Mary Anne Bryan is preparing to sell her cherished three-bedroom brick Colonial home in Chicago's Beverly neighborhood. Having spent a decade as a real estate agent, Mary Anne is acutely aware of the ongoing changes in the real estate industry, especially in light of recent legal actions concerning buyer’s agent commissions. As she embarks on the journey to sell her own home, a significant attraction for her is the potential savings on the approximately 2.5% commission that would typically be paid to a listing agent. However, she acknowledges there are uncertainties and challenges ahead, such as verifying the readiness of prospective buyers to make an offer, especially if they are unrepresented.

In 2023, a Missouri jury's decision reshaped the landscape of real estate commissions, leading to new rules in August that altered how commissions are structured and represented. While much discussion has focused on the buyer-side implications, sellers are equally facing a transformed marketplace. The confluence of a historically tight real estate market, with sellers possessing a stronger hand, and an increased confidence in digital transactions, makes selling a home by owner—known as FSBO (For Sale By Owner)—a far more viable option than in past years. Victor Lund from WAV Group notes that since the removal of the buyer’s agent commission requirement from the MLS, FSBO has become notably enticing.

Sellers are now navigating a complex environment. The traditional commission model had sellers paying for the buyer’s representation, often resulting in scenarios where buyer’s agents earned more than those representing sellers. This system discouraged sellers from negotiating lower commissions as buyer’s agents might steer clients toward higher commission properties. With the new regulations eliminating direct compensation offers to buyer's brokers, many anticipate a more complicated buying process, presenting both challenges and opportunities for sellers.

Ena Koellish sees these industry changes as an opportunity—and a call to educate sellers on their heightened choices in the market. Having co-founded The K Group Real Estate, she is passionate about informing consumers about what can often be one of life's largest transactions. Koellish, concerned by reports of unethical practices, advocates for transparency and offers educational resources online. She supports offering sellers the flexibility to choose from comprehensive service packages or selective 'a la carte' services depending on the level of assistance they desire in selling their homes.

For homeowners considering a DIY home sale, some seek guidance from professionals. While some agents cater to FSBO sellers by offering limited services for smaller fees, Victor Lund advises caution to those inexperienced with real estate, highlighting the complexities involved in selling, even for smaller transactions. Mary Anne Bryan, though tempted by FSBO options, is contemplative about the intricate nature of real estate sales and maintains that, despite potential system efficiencies, experienced realtors play a vital role worthy of fair compensation. While FSBO can offer efficiencies, it requires a careful approach and an understanding of the broader implications and responsibilities involved.