Adjusting to the new commission rate normal.
#60
Looking for something to do in Boston this weekend?
This Saturday, NAR NXT is hosting two powerhouse sessions with our own Glennda Baker and Tracy Tutor in the homes.com lounge. They’ll be live on the hot seat, answering real Q&As from agents just like you, in Session 1 at 11:30 am ET and Session 2 at 3 pm ET. Tap here for more info on the sessions.
See you there 👋
🔊Today’s Top Podcast Rec:
According to Joe Skousen, CEO and founder of Inside Real Estate, successful, sustainable real estate businesses are powered by processes. Leadership matters and human connections are a key part of growing your business, but at the end of the day, it’s your systems that determine the level of success you can achieve. How can you build systems that work for you? Watch Joe’s full interview on Rise Above the Ranks to find out.
TRACK THE TRENDS
MARKETS
New Rules. Familiar Rates.
Since the National Association of Realtors (NAR) changed commission practices in August, the average buy-side agent’s commission has remained mostly stable, clocking in at 2.34% in October—just a minor drop from 2.35% in August when the rules took effect. While the long-term trend still suggests a slow decline in what buyer’s agents earn, early data shows it may take time before new rules significantly impact commission rates across the board.
According to Redfin’s latest report:
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Homes listed at $500,000 or less saw a slight increase in buyer’s agent commissions, while the average commission on homes over $1M has faced some downward pressure.
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Agents report engaging in more conversations about who covers buyer’s agent fees, though those conversations don’t always translate into a rate negotiation.
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Sellers with high-demand properties may still have room to negotiate lower commission costs, or even get buyers to cover these fees, while those in less competitive markets are still finding it necessary to offer incentives.
As clients seek more clarity on commission structures, proactive and upfront communication around fees and expectations can bring value and trust to the relationship. And in competitive markets, agents should be prepared to sit at the negotiating table—or prove why they deserve the full rate.
DIVE IN
The Friday Five
📖 Why worry. Glennda’s advice for keeping a calm head, no matter what the market throws at you.
👀 Built to wow. James & David’s new listing, The Reserve, is a $75M stunner—inside and out.
👀 Olympic impact. How the 2028 Olympic games are already affecting Los Angeles real estate.
💡 Fast-paced prices. National home prices grew at the fastest pace since April, but dropped in three key cities.
💡 Persistence pays off. This perspective keeps Talia McKinney going when the going gets tough.
WHAT’S NEW FROM ESTATE MEDIA
The Breakdown with Bill Belack
In our new series, The Breakdown—hosted by Beverly Hills super realtor and cast member of Buying Beverly Hills, Ben Belack—we’re covering the biggest headlines and how they impact you. Unlike other real estate news shows that hit the high points, The Breakdown takes a microscopic look at what’s happening in the market, how you’ll feel it, and how you can explain it simply to your clients.
Tap to watch the first episode, Ben’s hot take on how the election will affect the market as the dust settles.
HANGS & HAPPENINGS
NAR NXT | Boston, MA | November 8-10. Join 15,000+ real estate pros at NAR’s premier annual event, featuring top-tier networking opportunities, educational sessions, and hands-on experiences with the latest real estate tech tools.
Inman Connect | NYC | January 22-24, 2025. Grow your network, learn from the best in business, and get inspired through multiple networking opportunities and breakout sessions from industry pros like Rayni Williams, Mauricio Umansky, and Jimmy Burgess.
RETCon | Las Vegas, NV | March 10-12, 2025. RETCon is a must-attend event for real estate technology and innovation professionals. The conference focuses on PropTech and RealTech solutions, trends, automation tools, AI advances, and more, and gives agents and industry pros a place to learn, network, and stay competitive.
FEATURED LUXURY LISTING
Put your best profile forward with a Homes Pro membership—and show up where (and when!) ready-to-move home searchers are looking. Tap the photo above to learn more about amplifying your real estate brand with premium tools, priority visibility, and enhanced exposure across the internet with Homes.com.
TIPS & TAKEAWAYS
Just Sold 👏
A huge congrats to James Harris and David Parnes on the star-studded sale of 1875 Carla Ridge in Beverly Hills. This meticulously renovated Midcentury Modern was originally owned by Freddie de Cordova, who produced The Tonight Show during Johnny Carson’s tenure, and was later sold to Charlie Puth. As the year winds down and transaction activity slows, James and David prove luxury is always in season.
Before we go…
ESTATE RECOMMENDED RESOURCES
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