In an exclusive interview with Pasadena Now’s Real Estate Section Editor David Cross, Pasadena-Foothills Association of Realtors (PFAR) President Laura Kinkade-Wong, GRI, PSA offers an insightful analysis of the latest changes reshaping the real estate landscape.
As a seasoned Realtor and leader within the local real estate community, Kinkade-Wong provides a unique perspective on how the recent National Association of Realtors (NAR) settlement is influencing both agents and clients alike.
1. What immediate changes have you observed since the NAR (National Association of Realtors) settlement took effect?
PFAR President Laura Kinkade-Wong: Since the NAR settlement took effect, buyers will now be required to sign a Representation or Showing Agreement with an agent prior to touring any homes. In addition, MLS’s (Multiple Listing Service) have removed the offer of compensation from listings. This does not, however, mean that sellers cannot continue to offer compensation to buyer’s agents – it just cannot be communicated via the MLS. This is where agents can get creative and communicate compensation via other mediums, including email blasts.
As a result of these changes, there have been numerous educational offerings from real estate brokerages, including my brokerage, Douglas Elliman, which has provided extensive materials, the National Association of REALTORS®, the California Association of REALTORS®, and locally at the Pasadena Foothills REALTORS® to help agents get acclimated to the new procedures for doing business in this new environment.
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