A Buyer’s Guide To Understanding Broker Commissions After Realtors® Settlement

Following the National Association of Realtors® $418 million settlement to resolve “antitrust claims,” the NAR has revised its policies to promote better transparency related to commission structures.

Juana Watkins is the general counsel for the Florida Realtors association, which has some 238,000 members in the sunshine state. (Image courtesy of YouTube)

If you are not a Do-It-Yourself (DIY) type and would prefer to use a Realtor® to purchase a Miami condo, you need to be aware of a number of changes before beginning your pursuit of a unit.

Gone are the days of calling a Realtor® and asking that licensed real estate agent to email you some listings without asking many questions.

Forget about “touring” a condo listing without signing a commission agreement.

Be prepared to be asked by the broker to pay a retainer upfront and understand that the fee may quite possibly not be applied to any future commission.

Another change to be aware of is that many buyers – and not the sellers – will now be on the hook for any commissions earned by their broker in facilitating the transaction of a unit.

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As a reminder, we are always available for consulting, expert witness work and buyside brokerage services just as we have been since 2006.

For South Florida condo resale information, please call 305.865.5859 or visit CondoVulturesRealty.com

This information is believed to be accurate and complete but cannot be guaranteed or warranted.

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