Page 10 - Stuart Exposure - January '21

Page 10, Stuart Exposure

real esTaTe

Treasure Coast Real Estate a commission of 6 percent. The listing Realtor then agrees to Realtors. Among other things, it would open the door for
Report pay half of that, or 3 percent, to the Realtor that procures the anybody with a real estate license to more actively become
buyer. In other words, the seller getting $300,000 for their
involved in real estate.
property would pay $18,000 in commission and $9,000 of To be a Realtor, an agent must be a member of the National
There Is A War On Real Estate Commissions. that would go to the buyer’s Realtor. Association of Realtors. This then allows that agent to do
Will Consumers Benefit? I Hope So! This is all part of the purchase price that the buyer pays. things like belong to a local Realtor Association and the
The $300,000 is also what financing is based on. Multiple Listing Service (MLS). However, anybody with a
By Jim Weix But what if buyers had to pay their own Realtor? In other real estate license can practice real estate. They don’t have
I’m going to deviate words, the seller would pay 3 percent to their Realtor and the to be a Realtor or be a member of an MLS.
from my normal type article. buyer, not the seller, would pay 3 percent to their Realtor. The new rules will require, with the seller’s prior approval,
That is because there are There are several lawsuits pending that would make that any licensed real estate agent will have access to the
events in motion that could that a reality. This may sound like good news to sellers. lockboxes of properties listed on an MLS even if the agent
dramatically change how real However, if a buyer has to come up with the money, it may does not subscribe to the MLS. I see a potential Pandora’s
estate is normally sold. be detrimental to the sale. Box being opened here.
In a typical transaction, a In the case of the $300,000 home, if a seller was doing I am both a Realtor and pro-consumer advocate. I’m
seller lists their property with FHA loan financing with 3.5 percent down, they would need confident that I, along with Realtors and those with just a
a Realtor and agrees to pay to have a $10,500 down payment. But if they have to also real estate license, can figure out how to work things out for
®
a commission. That Realtor pay their Realtor a 3 percent commission on top of that, they the benefit of the consumer.
then agrees to split part of that now need to come up with $19,500. This may make the home Jim Weix is a broker associate with The Keyes Company. Jim
commission with any other Realtor that procures a buyer. unaffordable to the buyer. has 24 years of experience selling real estate full time. If you
This has worked quite well since the 1920s. Then there is the proposed final judgement between the have questions or want the services of an experienced expert,
For example, a seller lists their property and agrees to pay U. S. Department of Justice and the National Association of you can reach Jim at (772) 341-2941 or jimweix@jimweix.com.

Stuart Chamber Happenings from page 9

Skylar Gorman, Stuart Air Show (left) and Stuart/Martin
Bob Goldberg, Surveilx, Inc. and Shelly Rosnik, County Chamber Trustee Kameliya Sapundzhieva, Coral
Stuart/Martin County Chamber Trustee Richard Vaaler (left), Toptimizers, LLC got acquainted at the Stuart/Martin Shores Behavioral Health take a break from visiting to pose
shown with Joe Flanagan, Samaritan Center for Families, County Chamber’s December Networking Luncheon, for the camera, at the December Business After Hours at
announced his new position as COO of NAI Southcoast, at sponsored by FPL at Flagler Center. Hutchinson Island Marriott Beach Resort & Marina.
the December Networking Luncheon, sponsored by FPL at
Flagler Center.

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Stuart/Martin County Chamber Trustee and Director Jeff
Gustafson, Coquina Cove at Martin Downs (left) wished
Dean Lopes, The Audio/Visual Guy, a happy birthday at
the December Business After Hours at Hutchinson Island
Marriott Beach Resort & Marina.

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