RealtorsŸ Jessica & Joel Provenzano Want To Help You Buy Or Sell Your Home 

Jessica and Joel Provenzano are licensed RealtorsÂź who work together as a team out of the Florida Executive Realty (FER) office in Tampa Palms. While they are still relatively new to real estate — Joel with only two years of experience and Jessica with a bit more — they bring a passionate, detail-oriented approach that they believe sets them apart. 

“We may be new at this,” says Joel, “but we are hungry and that makes us work harder.” 

Married for 20 years, the Provenzanos are high school sweethearts who moved to this area from Estero, FL. They have lived in the Meadow Pointe community with their daughters Kayla and Lily since 2009. Jessica and Joel have a natural, complementary partnership, not only as a couple but also as business partners. 

“Joel and I work every transaction together,” Jessica says. “We support each other and play to our strength.” She handles communications and contracts, while Joel, with his background in engineering and research, focuses on inspections, technical issues and behind-the-scenes details. “His research background is a huge asset for our clients,” she adds. 

Before real estate, Joel worked in transportation and land development engineering for both the Florida Dept. of Transportation (FDOT) and as a private consultant. That experience now provides a unique advantage for his clients. 

“I can provide insight into what future construction, schools, or stores are planned nearby,” he explains. “It’s not just about the home itself. It’s about where you’re going to live, what the area will look like in a few years, and how that impacts your investment.” 

Jessica adds that location is still one of the biggest decision factors. “Many new buyers want to know what their lifestyle will look like in an area,” she says. “That’s where Joel shines. He knows the surrounding developments, the infrastructure plans and what’s coming next.” 

The Provenzanos help sellers, buyers and even renters. “Sometimes, the recommendation is to rent and not to buy, depending upon the circumstance,” Joel says. “We review everything with the client because it may not be the right time to purchase. Renting may fit their monthly budget or needs better.” Unlike many agents who stick to either sales or rentals, Jessica and Joel handle both. “It keeps us in tune with the totality of the market,” he says. “The rental market affects the selling market in a large way.” 

They also assist homeowners who want to rent out their properties. “We treat rental listings the same way we treat ‘For Sale’ listings,” Joel says. “We market them to what renters are looking for because we know that side of the market.” 

When it comes to helping families move to New Tampa or Wesley Chapel, Jessica and Joel pride themselves on doing their research. Whether a client is concerned with nearby schools, walkability or community amenities, the Provenzanos provide answers. 

“For example,” Jessica says, ““Charter schools are important in areas where there aren’t any established public schools yet. We also help clients weigh the pros and cons of new construction versus established neighborhoods. If schools matter, that might mean leaning toward a pre-owned home near a well-established, highly rated school. If not, new construction could be a great fit.” 

The couple also will share lessons from their own home-buying journey. “We bought a fairly large house, and we’ve grown into it,” Joel says. “Sometimes it’s better to buy a little more than you need, as long as it still fits in your budget, so you don’t have to move again in a few years.” 

One trend they’ve noticed is the growing demand for communities that cater to ages 55+. 

“Wesley Chapel now has some amazing options for active older adults,” says Jessica. “Valencia Ridge, Anand Vihar, Esplanade and Amberlin are each offering something different. Amberlin, for instance, is a rental-only 55+ community with rents ranging from $1,600 to $3,500 per month.” 

They recently helped a couple living in a single-family home transition from their home into a rental at Amberlin. “It had everything they were looking for,” Jessica says. “Age-targeted communities now offer floor plans and amenities geared toward that demographic. It’s not like the past, where the only options were manufactured homes. These are beautifully thought-out and designed homes and apartments.” 

GL Homes’ Valencia Ridge is one new for-sale 55+ community that has impressed them. “They have single-story homes, golf cart-friendly streets, a restaurant and even a list of designers used in their models for buyers who want that professional touch,” Joel says. “It’s about building a lifestyle.” 

Their insider knowledge also comes from showing up. “Facebook is a wealth of information for us,” says Jessica. “But more important is that we go to every event, talk to builder reps and learn what each community really offers. Sometimes, we get insights that the average buyer won’t hear. That’s why it’s important to always take your Realtor with you, even on your first visit to a builder. Most builders will still pay the commission.” 

