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Seasoned real estate professionals know that change is one of the few constants in the industry.
Since the National Association of Realtors settled industry-upending commission lawsuits last year, change has been in motion, impacting the way that agents do business and how they interact with clients.
It also seems to be impacting agent commissions on some level — although exactly how depends on who you ask. Most agent respondents to the February Intel Index survey conducted Feb. 17 through March 4 have seen commissions stay about the same since the NAR settlement rules went into effect at the beginning of August. But a substantial portion of agents are also seeing them decline, and, at the opposite end of the spectrum, a small group are actually seeing commissions rise.
So what can agents and brokers take away from the most recent commission shifts, as interpreted by February’s agent survey respondents? That’s what Intel sought to find out in this week’s report.
More agents see sellers skeptical about buyer commissions
As the months have passed since the NAR settlement, more agent respondents to the Inman Intel Index survey have continued to see a growing number of their seller clients ask whether or not they are obligated to cover the buyer’s agent’s commission.
- As of February, 81 percent of agent respondents had at least some of their seller clients ask in the last three months if they were required to cover the buyer’s agent commission, up from 64 percent of agents in August.
- 35 percent of agents in February said that more than half of their sellers had asked in recent months if they were obligated to cover the buyer’s agent’s commission. That was up from 21 percent of agents in August who said more than half of sellers had inquired about it.
A growing number of agents are also seeing more of their sellers take a hard-line approach against covering the buyer’s agent commission, digging in their heels when it comes to negotiating.
- 32 percent of agent respondents in February said that in the last three months at least some of their seller clients were unwilling to cover the buyer’s agent’s commission, up from 27 percent of agents who had at least some sellers that would not cover the buyer’s agent’s commission in August.
- As of February, 9 percent of agents said more than 10 percent, but still fewer than half, of sellers took that hard-line against covering the buy-side commission. That figure is up from just 2 percent of agents who reported as such in December, and up from 6 percent in August.
Mixed impact on commissions
Shortly after the NAR practice changes went into effect, many agents expressed uncertainty about how the changes might impact commissions. Fewer Intel Index survey respondents today feel that same degree of uncertainty, with most seeing either stability or a slight decline in commission rates.
- Only 9 percent of February agent survey respondents said it’s still too early to say what impact the NAR settlement rules have had on agent commissions. That’s down from the 37 percent of agent respondents in August who felt it was too early to tell.
- 45 percent of agents now think commissions have largely held steady in response to the NAR practice changes, compared to 33 percent who felt that way in August.
A significant portion of agents are observing commissions decrease in the wake of the new rules, but, a growing share are also seeing them increase as a percentage of the home sales price.
- 30 percent of agent respondents to the February Intel Index survey said they’re seeing commissions drop slightly in response to the NAR settlement rules going into effect, compared to 21 percent of agents in August who said that commissions were declining a bit in the wake of the settlement.
- Nearly 10 percent of agent respondents said in the latest Intel Index survey that they’ve witnessed commissions increase as a percentage of a home’s sales price post-settlement. By contrast, a scant 3 percent of agents in August said commissions had increased in the wake of new practice changes.
- 6 percent of agents reported a significant decrease in their commissions as of February, compared to 7 percent in August. This figure has wavered around 4 percent to 7 percent of agent respondents since Intel began asking about changes to commissions in the wake of the settlement.
The data suggests that agents are beginning to track some patterns in what’s happening to their commission rates in response to the industry practice changes and are less uncertain about how it’s impacting their business.
The typical agent working hard to adapt to the new industry landscape seems to be doing just that — adapting. In the process, this agent has been able to either maintain their usual commission rate or is having to concede a bit on that rate every now and then.
Less seasoned agents are likely the ones who are seeing that significant drop in commissions, since they are the ones who have fewer tools in their tool belt to draw from. It’s the top performers who over the last several months have likely been adapting the quickest, trying out new business strategies, and are now increasingly beginning to reap the benefits by actually increasing their commission rate at a time of industry disruption.
Methodology notes: This month’s Inman Intel Index survey was conducted Feb. 17-March. 4, 2025, and received 810 responses. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email. Users responded to a series of questions related to their self-identified corner of the real estate industry — including real estate agents, brokerage leaders, lenders and proptech entrepreneurs. Results reflect the opinions of the engaged Inman community, which may not always match those of the broader real estate industry. This survey is conducted monthly.
