You may have heard that the National Association of Relators was sued by a group of homeowners earlier this year and the outcome of the lawsuit was a settlement included a changes to relator compensation. Traditionally, when you sell a piece of property through a relator, the seller pays both the seller’s agent and the buyer’s agent anywhere between 4 and 7% of the sale price. The new rules will require buyers’ brokers to enter into written agreements with their buyers. It also prohibits disclosing the compensation for agents on the MLS. Brokers will also no longer be required to subscribe to the MLS. What will this actually mean for you and me when we go to buy or sell property? No one really knows yet but I brought Samantha Chin, a relator and my oldest friend, to speculate about what could happen once these rules go into effect.

If you’re looking for a real estate agent in the Cleveland area and would like to contact Samantha, her linked in profile is at https://www.linkedin.com/in/samanthachin/
You could also follow the Chin team on Facebook at https://www.facebook.com/ChinTeamHowardHanna/

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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your