What has changed in the Chicago resi scene since the National Association of Realtors adjusted some of its rules back in August?
Not much, most top brokers say.
Following the introduction of new regulations, many real estate agents in Chicago have reported a seamless transition, defying expectations of widespread upheaval, Chicago Agent Magazine reported.
The changes, which include a ban on listing commissions in the Multiple Listing Service and a requirement for signed buyer’s broker agreements prior to showings, have prompted discussions about their impact on business practices.
Earl Ruthman, a managing broker at CENTURY 21 Circle, said the fears of disruption are overstated and labeled those predicting chaos in the industry as “the Karens of real estate”
“I really haven’t seen any change,” he stated, suggesting that most agents have adapted seamlessly.
This view is supported by agents like Cari Zweig-Driscoll of Wexler Gault Group, who emphasized that the adjustments are mainly logistical.
“I haven’t seen any negativity. The only negativity is not understanding how to use this,” she said, adding that while the regulations have added more paperwork and procedures, the core of real estate transactions remains unchanged.
Incorporating buyers’ broker compensation into the overall transaction has proven effective for many agents, with sellers typically adjusting their prices accordingly.
Cory Tanzer, broker and owner of Option Realty Group, anticipated a surge in inquiries regarding compensation before showings. But he found that discussions around compensation often occur later in the transaction process, primarily when offers are made.
“It’s been a really positive experience,” he stated, adding that his firm has seen a 0.25 percent increase in commission rates since the rule changes.
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Andrea Geller from Berkshire Hathaway HomeServices Chicago said professionalism is important in this new landscape.
“The agents who don’t go to education classes, don’t read emails, don’t pay attention to what the local, state and national boards are putting out regarding license law and code of ethics, who didn’t pay attention to what their companies were directing them to do prior to Aug. 17, are the same agents who don’t know what to do now,” she said.
—Andrew Terrell