Key Changes for Buyers and Sellers of Condos in Florida
1. Commission Payments No Longer Split Automatically: Traditionally, sellers paid a commission that was split between their agent and the buyerโs agent through the MLS (Multiple Listing Service). Under the new rules, this automatic split is eliminated. Sellers are no longer required to pay the buyerโs agent commission unless explicitly agreed upon outside of the MLSโ.โ.
2. Written Agreements for Buyers: Buyers must now enter into written agreements with their agents, specifying the commission and services provided. This ensures clarity and prevents misunderstandings about the costs and responsibilities involvedโโ.
3. Negotiability and Transparency: Commissions are now fully negotiable between the parties involved. This change aims to foster a more competitive environment where agents need to clearly demonstrate their value to clients. Sellers and buyers can now negotiate commissions that align better with their budget and service expectationsโ.
4. Impact on the Market: These changes could lead to reduced overall commission costs and potentially lower home prices, as the burden of paying both agents’ commissions is lifted from sellers. However, buyers need to be prepared to cover their agentโs fees directly.
Conclusion
For sellers, these new rules present an opportunity to negotiate commissions more effectively and potentially reduce costs. As Rick Houston, ABR, MRP, a real estate advisor with RE/MAX Aerospace Realty, I offer comprehensive services tailored to your needs, ensuring transparent and competitive commission agreements. Contact me today to learn how we can achieve your real estate goals together.