Massive changes for Real Estate buying and selling | News

BOSSIER CITY, La – Some seismic changes are coming in the real estate world.

It all stems from several antitrust lawsuits against the National Association of Realtors. The NAR on Friday agreed to pay $418 million in damages and eliminate some rules on commission.

Some industry observers think the changes could have commissions falling by 25% to 50%.

Under the newly scrapped NAR rules, which were enacted in the 1990s, sellers were required to pay for the broker representing the buyer and offer a commission for the buyer’s broker when initially listing a property. That will no longer be the case and there will be more opportunities for negotiation all around.

“There will be additional disclosures involved with the sellers and buyers. We have not received those disclosures yet, but will be shortly. We have several meetings set up with all the governing bodies of real estate in the state of Louisiana and we’ll get more guidance here soon,” said Dianne Gibson, broker and co-owner of East Bank Real Estate

“I honestly feel like it will be good. Change is good and the more disclosures the better. I feel like it will help everybody with a better understanding,” said Jenny Spivey, an associate broker at East Bank Real Estate.

The courts still have to approve the agreement, but that is expected to happen this summer.

The Northwest Louisiana Association of Realtors is holding several meetings and town hall’s with its members over the coming months, including on Monday, to get its members up to speed on all the changes.