Posted June 02, 2019 15:18:18New rules for the real estate industry may soon result in higher paychecks for agents, according to a new report.
The National Association of Realtors released a report today that found the realtor who was fired from her role after her firm filed for bankruptcy has received an average pay increase of more than $5,000.
“The pay increase may be too little to justify the costs and risks that have been taken in recent years,” said Rebecca Geller, the president of the association.
The report found that over the past three years, the average increase for an agent has been $6,300, an increase of nearly $3,000 over the last three years.
However, the report does not break down the pay for individual agents.
It does say that, from the beginning of the year, the realty industry has been working to streamline the process.
According to the report, the new rules, called the New York-New Jersey Partnership, are being phased in and are being implemented over the next several months.
They will require brokers and other service providers to post a minimum wage for their real estate business and also require them to disclose any financial conflicts of interest, the group said.