The change in how commissions are priced, set to take effect nationwide in mid-July, is the result of a recent landmark settlement by the real estate industry's largest trade group to level the playing field for buyers and sellers to negotiate lower rates.
To survive in this new paradigm, agents may need to work harder to justify their rates by honing their expertise or offering new services. On the flip side, more could start offering flat fees, or discounted rates for basic services such as writing up a contract.
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