A recent rule change shook up how real estate agents are paid, but it comes with an upside that could help buyers beat other offers on a home.
As of Aug. 17, homebuyers must negotiate how much they pay their real estate agent before starting their home search, a shift from the decades-long practice where both buyer's and seller's agents were paid from the sale proceeds, typically splitting 5% to 6% of the price.
With the rule change, buyer's agents can be paid a number of ways, including as a percentage of the home price or a set fee.
They could also still be paid out by the seller if it's offered.
But the change in policy also gives buyers an edge by allowing them to remove the seller's obligation to pay the agent's commission, potentially making their offer more competitive than other bids.
Persons:
homebuyers, it's