Veteran Fresno real estate agents react to the landmark decision on commissions | Opinion

Editor’s note: As reported in The New York Times, the National Association of Realtors, a powerful organization that has set the guidelines for home sales for decades, agreed earlier this month to settle a series of lawsuits by paying $418 million in damages and by eliminating its rules on commissions.

The deal, which still needs a federal court’s approval, would end a multitude of legal claims from home sellers who argued that the rules forced them to pay excessive fees.

Here are the views of a Fresno couple who work in real estate:

My wife Laura and I have been in the local real estate business for decades, and so we wish to offer our perspectives of what the NAR realtor commissions protocol changes might mean.

As in the lyrics from Gloria Gaynor’s hit, “We will survive.”

We have worked almost our entire career with a progressive company that from the start has always offered sellers many programs with varying commission rates. We also know that many other companies offer their clients flexible plans.

Our Multiple Listing Service has never promoted forcing clients to pay a set fee, certainly not the storied 6% that the news has been talking about.

We are professionals in every way. We have a 20-year background in business, a degree in engineering and experience in construction.

We are continually awed by the skills of other agents we work with. We are not just sales people. We are seasoned professionals who are aware of the many, many nuances of our complex business.

There is a tremendous amount of preparation and behind the scenes work that the public is not aware of. Sellers are wise to offer compensation not only to their listing agent but also to an agent bringing an offer.

Most buyers are stretching for their down payments. They also need professional representation. They, in most cases, cannot pay their agents commission as the lawyers and pundits are trying to force. This will not reduce the cost of homes.

Increased inventory will do that. Supply and demand.

We will continue to advise our clients of their options and as in the past, they can decide what they wish to offer. The NAR settlement just eliminates the posting of that compensation in the MLS.

A real estate transaction is complicated and formost the largest financial decision in their lives. Certainly as a savvy buyer or seller. you want the utmost in legal, financial and ethical representation.

For my fellow agents that are in it for their clients, nothing will change and most will survive and flourish.