By JEFF BUDLONG

Changes have been coming to the real estate world for several months, on Aug. 17 they become reality.

The National Association of Realtors agreed March 15 to a $418 million national settlement that called for the organization to eliminate decades-old commission rules and make it easier for home sellers and buyers to negotiate fees with their agents. It is a change that impacts more than 1.5 million real estate agents nationwide.

Experience, thoroughness and dedication will be as important as ever and continue to be found with Julie Mansfield Smith, owner of Mossy Oak Properties Cupper Creek Land Company. Thirty years of experience brings plenty of advantages to her clients, and she is prepared to continue to offer high quality service with the incredible exposure the Mossy Oak name brings to rural properties.

That level of dedication was reinforced with Smith being named an America’s Best Brokerage in the Pacific Region. Smith’s ability to work with land specialists spanning 30 states helped Mossy Oak Properties sell a property on average every two hours in 2023.

The big change

The change is designed to add more transparency to the process.

“The way it has been, a buyer comes to me — a seller listing agent — and asks me to represent them. If the buyer is OK with it, I also can represent the seller and I get all the commission,” Smith said. “But if the parties want separate representation for the buyer and seller … then the buyers find a Realtor and when the buyer purchases the land I have to pay that Realtor a portion of my commission.”

Now, as part of the settlement, it is easier for sellers to negotiate fees with their agents, and the Multiple Listing Service — the primary source of information about homes on the market — can no longer promise a commission for buyers’ agents. A buyer’s agent must have a written contract with the buyer specifying the fee the buyer will pay their agent.

“I’m a member of the National Association of Realtors because it helps me stay on top of the latest trends and rules in real estate,” Smith said. “Plus, it ensures I stick to the highest standards of ethics and professionalism, so I can provide the best service to my clients.

“The changes in the compensation rules mean more transparency for buyers and sellers. As consumers, you’ll now have a better understanding of the compensation you pay to a Realtor.”

From the beginning

Smith said the change is significant but she is committed to continuing education and ensuring she works with a strong company like Mossy Oak Properties for this reason. It is something that is in the fabric of the company.