VIDEO: Consumer Alert: The Sweeping Changes Coming This Summer in the Real Estate Industry –WHEC-TV (NBC; Rochester, N.Y.)

WHEC-TV (NBC; Rochester, N.Y.)

Those changes are coming after the National Association of REALTORS® agreed to a $418 million dollars settlement. What does this mean for folks buying or selling a house? It completely changes the way Realtor® commissions are paid, and consumer advocates say it puts more of the power in the hands of buyers and sellers.

Jennifer Stevenson, regional vice president for the National Association of REALTORS® explains, “Now the buyer will have a contract that spells out exactly what's going to happen – what services are offered and what commission is. expected by that agent.”

“Still, the most that you can do for your house is to get it out and the biggest platform that you can, and to shout it from the rooftop – where you’re located, what the benefits of your home are and what the pricing is. You do need to price that correctly for the market.”

Watch the video