RE/MAX President on CNBC: ‘Buyers Need to Rely on Professional Expertise’

As the real estate industry adapts to new business norms, professionals and consumers alike have questions about the changing landscape of navigating transactions – specifically when it comes to buying homes.

Leveraging her multifaceted real estate experience of more than 25 years, RE/MAX, LLC President Amy Lessinger joined CNBC’s “Squawk Box” to talk about the business practice changes happening as a result of the National Association of REALTORS® (NAR) settlement of seller-initiated class action lawsuits.

Watch the segment here:

Lessinger shared a brief overview of the changes taking place.

Under the NAR settlement, “offers of compensation are still allowed – they just aren’t going to be communicated via the MLS,” she said. “And a written buyers representation agreement will be signed between the buyer and the agent prior to showing properties. What’s interesting about this is the fact that buyer agency has been around since the ‘90s in the U.S. – and in 20 of the 50 states, these written buyer agreements have already been required. In the other 30, the agreements have been widely used – they just weren’t required.”

Lessinger says the changes present an opportunity for agents to showcase the significant value they bring on both sides of a transaction.

“This shines a light on why being represented by a professional and trusted agent is important for both buyers and sellers,” she said. “As we know, commissions are always negotiable, and what was possible pre-settlement is still possible post-settlement. I do think buyers need to rely on professional expertise so they can walk through the process and understand it.”

In the new landscape, Lessinger added, agents and their respective clients will continue to determine what the compensation structure looks like.

“Agents provide a very valuable service and they deserve to be compensated. It’s up to them to articulate their value and determine what they charge for their services,” Lessinger said.

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