OpinionIndustry News

Times have changed for real estate

Guest perspective: Increasingly difficult to protect consumers from unintended outcomes

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Editor's note: Joy Canova, a Realtor with Coldwell Banker Bain Associates in Seattle, wrote the following in response to an Oct. 26 article, "Times change, real estate commission stays the same," reporting on a public workshop held in Washington, D.C., on Oct. 25, to explore competition in the real estate industry. Although the title, "Times change, real estate commission stays the same," seems to hint at a need for real estate sales commission reductions, I see another meaning. Times have changed for the real estate market; it has become increasingly difficult to protect clients from unintended consequences of a real estate transaction. If changes to commissions are overdue, it is to increase rates, not lower them. In real estate transactions, one needs only to look at the volume of pages in a typical purchase and sale agreement to see the changes in the industry. As greater protections are needed for clients, full-service brokerages have sought the assistance of their attorneys to ...