September 30, 2024

New Real Estate Commission Rules

What It Means for Home Buyers and Realtors.

The real estate industry has undergone a significant transformation with the introduction of new rules governing real estate commissions, effective August 17, 2024. At Napolitano Homes, we’re committed to transparency and ensuring our clients benefit from this change.

 

The Law Change Explained

Historically, sellers typically paid the buyer’s agent commission, ranging from 2.5% to 3% of the purchase price. However, the new laws bring significant changes:

  • Buyers must sign a written agreement with their agent before viewing homes, outlining compensation terms.
  • Agents cannot advertise commission offers on Multiple Listing Services (MLS).
  • Sellers can choose to pay the buyer’s agent, but are no longer required to do so. This means that if the seller or listing agent doesn’t pay the buyer’s agent commission, the buyer is responsible for paying it.
  • Buyers may need to negotiate directly with their agent regarding compensation.

 

Napolitano Homes’ Commitment

At Napolitano Homes, we’re dedicated to maintaining our tradition of paying the buyer’s agent commission at 3%. This commitment benefits both our clients and partnering realtors by:

  • Shouldering the cost, ensuring our buyers don’t face additional expenses.
  • Providing partnering agents with fair compensation for their services.

 

Benefits for Realtors and Buyers

Our continued practice of paying the buyer’s agent commission offers several advantages:

  • Realtor Benefits: Partnering agents receive fair compensation, encouraging referrals to Napolitano Homes.
  • Buyer Benefits: Homebuyers avoid shouldering the buyer’s agent commission, reducing upfront costs and making homeownership more accessible.

 

What This Means for You

If you’re considering purchasing a home from Napolitano Homes, rest assured that our commitment remains unchanged. You’ll continue to benefit from:

  • Seamless and cost-effective buying experience.
  • Partnerships with top realtors.
  • Transparency and fairness in real estate transactions.

 

At Napolitano Homes, we prioritize customer satisfaction and adapt to evolving industry practices to better serve our clients and partners.