After months of negotiating, consumers will now be able to pick and choose what services they want from a realtor.
Realtor Mayur Arora from Omax Realty says it’s a pretty big change to the system that will give home sellers more flexibility. “People in general will be able to say, okay, I want to be on MLS, that’s the biggest thing that I want from you as a realtor. I can show my own home.”
He compares the changes to going to a restaurant. “Before today, people would go into a restaurant and they would be given a full meal. They might not want everything, and they might want to say, ‘Ok, I’ve already had my appetizer. But I just came here for dinner.'”
He says real estate agents making hundreds of thousands of dollars may not like it quite as much. “Realtors that are making that [money] may not necessarily think it’s the best thing that has happened. I mean, what are you taking the $30,000 to sell my house for?”
The agreement which comes into effect on Monday will be in place for the next ten years.