The new world of residential real estate brokerage was launched last week as the National Association of Realtors’ new commission policy went into effect.
Putting the change into practice, NAR wanted the public to understand that the commission rates for both buyer and seller agents are negotiable. Further, NAR mandated that the commission for buyers agents not be included in the MLS.
“It was a relatively painless process,” Bailey said, “It involved more conversations, or at least more topics to our conversations, than anything else.”
Over the weekend Helen Bailey, co-owner and managing broker of Pioneer Realty Group, went under contract on two condos, one where she represented the buyer and one where she represented the seller. In each case, the agents involved in the transactions will be appropriately compensated for their work.
“We have a great appreciation for the knowledge, experience and commitment all agents make working to represent a client’s interests,” Bailey said. “Further, through our conversations with our clients, we were able to help educate them on what they can expect when we are hired to navigate the homebuying or home selling process for them.”
In West Town (Wicker Park), Bailey is representing the buyer in a $600,000 condominium purchase. In Lombard she is representing the seller of a $115,000 condominium.