Changes to the MLS Rules

This is a special message because there have been some recent changes in real estate and how real estate agents are compensated in the market. The Seattle Times did an enormous expose recently on how things are going to change. As of October 1, we’ve seen some adjustments to the northwest MLS rules. 

First, you’re going to see commission rates now posted online. So, you will see whatever the seller is going to offer the buyer’s agent. You're now going to know what your real estate agent is making. This means there’s going to be some further transparency in the process. Now there will be no questions about who is paying for what. I don’t believe this is a very big deal, because I think most people know what a real estate agent is making already—that’s pretty common knowledge. 

The second rule change is the bigger one and will cause more conversation: The seller is no longer obligated to pay a buyer’s agent a commission. That sounds like a wonderful thing—it sounds like a seller could be saving money on their real estate transaction—but my personal opinion is that there are very few people that are going to be testing this right away. Because if you have a property to sell, we’re in more of a flat market right now, and you're going to want to open it up to everyone.

These are the two major changes to the MLS, but there’s much more. If you have any questions you can come directly to me. I’d be happy to run you through some scenarios. Feel free to email or give me a call about this or any other real estate topic.