker
26 appearances
2 recordings
2 series
first heard Jan 2025
last heard Apr 2025
Kevin Sears’s voice in public audio — every appearance, attributed to the second.
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Appearances
We do believe that the practices were legal, meaning that they were allowed by the law. But with that said, we did agree to make some practice changes. There's two major components to the practice changes. The first has to do with the multiple listing service. There will no longer be allowed an offer of cooperating compensation displayed on the multiple listing service.
With that said, offers of compensation can still be made off the MLS. The second big change has to do with buyers. If buyers want to tour a home, they can expect to have a written agreement presented to them where it will spell out the services that will be provided by the realtor and the fee that that realtor will be looking to get paid.
The seller may still offer compensation to their agent, but what the buyer will need to understand is that if the seller does not offer compensation, does not offer the amount that is in their agreement, the buyer will have to come to the closing table with extra money to pay for their representative.
I do think there may be a little time of a learning curve for agents that are not used to having to present a written agreement to a buyer. What I can tell you is that on the sell side, the seller is going to have a professional representative and the conversation is going to be very, very similar to how it's always been.
They're just going to make sure that they clearly explain about the compensation for the buyer's agent and the fact that commissions are negotiable.
This is just giving our members a great opportunity to have those extra conversations with the consumer up front about what they can expect in the buying process, what services and expertise and value the realtor will bring to the transaction, and how much they are looking to get paid and how they will get paid.
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