Joel and Jessica agree that the market has changed. “Prices skyrocketed during Covid when demand outpaced supply and people flooded into Florida,” Joel says. “But now, there’s more new construction, and the prices have stabilized. Sellers still have equity, but they’re having to be a bit more realistic when coming up with a price. We can help with setting a market price that will get noticed.” 

New construction has become more competitive, too, sometimes offering better deals than resale homes. “Some builders offer incentives, upgrades, or closing costs that pre-owned sellers can’t match,” Jessica says. “That’s why it’s crucial to use a knowledgeable agent who knows what each community is offering.” 

With rising single-family home prices, townhomes have become more attractive, too. “Some townhomes are just as big as single-family homes, but without as much maintenance,” Joel says. “They’re a great option for many buyers.” 

Jessica and Joel Provenzano are more than just Realtors — they’re a team with a deep understanding of New Tampa and Wesley Chapel, a tireless work ethic and a genuine desire to help people make informed decisions. Whether you’re looking to buy, sell, or rent, they bring a personal touch and the knowledge to match. 

You can reach Realtors Jessica & Joel Provenzano of Florida Executive Realty (15802 Amberly Dr.) by calling or texting (813) 956-4093. Or, for a free consultation, visit JProvenzano.FloridaExecutiveRealty.com.

The Dee Strom Difference: A Commitment To Clients & Results! 

Realtor¼ Dee Strom, of Florida Executive Realty’s office in Tampa Palms, helps clients like Dr. Alex Lteif (below right) and the Moyer family (below left) find their dream homes. (All photos provided by Dee Strom) 

When Dee Strom transitioned from the hospitality industry many years ago (see below) into real estate, she never imagined how deeply she would fall in love with her new career. Encouraged by her husband Michael, she took the leap and quickly realized that being a RealtorÂź wasn’t just a job for her — it was her passion. 

Since joining Florida Executive Realty (FER), Dee has made a name for herself as one of the top-performing agents in the area. Now with more than a decade in the business, she consistently sells more than $20 million in real estate annually, placing her in the top 1% of Realtors nationwide. 

Her dedication and expertise have earned her multiple awards. She was named FER’s “Agent of the Year” company-wide (for 2023 & 2024) and for the New Tampa office (for 2019- 22). She has consistently ranked among the top producers at the company over the past several years and remains a top-three agent company-wide. She shares with gratitude that none of her success would be possible without the unwavering love and support of her husband and their two daughters, Sloane and Stella, who keep her grounded and motivated. 

“I am all about my clients,” Dee says, “and about this wonderful business that I love. The awards show my commitment to this industry but, more important, to the people I work with and represent.” 

For Dee, success in real estate is about more than just sales. 

“Building a solid relationship with your clients is key in the real estate business,” she explains. “Both buyers and sellers should collaborate with a Realtor they genuinely connect with, like and trust.” Dee understands that every client’s time is valuable, which is why she works strategically around their schedules to ensure a smooth and personalized experience. Real estate is not just her job, it’s her full-time commitment. 

Among the things that sets Dee apart are her deep-rooted relationships with builders. When it comes to new construction, Dee brings more than just market knowledge, she brings relationships. She often has established connections not only with the on-site sales agents but also with the builder’s management. 

Understanding their preferences, processes, and flexibility allows her to negotiate strategically and confidently for her clients. “My job is to advocate for you, and the best way to do that is by being informed, prepared and well-connected,” she says. 

Dee’s extensive marketing reach is another factor. As a member of “Leading Real Estate Companies of the World” (LeadingRE), she ensures that her listings are marketed both locally and globally. “There are people in other places looking to relocate, and they can see the listings through LeadingRE,” she says. “It is seen on over 700 websites throughout the country.” 

Dee also prides herself on her ability to truly listen to her clients. “For me, it’s about more than just real estate, it’s about people,” Dee shares. “I want to learn about my clients, their families, their lifestyles and what truly matters to them. The better I understand their stories, the better I can guide them and help them achieve their goals in a meaningful way.” 

