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The Big Buy-In

By Erik Petersen

Top local realtors

weigh in on

commission changes

roposed changes in real estate could alter the way “The headlines are a lot worse than the story,” luxury
buying a house works in the US. But according to top specialist Tim Singer said. “Our whole industry is based on
Plocal real estate pros, the changes aren’t a catastrophe realtors cooperating with each other. There’s always been an
and could bring about positive change. offer of compensation of some kind, and now it’s being better
explained to the sellers.”
The mid-March headlines sounded earth-shattering: a
$4m-plus settlement bombshell was going to change the way Singer has been in the South Florida real estate business since
real estate is done in the United States. 1987; like other well-known local real estate professionals,
he’s seen others not make it in the business. He reckons that
The topline news was indeed big. The National Association
of Realtors agreed to pay $418m to settle lawsuits around could happen again.
the way commissions are handled. The specifics can get “The qualified, experienced people will stay,” he said. “We’ve
a bit technical, but the main changes are straightforward. seen cycles before where people run to the business, find out
Listings on multiple listing services (MLS) can no longer offer it’s not so easy and run away. There’s always places where
“ The headlines are a lot worse than the story ”

to compensate buyer’s agents, and buyer’s agents will need there’s some abuse in business. This is maybe cleaning up
to enter into written agreements with clients before doing any some of that, and good. That’s the positive here. I do believe
work. The settlement must still be approved by a judge. the headlines were overly dramatic.”
Real estate experts, consumer advocates and other have Jody Lewis of Douglas Elliman Real Estate plans on conducting
debated what all it could mean and what changes it could business as she always has.
bring about. However for leading Fort Lauderdale real estate “It’s not going to affect me personally because honestly, integrity
professionals, this is not the time of panic some have made it and loyalty are always my first three things,” she said.
out to be.

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