New real estate rules changing the way homes are sold

WICHITA, Kan. (KSNW) — New real estate rules went into effect this weekend, and they are changing the way homes are sold.

The rules stem from a $418 million settlement with the National Association of Realtors earlier this year. The federal class-action lawsuits claimed that homeowners were being forced to pay artificially inflated real estate agent commissions when they sold their homes.

The main change is that when a home is sold, the seller doesn’t automatically pay both the listing agent and the buyer’s agent. Instead, the seller can choose whether to pay the buyer’s agent at all.

That means the buyer could be responsible for paying the commission to the buyer’s agent if they decide to buy a home where the seller refuses to pay the buyer’s agent.

One agent who declined to go on camera said how buyer’s agents get paid will be determined case-by-case.

When there is a seller who chooses not to pay their agent, the buyer’s agent has to work out a deal with the buyer.

Another real estate agent says the process will take some getting used to.

“It’s gonna be more paperwork to have to have that agreement every single time that we show a house right now. I think it’s just more education,” said Wichita realtor Lesley Perreault.

Both real estate agents say that, realistically, to stay competitive, sellers will still need to offer to cover the fees for the buyers’ agent.

The agent said he’ll continue to operate normally, offering the buyer’s agent a 3% commission and keeping 3%.

Both agents hope people will adapt quickly to the changes. They say the industry is always changing, so agents have to adapt constantly.

Other changes include not including buyer’s agent commissions in listings and allowing buyers to negotiate directly with agents regarding commissions.

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