New Real Estate Commission Rules
New Jersey has updated its real estate rules to make things clearer for home buyers and sellers. Agents now must explain how commissions are split between the buyer’s and seller’s agents, which wasn’t always clear before. They also have to tell clients upfront who they represent—buyer or seller. Additionally, clients can now negotiate commissions, which might help you save money. These changes give both buyers and sellers more control and transparency, helping you make informed decisions about your real estate transactions.
How Does This Affect Buyers and Sellers?
For Sellers:
You’re usually the one paying the agent's commission (typically 5-6% of the home's sale price, split between both agents). Now, you’ll get a clearer explanation of how this works and can even negotiate the rate with your agent. This could potentially reduce your costs.
For Buyers:
While you don’t directly pay commissions, the cost is often factored into the home price. With these new rules, you can negotiate better deals with sellers or agents, making the home-buying process potentially more affordable. Plus, agents must clearly state who they represent—helping you know whether your agent is truly working in your best interest.
Why These Changes Matter
The new rules focus on transparency and fairness in real estate transactions. Now, everyone involved—buyers, sellers, and agents—has more information and control, helping to have a smoother, more affordable process.
Whether you’re buying or selling, it’ I can help you understand how you can get the best deal. These rules are designed to make the process simpler and fairer for everyone involved. Call me and let me explain how you can benefit.
