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
- Requires a fully completed Seller’s Property Condition Disclosure form
- Ensures listing agents disclose who they represent at open house through signage.
- Allows for designated agency
- Requires brokerage service agreement
- 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
