New rules on buying and selling homes are in play, now that a settlement from a class-action lawsuit has taken effect.
At the time of listing a property, the home seller negotiated with the listing agent what the compensation would be for a buyer's agent, which appeared on the MLS.
"Now, the buyer chooses how much the buyer's agent makes, the sellers choose how much the seller's agents make," Glenn Kelman, CEO of online real estate brokerage firm Redfin, told CNBC.
Any confusion around the new practices among agents and consumers will likely be temporary, said Kerry Melcher, head of real estate at Opendoor.
"Real estate agents are good at moving the market," she said.
Persons:
brokerages, TikTok It's, Glenn Kelman, Kerry Melcher
Organizations:
National Association of Realtors, MLS, Finance, CNBC
Locations:
U.S, Opendoor