New Real Estate Commission Laws

[Lisa Oliver]

In dealing the new Real Estate Commission Law now in play.....Is anyone else getting Engagement Contracts sent to them stipulating exclusivity and buyer-responsible commission terms?...one that was sent to me says I'm responsible for paying 3%. 

How are you dealing with this? Are you forgoing realtors all together or negotiating better terms? I have never had to sign something like this and I don't like being tied down to one realtor. What are you all doing about this?

[Russell Brazil]

While this is new for 32 states....this was already the case for 18 other states plus DC. Everyone in those 32 states that didnt require this will get used to it soon enough.

[Jack Seiden]

Quote from @Lisa Oliver:

In dealing the new Real Estate Commission Law now in play.....Is anyone else getting Engagement Contracts sent to them stipulating exclusivity and buyer-responsible commission terms?...one that was sent to me says I'm responsible for paying 3%. 

How are you dealing with this? Are you forgoing realtors all together or negotiating better terms? I have never had to sign something like this and I don't like being tied down to one realtor. What are you all doing about this?

While I’m no fan of realtors, and think they are often overpaid and under qualified, the idea about not being tied down is one of the dumbest compliant’s, in literally every other line of work, you get tied down, go hire a lawyer, you pay them by the hours, go hire a doctor you pay them by the hour, and you are not being tied technically, you could agree to pay two agents out of pocket, but of course no one does this for the same reason no one pays two lawyers.