DAVENPORT, Iowa (KWQC) – Changes are coming to the real estate market Saturday.
Justin Landwehr, a Real Estate Agent with Navigate Realtors in the QCA, joined Quad Cities Today to chat about the upcoming changes.
The changes in the market stem from a $418M settlement.
“There was a suit filed against the National Association of Realtors, they settled. That proposed settlement should be finalized, we hope, by November 26th,” Landwehr said. “Some new changes roll out for […] realtors across the Quad Cities. Promoting more transparency on how realtors get paid and what services they’re offering to their clients.”
With changes coming for realtors, Landwehr explained how consumers will be affected as well.
“The biggest change for consumers is on the buyer side,” Landwehr said. “Most buyers now will be signing a buyer agency agreement with their realtor.”
Another adjustment in the process is the transparency on how commission is paid.
“A lot of the time buyers don’t know how an agents paid,” Landwehr said. “But now it will be laid out in that buyer-broker agreement. The biggest change is just that agreement and showing where that commission is going to come from and how people like me get paid.”
With these changes going into affect Saturday, consumers may now be more in the know about the realty process.
“I think it is good to be transparent with the consumers and let them know how things are going to go through the transaction,” Landwehr said. “Before it was kind of unknown how buyers’ agents got paid until the closing table. Now we’re just being much more upfront with that. I think it’ll actually help inform the public overall – I hope that’s the intention of it anyway.”
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