The semi-annual “Realtors Legislative Meeting” of the powerful National Association of Realtors wrapped up earlier this month with the election of new leadership, and the NAR telling regional Multiple Listings Services what to do on listing addresses (post them all!). But the session did not reach a looming inflection point for real estate agents: Whether they must tell homebuyers what commission percentage they stand to make.
The NAR says that the matter is now in the Justice Department’s hands.
“NAR is currently waiting for feedback from the DOJ on these proposed rules,” said a spokesperson for the trade group.
A Justice Department spokesperson declined to comment.
At issue is unprecedented transparency required out of real estate agents.
“When it hits, it will be a change, and it will affect how a lot of agents do business,” said Lisa Dunn, at Laurel Real Estate Resources in Rancho Santa Margarita, California.
That impact, hope advocates of alternative business models, like Luke Babich, chief operating office of discount brokerage Clever, is “Downward pressure on real estate commissions.”
Another result? Zillow would change what consumers see.