So, we've all seen the headlines. We've seen the panic. It leaves a lot of people wondering, what's next for us?

I got a call this weekend from a newer agent who questioned what this NAR settlement means for the real estate industry and his career going forward. "Should I find some other type of work?" 

For those of you that don't know, the National Association of Realtors (NAR) recently reached a settlement on a lawsuit that argued conspiracy of price fixing commissions within the real estate industry. This settlement proposes many new changes to the way that real estate professionals do business - many of which will not take place for at least a few months.

I may be in the minority when I say this, but I'll tell you - I'm here for it. Because change brings opportunity, and those that find the opportunity in all this will rise above the rest. 

As we all know, headlines can be misleading and the media is always looking for a reaction to create hype within society. Reminder: don't believe everything you read on the internet or see on the news. 

So what exactly does this big settlement mean for the real estate industry and prospective buyers and sellers?

It's important to first state that, contrary to some headlines you've seen - this is not about no longer paying realtor commissions, but instead it is about creating transparency in an industry where the lines have been blurred along the years. 

Unfortunately, a large portion of the general public does not understand how or how much realtors get paid. In addition to that, there are many people in the industry (especially on television) who create a facade that realtors live a fun, care-free life with the luxury of doing whatever they want, whenever they want - including popping bottles, vacationing frequently, and doing a whole lot of nothing for a whole lot of money. 

I cannot tell you how far from the truth that actually is. Sure, there are some people that may have gotten in the industry with the intention of just making a quick buck while ditching their 9-5 for a more glamorous lifestyle. (I promise, our lives do not look like Selling Sunset - unless I'm doing this whole real estate thing wrong?!)

For a lot of us, we breathe, eat & sleep real estate. We go to sleep late and wake up early with a running list of never-ending tasks, that (a lot of times) take precedence over our personal lives. We are consumed by our phones at all hours of the day - even nights, even weekends, even on vacation. People don't see the endless hours of continuous education to stay up-to-date on new guidelines, technologies, and tools to best serve our clients. They don't see the work behind the scenes and they don't hear about all the times that we are basically working for free.

So for those of us who come to you as the real estate professionals, offering guidance and expertise (and don't forget free therapy) to provide the ultimate client experience on one of the largest transactions that one will ever make in their lives... we earn every penny of our commission. 

Commissions always have, and always will be, negotiable. With that being said - I will never argue my value or the level of service I bring to a transaction. The hard work and dedication that I provide to every single client - whether it is a $30,000 deal or a $600,000 deal - is not negotiable. So why would I negotiate my fee for countless hours of work, research, and negotiating on a deal? 

Well honestly, I won't. I'm sure some realtor's fees will be up for discussion, but I'll tell you, I will not budge on what I ask for because I know what I am worth. I work solely with people who can see the value that I bring to the table. And for those that don't see or don't want to compensate me for that, well, I guess I'm just not meant for you then. Like always, there will be discount brokers that will be there to provided discounted service at a discounted rate - and that is ok. 

But please don't be misled by headlines that make you think that the real professionals out here don't work extremely hard every day to earn their compensation. And please don't assume that what we do is so easy that you should skip out on hiring a realtor and just do it yourself.

For my clients, there will be some paperwork changes... but otherwise, it will be business as usual. I will always advise my sellers that offering a co-broke to the agent bringing a buyer to their home is undoubtedly the best solution to get them to their goal - which is to sell their home in the least amount of time, for the most amount of money. And for my buyers, I will work with them to find solutions on how to compensate me, if they are interested in a home that is not offering a co-broke.

We can debate all day about how this all plays out in the end - but truth be told, only time will tell. And honestly, I do believe that within the Capital Region real estate market, many other agents will operate with the same mindset. 

One impact that I think we will definitely see from all this: this will drive many agents out of the business. This will set apart the true professionals from those who "dabble" in the business to make a "quick buck". And again, I'm here for it. 

Trust me when I say, you want and need realtor representation on your side. And for those of you that try and go at it alone, we truly wish you the best.