LAKE MARY, Fla. — The National Associations of Realtors to settle a big class-action lawsuit that could ultimately change the way real estate agents get paid. 

What You Need To Know

  • National Associations of Realtors reaches $418 million settlement that would end litigation of claims brought on behalf of home sellers related to broker commissions

  • If a judge approves the agreement, new requirements would be put in place during a home buying process

  • As of now any rule changes would go into effect in July.

There’s uncertainty on the table in the U.S. housing market.

After a recent $418 million settlement agreement, real estate agents and brokers like Dione Collier-Larkin, are looking for what comes next.

“Right now, if it changes as of July, we will have to negotiate our fee on behalf of the buyer,” said Collier-Larkin of Adair Reality Inc.

Under the National Associations of Realtors, sellers are required to advertise the buyer agent commission. But if the settlement goes through, it could mean a home buyer might have to save a little extra money to pay their real estate agent’s commission. Dione says it’s a cost typically paid by the home’s seller. 

“If our fee is not going to be covered by the listing broker, the buyer is going to have to pay that fee or unfortunately, they will have to go unrepresented,” said Collier-Larkin.

It’s a cost she worries most first-time home buyers might not be able to afford. 

“I think the people who are going to be mostly affected by this are first-time homebuyers who mainly have enough money saved up for their down-payment and closing cost,” said Collier-Larkin.

As a Central Florida native, Collier-Larkin says she transitioned to real estate in 2004 after working as a paralegal for 14 years.

She credits her father for getting her to see the bigger picture and the value of what she could provide.

“He encouraged me to get my real estate license. I said, ‘No way, I’m not a salesperson.” He said, ‘No this is a service industry’ and that’s how I run my business,” said Collier-Larkin.

Which is why she works on both sides of the business as an agent for both buyers and sellers.

If the settlement is approved, she believes it would create a more competitive marketplace in an industry that has not changed in decades.

“If a seller or listing broker is not offering compensation to a buyer, chances are the buyer is going to switch to a different house,” said Collier-Larkin.

In her more than 20 years of experience, she says at the end of the day it all comes down to one main goal  

“All four parties to get to the same end result. The end result is the buyer wants to get into a house and a seller wants to sell their property and when you work together cooperatively, that’s what happens,” said Collier-Larkin.

As of now any rule changes would go into effect in July.