For example, some families might not immediately think about community amenities that would benefit their children. Others, with hectic work schedules, may need a home where the landscaping is taken care of by the HOA. Dee emphasizes the importance of being well-versed in various neighborhoods, the available inventory within a community, as well as understanding what builders or sellers may be willing to negotiate. Equally important, she says, is knowing each of her clients’ specific needs and priorities to align the right opportunities with the right people. 

As a child, Dee says she was shy, and those who know her now find that shocking. Her time working from a young age to then working in the hospitality industry helped her break out of her shell. She was a hospitality manager for bars and clubs in South Tampa and was part of the opening team in 2008 for Aja in Channelside. Aja further expanded, opening another club that was located in the Shops at Wiregrass where Dee was part of the management team. When the Wiregrass location closed in 2012, Dee then worked for Ceviche Tapas Bar & Restaurant, overseeing the company’s books and accounting for all of its locations. 

“That foundation in customer service has truly shaped the way I serve my clients,” Dee says. “It’s one of my greatest strengths as a Realtor. I believe customer service is a very important part of what I do, because real estate is a customer service industry. People sometimes forget that. We are here to satisfy the needs of those looking to sell or purchase a home.” 

The residential real estate market is constantly changing, and Dee understands the importance of staying informed. She says she uses social media to network, but also actively networks with top agents in the area as well as builders and industry professionals to stay informed about market trends and opportunities. Equally important to Dee is staying sharp on market knowledge and current trends. She doesn’t just rely on outdated statistics or general assumptions, she actively tracks historical data and, more critically, the real-time shifts happening in today’s market. “I study the numbers that most agents have never even seen,” Dee explains. “It’s not just about what happened last year—it’s about what’s happening right now.” This depth of knowledge allows Dee to advise her clients with precision, confidence and relevance. Whether she’s pricing a home for sale or guiding a buyer through a competitive offer, her insight into up-to-the-minute market conditions sets her clients up for success — especially in a market as unique and fast-changing as the one we’re in now. 

Dee is passionate about earning her clients’ trust, and she believes that chemistry is vital. She has an impressive 5-star Zillow track record, 141 Realtor.com recommendations, and a 4.9-star overall rating on Google. The majority of the reviewers say they love Dee and how she went above and beyond to help them. But, she says that 4.9 overall rating comes from a single one-star review — from a seller on the other side of a transaction. “I was advocating so well for my client that the seller left me a one-star review,” she says. At first, she was devastated, but then she realized it was a testament to her commitment. 

“I can’t make everyone happy, and my priority is always my client,” she says. “In that case, the person I needed to make happy was my client, and I did my job.” 

Her most recent raving fan, the Meisters, say, “From the very beginning, [Dee’s] knowledge, friendly manner, patience and attention to detail was evident as she guided us through a difficult decision process to help us find the perfect home. Simply put, Dee Strom is as good as it gets in real estate, and we will happily recommend her to others looking to buy or sell property. We also will not hesitate to use her services again, when and if ever the need arises.” 

Dee takes pride in handling all aspects of a transaction for her clients, allowing them to focus on their move without stress. 

She adds that there are other Realtors out there, “without the proper contract and market knowledge and education to know how to professionally operate, which can be a detriment to the client. I have had sellers come to me to switch [to me], whether for better service and/or market knowledge to get their home sold.” Dee says one of the biggest problems in home pricing and value is that some Realtors, “simply look at homes they believe are comparable based on square footage or bedroom and bathroom count to determine a home’s value, but knowing the home’s history, builder, community and current market activity is critical, too.” 

Dee also says, “Experience is not how many years you have been doing the job but how many homes you have actually sold.” She firmly believes that experience plays a crucial role in doing the job right, but that the experience comes from transaction volume, constantly negotiating and the consistency in the business. “It’s about having faced all types of real estate challenges multiple times,” she says. 

Dee and her husband Michael, with daughters Sloane (left) and Stella.

When discussing the local market, Dee explains that some areas are currently built out but remain stable and there is no crash happening here. The Wesley Chapel area is still booming with new construction and “offers great affordability for buyers, whether you’re a first time home buyer, looking for more space, or downsizing and need maintenance-free living.” As an expert in the area, she helps clients navigate builder incentives and contract negotiations. 

