Real estate agents in Charlotte, North Carolina, face major changes in the industry

Real estate professionals in North Carolina are adapting to new regulations that could reduce the costs of buying and selling homes, including those affected by foreclosures.

These changes in Charlotte’s real estate sector come after a settlement of around $418 million announced by the National Association of Realtors, which aims to alter the traditional payment structure in the market.

Historically, property sellers were responsible for paying between 5% and 6% in commission for both buyer and seller agents, a fee that the National Association of Realtors has always stated was negotiable and is now about to change.

Despite these adjustments, agents in North Carolina believe the changes won’t be entirely unfamiliar to those navigating the real estate market. One of them is Dylan Seace, lead agent at High Performance Real Estate Advisors, who says: “I enjoy helping people, especially when I can turn a difficult situation into an opportunity for someone to achieve their dream home.”

Seace is one of the real estate agents adapting to what many consider a significant change in the real estate industry, a change that could affect how buyer agents are compensated, as it is now more of a skill-driven market where the agent’s ability to find and negotiate a deal that benefits both parties is key.

For example, one of the new rules prohibits agents from publishing their compensation on multiple listing services (MLS). Regarding this, Mr. Seace says: “We can’t advertise it on the MLS, which is where most serious buyers search with their agents. Therefore, buyers don’t know if their agent will be paid, how much they will be paid, or even if they will be paid at all.”

With the change in the rule, agents working with homebuyers must now have a written agreement in place before showing homes, ensuring buyers understand that they may need to cover these costs if the seller chooses not to pay.

While the practices from the settlement are already being implemented, the National Association of Realtors has scheduled the final approval hearing for the last days of November.

Available Foreclosures:

Charlotte: 120 homes available

Raleigh: 85 homes available

Greensboro: 60 homes available