Joan Herlong – New Realtor rules mean big changes

Joan Herlong – New Realtor rules mean big changes

Greenville, June 27, 2024 – Joan Herlong, CEO of Joan Herlong & Associates Sotheby’s International Realty, expressed her views on the new rules adopted by the National Association of Realtors which are anticipated to bring significant changes in the industry. “The bottom line is, if you’re a Realtor, you’re affected,” Herlong says.

Profound Shifts in the Realtor Landscape

These regulations which come into effect from mid-August require “buyer agents to have a signed Buyer Agency agreement BEFORE showing a property listed by an outside realty company.” This rule, according to Herlong, will likely thin the ranks among buyer’s agents. “Because buyers will inevitably begin asking more questions of agents on the front end, many of those agents will just opt out altogether,” she says.

Furthermore, Herlong predicts a more Darwinian landscape on the horizon for real estate, where, “only the strongest, most experienced buyer agents will survive.”

A Win-Win for Everyone?

These anticipated changes could potentially benefit everyone involved. Herlong explains, “As a listing agent, I’ve encountered so many buyer agents who are just along for the ride. They’re almost fungible, interchangeable. But with the new rules, buyer agents will have to be on top of their game as buyers come to the table with more questions, more leverage.”

Changes in Buyer Agent Compensation

From August, compensation for buyer agents will no longer be listed on the MLS or on sites such as Zillow. “Buyer agents can no longer expect listing agents to ‘make sure they get paid,'” adds Herlong. She goes on to say that “compensation is not up to the listing agent. However, an adept buyer’s agent can navigate these revised rules without added out of pocket expense to their buyer client, and help them get the very best deal.”

The CEO of Joan Herlong & Associates Sotheby’s International Realty believes these new rules hold a promising future for the real estate industry. Not only will they encourage buyer’s agents to be more professional and accountable, but they will also empower buyers with more information, ultimately leading to more informed decisions.

HERE Greenville

Recent Posts

Parole Denied for Susan Smith, Mother Convicted of Drowning Her Sons in 1994

Columbia, South Carolina: Parole Denied for Susan Smith On November 20, 2023, Susan Smith, the…

8 hours ago

Duke Energy Appoints Tim Pearson as New South Carolina State President Amid Leadership Changes

Greenville, S.C. – Duke Energy Appoints New South Carolina State President On November 1, 2023,…

11 hours ago

Florida Atlantic and Oklahoma State Set for High-Stakes College Basketball Showdown in Charleston

Florida Atlantic to Face Oklahoma State in Charleston Showdown CHARLESTON, South Carolina – Florida Atlantic…

11 hours ago

Scout Motors Launches First Electric Vehicles at $2 Billion Assembly Plant in South Carolina

COLUMBIA — Scout Motors Unveils First Electric Vehicles in South Carolina On Friday, November 15,…

11 hours ago

Emus Escape in South Carolina Amid Ongoing Animal Search

Emus Escape in South Carolina Amid Ongoing Animal Search Beaufort County, SC Two large emus…

11 hours ago