“For my clients who are selling, new construction can create competition,” she says, “but with the right marketing strategy, I can position their listings to stand out and sell for top dollar.” 

Dee utilizes professional photography, video tours, social media and targeted outreach to attract the right buyers. “Every home has a story,” she says, “and I make sure that story is told in a way that captivates potential buyers.” 

To Dee Strom, real estate is about strategic marketing, dedicated advocacy and building lasting relationships. Her passion for her clients and her deep knowledge of the industry makes her a Realtor unlike any other. 

And that 
is “The Dee Difference.” 

Realtor¼ Dee Strom is based at Florida Executive Realty’s Tampa Palms office at 15802 Amberly Dr. For more information, visit DStrom.floridaexecutiverealty.com. You also can find her @DeeStromRealtor on Facebook and Instagram or by calling (813) 525-7851.

Kristy & Megan Darragh — The Team To Call When Buying Or Selling A Home! 

(L.-r.) Jace Haitz, Megan & Kristy Darragh and Toni Osborn of Florida Executive Realty in Tampa Palms. (Photos on these pages provided by Kristy Darragh) 

If you’ve been seeing real estate headlines that make you think the sky is falling, long-time local RealtorÂź Kristy Darragh of Florida Executive Realty in Tampa Palms says to brush it off — it’s just click bait. 

“I monitor trends weekly, monthly and quarterly, as well as the long history and economics of housing,” she says, “and the local housing market lately has been a bit wobbly, but is still basically a flat line.” 

She says that plateau is a good thing (not a sign of death), meaning the local market continues to be steady and predictable for those who are looking to buy or sell. 

With almost four decades in the industry and a near obsession with crunching the numbers, Kristy has a deep understanding of the local market and promises her clients expert advice for how to sell their homes for the highest price or buy a home at the best value. 

A staple in the New Tampa and Wesley Chapel real estate market since 1994, Kristy has recently updated her brand to include her daughter Megan, so you’ll now see ads for Kristy & Megan – rather than just Kristy – not only in the Neighborhood News, but also on billboards and in direct mail. 

Megan began working with her mom in 2020, after previously serving as the office manager for the Westchase branch of Florida Executive Realty. Now, they’ve solidified their partnership with the team’s name change. 

Kristy and Megan say they are able to serve their clients with client service umatched in the local market, thanks to assistants Jace Haitz and Toni Osborn, both of whom have worked with Kristy for many years. 

“There’s no way I could provide the excellence and volume of work I do without them,” says Kristy of her support staff. “They are what makes it possible for Megan and I to offer this level of service.” 

Kristy uses all of those years of experience to translate what’s happening in the market into useful information for her clients. 

For example, she says she tells her clients to always look at the current inventory to understand the basic fundamental principle of supply and demand. Historically, she says, the 33647 zip code has had around 300 active listings in a normal market. “Right now, we’re at about 170 active listings,” Kristy says. “We came from a peak during the pandemic where we only had 18 listings in the entire zip code.” 

At the time, prices were sky high due to demand. She says that while the market has recovered to be more balanced, there’s still plenty of room for more inventory. 

“Prices on a lot of homes have come down, but they needed to, because people were pricing their homes the way they were in 2020 and 2021,” she says, “and that was when the market was unbalanced and somewhat frenetic.” 

Meanwhile, In Wesley Chapel… 

Wesley Chapel has its own trends and metrics, and Kristy explains that all of the new construction in the area means resale prices are somewhat suppressed. That means Wesley Chapel sellers need to have realistic expectations as to what they can sell their homes for, and that they should always work with an expert who can help price the home appropriately to sell quickly or meet the seller’s goals. 

“This is a normal cycle,” Kristy says. “You can’t use prices for new construction for your asking price on a resale home because builders offer incentives, such as money back toward closing costs, bonuses and interest rate buydowns.” 

She says these incentives can be valued at up to $100,000, so resale homes have to take that into account to be able to price to sell. 

