The real estate market in Florida is undergoing a significant transformation due to the implementation of new regulations that affect how homes are bought and sold.
Tampa Bay Times noted that starting August 17, stricter rules will be introduced in the industry. They are motivated by a series of antitrust lawsuits against the National Association of Realtors (NAR).
The lawsuits argue that the current practices of the NAR have contributed to inflating the costs of commissions in property sales.
Traditionally, the commission for real estate agents ranges between 5% and 6% of the sale price, was covered by the seller, and was split between the seller's agent and the buyer's agent.
The new rules will change this framework by removing the obligation to disclose commissions in Multiple Listing Services (MLS), the databases used by agents to find properties.
This change will require buyers to sign written agreements with their agents, detailing the cost of their services, which could shift the responsibility for paying commissions to the buyer.
Real estate agents insist that it is very important for buyers and sellers to closely examine these contracts and understand the fine print to avoid surprises.
It is a drastic change in the market, where more and more buyers may be forced to negotiate agents' fees directly or forgo their services to avoid additional costs.
The impact of these new rules also affects sellers. They could retain a larger share of their income by not having to cover commissions, but it would be more complex for them to reach interested parties in properties and close a deal optimally.
The uncertainty surrounding these changes has generated concern in the real estate sector. It is believed that many agents may leave the profession due to the potential reduction in their income.
In light of this reality, adaptation and negotiation skills will become key tools for those who wish to remain in the real estate market in Florida.
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