In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Understanding the Changes to Agent Commissions

Understanding the Changes to Agent Commissions

Q1) Did the laws passed last year change agent commissions? Does the seller still pay both the buyer’s and seller’s agent fees of approximately 5.5-6%?

Here’s what you need to know:

The law itself did not technically change in 2024 regarding agent commissions. As of today, Sellers can still offer a buyer agent commission if they choose to—this is determined through negotiations between the seller and their REALTOR® when signing the listing agreement.

What changed? A seller can no longer have their REALTOR® state the commission amount offered to a buyer’s agent in the Multiple Listing Service (MLS). The seller has the option to decide whether their REALTOR® discloses this information to a buyer’s agent who specifically inquires.

The simplest way for a seller and buyer to agree on a seller-paid buyer agent commission is to include it on the purchase and sale agreement as a concession to the buyer.

Is There a Standard Commission Rate?

No! There is NO standard commission rate for listing or buying a home. Everything is negotiable. If a REALTOR® claims there is a "standard commission," consider that a major red flag—it’s time to find a different agent!

Always work with a knowledgeable professional who understands the latest changes and can help you navigate your real estate transaction effectively.

Ask a Realtor/Broker😀 

Got questions about buying or selling? Feel free to reach out! Whether you’re curious about how to get started or want advice on maximizing your home’s value, I’m here to help with all your real estate needs.

The Real Estate Edition Issue brought to you by Barbara Newton. She can be reached at [email protected]

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