NWMLS has introduced changes aimed at ensuring transparency in real estate transactions by mandating early disclosure of referral fees that brokers may pay or receive. This allows buyers and sellers to make informed decisions when selecting a broker, as referral fees can influence negotiations and the overall commission cost. The need for such transparency has been highlighted by industry experts, with concerns that many consumers were previously unaware of these fees and their potential impact on transactions. The initiative has been well-received by advocates for consumer rights in real estate.
"Disclosure of referral fees at the outset of the broker's engagement with a buyer or seller, rather than at the closing or sometimes not at all, is essential..."
"But here we are now where agents and consumers have to talk about fees and negotiate them, and I think consumers are aware that they are on the hook for this money..."
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