“I’ve got 38 years of knowledge, including 30 years here in the New Tampa and Wesley Chapel area,” Kristy explains. “I see trends so clearly and have lived through so many real estate cycles that I can tell you the market is not falling and prices are not dropping. We are in a healthy plateau, and that is what you want so the market can normalize.” 

She says there also are annual trends that always happen, and that we’re just about ready for an influx of seasonal buyers in April, May, June and July. 

“This is when the most buyers are in the market, so prices definitely go up,” Kristy says. On the other hand, over the year-end holidays and the first quarter of each year is when resale prices are the lowest, giving buyers the best opportunity to purchase a home at a lesser cost. 

“This happens every year,” Kristy says. 

Kristy and Megan are each licensed as both a real estate agent and as a Broker. Kristy joined Florida Executive Realty in 1994 and became partners with Doug Loyd in the Tampa Palms location of Florida Executive Realty way back in 2003. Loyd owns five other offices of Florida Executive Realty located in and around the Tampa Bay area. 

Kristy and Megan have many satisfied clients, including Nancy and Mike Yetter, who recently sold their home in Ashington Estates in Tampa Palms to move to The Sanctuary (also in Tampa Palms), where Kristy and Megan helped them find the perfect smaller-sized home to fit their empty nest. But, the Yetters’ new home still provides enough room that they don’t feel cramped. 

“It was a lot of fun,” Nancy says. “We felt very lucky to work with both of them.” 

While most people wouldn’t call the stressful sale or purchase of a home “fun,” Nancy says Kristy and Megan made the process stress-free and actually enjoyable. 

Nancy also says that she and her husband first met Kristy when she was the seller’s real estate agent when they bought their Ashington Estates home in 2018, after experiencing what Nancy described as a “horrific” experience selling the home they were moving from on Anna Maria Island. 

“We were so impressed with her back then,” Nancy says. “We said if we ever moved, we wanted to ask her to be our agent.” 

Because the couple travels often, they trusted Kristy and Megan to handle the entire process, including showings and repairs that needed to be made to the home. 

“To have absolutely no hiccups was great,” says Nancy. “We were able to close on both homes the same day. It was perfect the way [Kristy] organized that.” 

Nancy says that both Kristy and Megan understood their needs and didn’t waste their time showing them homes that weren’t what they wanted. 

“I’ve recommended Kristy and her team to three people already,” Nancy says. “She’s very professional, she’ll work for the best deal possible, and she doesn’t let anything fall through the cracks. She knows the market and that’s so important.” 

The Tampa Palms office of Florida Executive Realty is located at 15802 Amberly Dr. For more information about Kristy and Megan Darragh, visit RealEstateNewTampa.com or call (813) 931-6700.

Tampa Bay Home Team Helps Sellers & Buyers With Discounted Commissions 

Joe & Christina Kipping say they rare proud to run their Tampa Bay Home Team real estate office on Cypress Ridge Blvd. like a family, but here they are with their actual family. (Photos provided by Joe Kipping)

Joe Kipping loves his family and he also loves to be a coach. A former high school and college football player himself, he now coaches football for his sons, Joey, 10, and Jaxson, 9. 

But, Joe spends most of his time coaching clients in his role as a real estate agent and broker, and cultivating a business that feels more like a family than a corporation. 

He and his wife, Christina, who also is a real estate agent, own Tampa Bay Home Team. 

Joe started in the industry in 2003. 

“I was doing mortgages, but I didn’t want to be strapped behind a desk,” he says. From his vantage point, he met real estate agents who weren’t serving their clients well. “I can do this better,” he thought, so he pursued a real estate license. 

He started selling homes in 2007, then established the company that would become Tampa Bay Home Team in 2009. After 10 years under the Keller Williams umbrella, Tampa Bay Home Team is now part of eXp Realty. 

“We made the switch to eXp Realty because it offers greater opportunities for Realtors through revenue sharing and stock ownership,” Joe explains, adding that eXp Realty has an innovative model that allows agents to build wealth for retirement during their careers. 

In 2014, Christina was let go from a corporate job in finance and joined Joe in the business. 

And in 2021, Joe’s career came full circle when he opened a mortgage business, called Motto Mortgage Home Team, a local franchise of a Denver-based company that has more than 225 offices in 40 states. 

