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On Aug. 17, rules surrounding real estate commissions are set to change thanks to a legal settlement between the National Assn. of Realtors and home sellers. Proponents hope the new rules will ...
Realtors across the country are bracing for a seismic shift in the way they do business. Starting August 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and ...
“Overall buyer-agent commissions have barely budged since new real estate commission rules went into effect on Aug. 17, though they have come down a bit since the rules were announced nearly a ...
The governor said in a written statement, "It's consistent with California's progressive fiscal values, it will exempt small businesses and residential property owners, it will fund essential services such as public schools and public safety and, most importantly, it will be decided by a vote of the people."
The Real Estate Commissioner is appointed by the Governor, and serves as the chief executive of the Department of Real Estate. [4] Chika Sunquist was appointed Commissioner of the California Department of Real Estate (DRE) by Governor Gavin Newsom on November 28, 2023, and she assumed office on January 3, 2024. [5]
Rhonda Burnett, the lead plaintiff, testified about her experience with a real estate agent from HomeServices of America subsidiary ReeceNichols. According to Burnett, the agent gave her a contract to sign with a commission rate of 6% already filled in, and she was told that the rate was non-negotiable. [12]
The researchers found that a commission cap would help reduce prices for homebuyers and sellers, but at the same time, a commission floor would be needed to support low-value housing sales.
Technically, real estate commissions have always been negotiable. Practically, though, agents are more skilled at negotiating than their clients, and commissions have clustered in the range of 5 ...