Blake Barry, board president of the Greater Fort Worth Association of Realtors and a Realtor at Williams Trew, has detailed how he sees recent changes related to broker commissions. The adjustments are part of a settlement between the National Association of Realtors and home sellers.
The proposed settlement will usher in two significant changes for the housing industry, Barry said in an.
鈥淔irst, the settlement will require Realtors participating in a multiple listing service (the database used by real estate brokers to see properties that are for sale) to enter into written agreements with potential buyers before they show them any properties,鈥� he said.
Barry said that in Texas many Realtors already use a written buyer鈥檚 representation agreement when working with potential buyers. These agreements not only allow the agent to clearly outline their services, including how compensation works so both parties know what to expect, but also provide a strong foundation for partnership in the home buying process, he said.
鈥淪econd, moving forward, anyone entering the market as a buyer can expect to be presented with this agreement by their agent. We recommend buyers take the opportunity to carefully read the agreement and ask questions about the process before signing,鈥� he said.
Barry also recommended home buyers interview multiple agents before signing with one.
鈥淔or many people, buying a home is the largest transaction of their life 鈥� you deserve to work with someone who you feel comfortable with, who you can communicate openly with, and who can provide genuine guidance and expertise,鈥� he said.
Barry noted that the settlement will prohibit offers of compensation 鈥� what a Realtor would earn from the sale 鈥� from being communicated via the multiple listing service. Prior to the proposed settlement, the offer of compensation was included with the listing details.
鈥淐onsumers will now have an even greater array of compensation choices,鈥� he said. 鈥淔or example, with offers being removed from the multiple listing service, some listing agents may offer a share of their compensation to buyer鈥檚 agents, just conveyed separately from the multiple listing service. Alternatively, consumers may choose to pay a set fee, or a seller might provide a concession on the sales price that could be used by the buyer to compensate their broker.鈥�
Barry recommended home sellers discuss these issues with their Realtor to feel comfortable with the compensation the Realtor receives.
Commercial Van Interiors opens third hub in North Texas
St. Louis-based Commercial Van Interiors has signed a lease for its third hub in North Texas, signing a long-term lease for 25,000 square feet of industrial space and 5 acres of outdoor storage.
The company has landed in the 114 Industrial Park at 138 Leopard Road in Rhome. Commercial Van Interiors, which customizes commercial utility trucks, is adding a new business line that requires outdoor storage for 500 vehicles.
鈥淚t was a challenging search because of the size requirements and my client鈥檚 desire for newer product situated as close as possible to its main location in north DFW,鈥� said Todd Lambeth, executive vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
The 114 Industrial Park is a 185-acre master-planned development less than 20 miles from Interstate 35W and close to State Highways 114 and 187 in far north Fort Worth. Developed in 2022, the multibuilding project features a shallow bay and office/warehouse space. Mark Boone of LanCarte Commercial is marketing the site for the developer, 114 Industrial Park LLC.
Fort Worth named a top city for business
Fort Worth has garnered another award for its business acumen. Fort Worth was named the top city for business in Texas by Scout, an independent economic development platform.
厂肠辞耻迟鈥檚 , 鈥淭op Cities in Texas for Business, According to Employers,鈥� is based on more than 2,000 data points across 169 verified reviews from employers in Texas.
With an overall Scout score of 4.34 out of 5 stars, Fort Worth stood tall in its boots. Fort Worth was ranked No. 1 overall and was noted as the top city in speed of permitting and speed of zoning.
鈥淭his recognition is a clear reflection of the exceptional business climate our staff has been working hard to cultivate here at City Hall,鈥� City Manager David Cooke said in a statement. 鈥淥ur 4-star rating in these two critical categories highlights our ongoing efforts to create an efficient and business-friendly environment.鈥�
Reviewers from the report cited the city鈥檚 commitment to facilitating a seamless environment for business operations and growth. This distinction highlights Fort Worth鈥檚 strategic advantages and its dedication to nurturing an innovative business environment, city officials said.
鈥淭his is a testament of our dedicated staff鈥檚 鈥榗an-do鈥� attitude and unwavering spirit of partnership, ensuring streamlined procedures and swift results for our community鈥檚 progress and growth model,鈥� said D.J. Harrell, director of the city鈥檚 development services department, in a statement.
Do you have something for the Bob on Business column? Email Bob Francis as bob.francis@fortworthreport.org
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
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