The office for both companies is located in Wesley Chapel, on Cypress Ridge Blvd. near AdventHealth Center Ice. It includes five more agents, all of whom have been at the company for several years. 

“We’re family oriented,” says Christina. “We’re a small business, and we really do treat clients as family, and our employees would say the same thing.” 

Joe and Christina are native to the Tampa Bay area and moved to Wesley Chapel almost 15 years ago. In addition to Joey and Jaxon, Joe and Christina also have two daughters. Taylor, who is 14 and six-year-old Natalie. 

“I love to educate people,” Joe says, “whether they’re buying now or 10 years from now. I’m a coach at heart. If they buy 10 years from now, I want to be the guy who has been there the whole time, educating them along the way.” 

“We’re here to help people when the time is right,” Christina adds. 

Discounted Commissions 

Joe and Christina say they have stripped their commission fees “down to bare bones” and offer a menu system where buyers can pay as little as 1.5 percent. However, they say, most people choose the 2% option. 

They say that if someone doesn’t see value in a particular service, they shouldn’t have to pay for it. In other words, their options put the consumer in the driver seat. 

Meanwhile, Tampa Bay Home Team’s clients say their lower commission rate doesn’t mean a lower level of service. 

When you list your home for sale with Tampa Bay Home Team, you can rest assured that outstanding photography will always be part of the deal. 

Eric Sanchez worked with Christina to sell his home in Meadow Pointe. He’s lived in Wesley Chapel for 18 years, but recently bought a home in Two Rivers. 

“I was under duress and had to make a quick sale,” he explains. “I was looking for a Realtor who was willing to take less commission and found Christina. It was truly a godsend.” 

Back in 2006, during the local real estate market crash, Eric had tried to sell in Temple Terrace by hiring a full-commission Realtor. That home never sold and he eventually lost it. He wanted to be sure he didn’t make that mistake again.

“(Christina and Joe) have a whole office working hard to sell my home,” Eric says. “They did everything from referring me to contractors who did an excellent job, to helping me pack. There was absolutely nothing the Home Team couldn’t handle for me.” 

Eric received an offer within two weeks and closed on the sale of his home less than four weeks from when it was listed. 

“A lot of things had to fall into place, and Christina handled everything to a ‘T,’” Eric says. “I got premium service — absolutely the full service of what you would expect from a Realtor’s office, with no corners cut – at a discounted rate. 

He says he and his wife, Carmen, speak of them highly every opportunity we get, and refer them to anyone they can. 

“They even have the post-sale saying,” explains Eric. “You’re family now. They have get-togethers and social events, and they invite us. It’s not a business feeling; it’s a family feeling. I don’t feel like a customer; I feel like a friend.” 

Joe and Christina say a couple of things their clients really appreciate include their partnership with Zillow to showcase the homes they market. 

Also, Tampa Bay Home Team has an in-house media department for photography and videography. When they used to outsource photography, pictures were snapped quickly in less than an hour, but now their staff can spend all day getting the perfect pictures to best showcase a home online. 

“Clients like it because they don’t feel rushed,” Christina explains. “This is a big step for them, putting their biggest asset on the market. They want someone to come in and care about it as much as they do.” 

They also say their background in the financial industry and mortgages also is a benefit to their clients. 

“A lot of agents are not trained on the mortgage side,” Joe says. “You want to make sure the person you’re hiring as a listing agent has the background knowledge to know what questions to ask the lender so there are no issues with the mortgage.” 

He says they’ve heard a lot of horror stories about deals that don’t close. “The worst thing is after you’ve made plans, you’re packed up and ready to move, and the deal dies,” he says. 

Guaranteed Offers, Too 

That’s one reason people are tempted by online companies that offer convenience and a sure thing, such as Open Door and Offerpad. But Joe says his company offers a better option. 

Tampa Bay Home Team will make a guaranteed cash offer on your home. 

“We have investors that will give full market value for homes,” Joe explains. “It’s a unique program that gets people a lot more money.” 

He says online companies typically offer about 80 percent of a home’s value. Recently, Joe says a seller got $30,000 more from Tampa Bay Home Team than they were offered from an online source. 

