Recap of changes after NAR Settlement

Expected Changes in Transaction 

  • MLS form change

     – Local MLS firms will change the format 

     – No field for BA Com.


  • Seller Agent Commission

     – It could be a half : Seller agent commission only

     – Or, it could full commission including buyer agent commission 


  • Buyer Agent’s Commission

     – Tough negotiation with potential buyer

     – Might need to selection listings : Need to verify to see Seller is paying

        buyer commission (like most of commercial deals) 


Expected Changes in Transaction 

  • Exclusive Buyer Agent Agreement Form

     – Mandatory to sign.

     – Period( 3 – 6 months), Buyer commission rate, Buyer sign


  • Buyer agent-ship/Role Promotion

     – Promote Buyer agent’s tasks and roles (like lawyer) 

     – Prepare special citification (Accredited Buyer Representative)

     – Explain soundness of commission structure: Buyer protection

     – Explain Real Estate professionalism 


  • What about dual agent-ship and it’s commission

     – Less attractive to become a dual agent

     – Awkward to ask buyer commission at the open house situation

     – Possible legislation for listing agent to display who they represent at

       the open house through signage.  

     – Consequently less commission and more(double) work which

       indicates more responsibility.   


Five key ways the new bill aims 

Real Estate Consumer Protection Enhancement Act

        (Bill S3192/A4454) are before State Assembly

  1. Requires a fully completed Seller’s Property Condition Disclosure form
  2. Ensures listing agents disclose who they represent at open house  through signage. 
  3. Allows for designated agency
  4. Requires brokerage service agreement
  5. Implement continuing education requirement on agency


Single Family Market Breakdown  

Median Sales Price by County (year-to-date) 

(NJ Realtor July/August Mag.)


  • Bergen County          $735,000            13.1% Up
  • Monmouth County   $720,000             15.2% Up
  • Morris County           $699,000             13.7% Up
  • Somerset County      $688,000             14.7% Up


  • Hudson County          $559,000             14.1% Up
  • Passaic County          $530,000             11% Up

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