"Everyone expected a race to the bottom, said Douglas Elliman's Frances Katzen, referring to the impact of the lawsuits and subsequent rules decoupling commissions. Instead, you're seeing a flight to quality."
"While the policies have had little effect on commission rates, Katzen said, they have forced agents to have more direct conversations with their clients, instead of relying on industry conventions."
Commission rates for real estate agents in New York City have remained stable at approximately 5.7 percent, despite antitrust lawsuits. The average commission is split between listing brokers and buyers' agents, with rates consistent with national averages. The survey data, based on 500 agents, does not fully represent New York City’s diverse market. Changes in policies have not significantly impacted commission rates but have encouraged more direct communication between agents and clients, moving away from traditional practices.
Read at therealdeal.com
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