“If consumers go to Open Door or Offerpad, they are not being represented,” explains Joe. “Our fiduciary responsibility is to the client to represent their best interest. Those companies’ responsibility is to their shareholders.” 

He says the most important thing when buying or selling a home is to work with someone who has a track record of selling a lot of homes, with the experience and education to navigate the transaction. 

For example, Robert Holbert and his wife Carrie have 2-year-old twins and a 10-year-old. They are another client of The Home Team who recently moved to Wesley Chapel from New Tampa. They’re also repeat customers who first bought a house with Home Team in 2020. Then, The Home Team helped Robert’s parents move into the area in 2022. 

“Joe is super knowledgeable about the market and has done a great job of keeping the relationship with us,” Robert says. “It’s not just a deal, but he’s been someone we see around town, who has helped us with follow-up questions about schools and when we needed a recommendation to replace our A/C. He’s been available for us, not just for one transaction.” 

Tampa Bay Home Team is located at 2818 Cypress Ridge Blvd., Ste. 150. For more information about Tampa Bay Home Team, contact Joe and Christina at (813) 321-HOME (4663), email info@TampaBayHome.com or visit TampaBayHome.com. 

The professional real estate team at Tampa Bay Home Team also enjoys spending time together outside of work. 

Understanding The New Real Estate Rules — And How They Affect You 

The real estate industry in the U.S. has weathered many permanent changes since it first began. These changes typically have translated to greater protections and transparency for buyers and sellers, and has kept the industry innovating and moving forward. 

There are more major changes proposed for the national real estate market this summer, and they could end up affecting everyone. These likely changes are the outcome of a pending settlement in a national class action lawsuit, brought against the National Association of Realtors (NAR) organization by the plaintiffs, a group of home sellers from the Midwest who listed their homes for sale on the MLS (Multiple Listing Service) using real estate Brokers. 

In order to try to better understand what’s happening, let’s first break everything down to the basics. 

What Is A Real Estate Brokerage? 

In order to legally practice real estate in Florida, a real estate agent must have an “active” license, working under a Broker or be the Broker (an experienced agent who’s gone through additional licensing requirements and runs a brokerage) themselves. The Broker and his or her agents all work under the brokerage (real estate company). Among the many well-known national brokerages are RE/MAX, Keller Williams and HomeServices of America, all of which were named in the suits. 

Exceptions for those who are able to engage in real estate transactions but who are not under a brokerage are the following — real estate attorneys, agents who are employed by home builders in community sales offices, agents in leasing offices and buyers or sellers who represent themselves in their own real estate transactions. 

What Is The NAR? 

As real estate records began being tracked in the U.S. around the end of the 1800s, there was inconsistency and dubious practices among some in the profession. To curb the problems, 19 various city real estate boards and the California State Realty Federation organized and created the National Association of Real Estate Exchanges in 1908. That name was later changed to the National Association of Realtors (NAR). 

In 1913, the Association adopted its ‘Code of Ethics’ with the “Golden Rule” as its guiding principle. Shortly after, in 1916, the term “REALTOR” was created for those who were members of the National Association and who went through extended training to learn and pledge to uphold its strict code of ethics. 

Now, NAR is the largest trade organization in the U.S., with nearly 1.5 million members. 

What Is The MLS? 

NAR also controls and regulates most of the 800 local and regional Multiple Listing Services (MLS) throughout the country. These MLSs serve as the primary databases where information (including photos) about current local real estate for sale or rent is uploaded, listed and then shared with potential buyers. Popular websites like Zillow.com and Homes.com (photo above) pull most of their information from MLS. 

From very early on, in order to list on an MLS, NAR required a written listing agreement, which meant that the seller would specify who (which Broker or agent) could list his or her property and the specific commissions that would be paid, and to whom, in order to avoid later disputes and build trust among those in the early profession. 

This early requirement stuck. The commissions are currently either specified in the listing agreement as a percentage of the total sale price, or as a flat dollar amount. 

What Happened With The Case? 

