DAYTON — Changes are coming to the real estate process.
As reported on News Center 7 at 6:00, starting Saturday, those looking to buy or sell a home will have more opportunities to negotiate.
For years, buyer agents would enter a cooperative compensation agreement, meaning the buyer’s agent would know what percentage of the total sale price they would get before starting the process.
Now things are changing to become more transparent with buyers and sellers.
News Center 7 spoke with the Dayton Relators Association about what people can expect.
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“Now buyers and sellers are going to have to negotiate directly with their agent on what that compensation looks like,” Former President of the Dayton Relators Association Greg Blott said.
Blott said technically this has always been the case, but there’s been expectation of a 6% commission rate split between the buying and selling agent.
“That’s all going to change because there’s not going to be a perception that commissions should be ‘X’ percent. It never has been that way and never will be that way. They’ve always been negotiable,” he said.
This process now requires buyers and sellers to learn more about the process and spend time finding an agent that works for them.
“The complexities within the transaction are so detailed today. You really need somebody to help you navigate through all those processes,” Blott said.
Buyers looking to privately tour a home will need to enter an agreement with an agent beforehand. But, those looking to buy can participate in open houses without entering an agreement.
We will continue to follow this story.
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