The settlement removes the requirement for listing agents to offer a preset commission to the buyer’s agent. Going forward, consumers who are selling will have more flexibility to negotiate commission rates below the standard 6%. Consumers who are buying will come to a separate direct agreement with their agent, or choose not to work with an agent. You can stay up-to-date with NAR’s approach on their FAQ page.

Buyers and sellers can negotiate with their agents on what they should be paid.

For buyers, you can negotiate with your buying agent (the agent who is helping you buy a new home) on what their compensation should be. When you are ready to submit your offer, you can request that the seller pay for all or a part of your buying agent’s fee.

For sellers, you are not required to pay a set commission to the buying agent as part of listing your home. This can be negotiated in advance with the buyer and their agent before signing a purchase and sale agreement.

At Opendoor, we believe that agents should be compensated for the work they do. That is why when Opendoor is selling homes that we own, we will pay concessions to the winning buyer to cover the amount of your buying agent’s fee or other closing costs. Just ask for what you need when submitting your offer.

We aim for transparency and empowering buyers and their agents to agree on compensation that aligns with the industry and services provided. 

You can read more about Opendoor’s position on the settlement from our CEO.