Adjusting to Industry Changes in New Hampshire Real Estate
Two months have passed in New Hampshire since PrimeMLS, the state’s multiple listing service, started implementing new business practices outlined in the National Association of Realtors’ nationwide commission lawsuit settlement agreement. Amidst the changes, a notable trend has emerged – everyone is adapting differently. Brokers gathered at the New Hampshire Association of Realtors’ conference shared insights on the varied approaches to handling these adjustments.
Handling Buy-side Agent Commissions:
- Adam Dean, the broker-owner of Duston Leddy Real Estate, highlighted the two main approaches being adopted by agents and listings:
- Some are not disclosing buy-side compensation offers, instructing buyers to include demands in their offers.
- Others opt to advertise the buyer broker compensation openly.
The Seller’s Role in Compensation:
- Broker-owner Susan Cole emphasized the seller’s authority in determining compensation handling, shifting the responsibility from agents to sellers.
- Despite the changes, brokers unanimously agreed on the importance of transparency in including buyer broker fees in purchase and sales contracts.
Chatting on Challenges and Triumphs
The discussion extended to the newly mandated buyer representation agreements, with some insights shared by Andy Smith, the broker-owner of Badger Peabody & Smith. Though some buyers exhibit hesitation, these changes have proven beneficial to agents in communicating their value proposition to clients and establishing fees based on mutual understanding.
A Look Forward
Real estate professionals in New Hampshire believe that these shifts will enhance the industry’s overall professionalism. While uncertainties remain about the long-term implications of these changes, there is a sense of optimism among brokers as they navigate this new landscape. As the industry continues to evolve and adapt, the true impact of these adjustments will gradually unfold.
In conclusion, the transition period following the implementation of new business practices has been met with varying approaches and challenges by industry players. While adjustments are still ongoing, there is a sense of optimism and readiness to embrace the changes in the real estate landscape of New Hampshire.
Leave feedback about this