Previously, NAR’s “Participation Rule” required that for a property to be listed on MLS at all, some compensation (even as little as $1) must be offered to the buyer’s agent. The plaintiffs in the case claimed that some of the nation’s largest real estate brokerage firms used this rule to collude with NAR to fix prices and artificially raise the amount of home sale commissions, even though commissions had always been negotiable. 

The jury sided with the plaintiffs at the end of last October (2023), and awarded them approximately $1.8 billion in damages. After the ruling, NAR immediately changed its Participation Rule so that seller listings could offer as little as $0 commission to a buyer’s agent, and in November, Stellar MLS (the local MLS that covers the entire Tampa Bay area) updated its rules and regulations so the local system could accept $0 in that commission input field. 

When Was The Settlement Reached? 

On March 15, 2024, a smaller settlement in the amount of $418 million was reached between the parties. According to Katie Johnson, the chief legal officer of NAR, “This settlement would resolve the claims brought against NAR.” This settlement is the document all parties agreed to, but this isn’t the end. Johnson stated that, “Like all settlements of class action litigation, it is subject to court approval.” 

What this means is that the proposed settlement terms and changes to real estate policies might not take effect until July of this year, at the earliest. 

The settlement also came with a cap, meaning only large brokerages with residential transaction volumes of $2 billion or more in 2022 were liable to pay into the settlement fund, and ones with volumes below $2 billion were released from liability. The brokerage HomeServices of America, however, chose to not participate in the settlement, and has now become the lone defendant, wanting to fight it out and take its chances, potentially pushing the case to the U.S. Supreme Court. 

What Are The Proposed Changes? 

There are two primary changes that will affect the entire real estate landscape: 

From the Stellar MLS public website: 

1. “Compensation offers moved off the MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation (to be listed) on the MLS.” As was mentioned before, NAR had already changed its policy to allow for offers of $0 compensation to the buyer’s agent on the MLS, but currently, most sellers are still opting to include some type of commission in that field. But, this change would strictly prohibit ANY commission being offered in the MLS listing at all. 

The intent was to level the playing field to make sure there was no steering, so buyers’ agents would show them every potential house, regardless of the commission, because they wouldn’t know what it might be up front, as they historically have been able to know. 

This doesn’t prohibit the agents from negotiating concessions behind the scenes, but the hope and goal of the settlement was that increasing negotiations at this step, and at the initial written representation agreements (see below), would overall reduce total commissions paid nationwide, saving consumers money. 

Also from Stellar MLS public website: 

2. “Written agreements for MLS participants acting for buyers: MLS participants [agents/Brokers] working with buyers will be required to enter into written representation agreements with their buyers.” 

These written and signed agreements are typically known as Buyer Agency Agreements and specifically might be referred to as Exclusive Buyer Broker Agreements (EBBA), which are already required in more than a dozen states, but are optional in the rest. These are meant to ensure that home buyers know in advance what their agent will charge for their services, if the seller doesn’t offer concessions to compensate them. 

Also, the seller may still offer concessions, but instead of a commission being paid directly to the buyer’s broker from the seller (like it had been traditionally done in the past), a concession might go to the buyer, and then the buyer would pay their agent the rate listed in the agreement. So, if the seller were offering 2% concessions, but the agreement between the buyer and their agent was 3%, then the buyer may have to come up with the remaining 1% themselves. 

This, of course, could cause the buyer to reconsider that particular property or take concessions more into consideration, now that they might have to participate in paying for their real estate agent’s services. 

What Are The Concerns? 

This settlement has caused concern for certain categories of home buyers who may be at a disadvantage, given current restrictions and budgets. For example, a first-time home buyer with less buying power might be more swayed by certain properties based solely on the concessions they are offering in order to pay their agent, and sellers may not even entertain the buyer’s offers if they ask for too much in concessions. 

Other buyers who might be affected more than others are those who may use Veterans Administration (VA) loans, which are reserved for U.S. Armed Forces active duty service members, veterans, reservists, or their surviving spouses (under certain circumstances) that meet the minimum active-duty service requirements set forth by the U.S. Department of Veteran Affairs. Many buyers who qualify might choose to use a VA loan over other types of loans because the terms are typically much better. 

However for VA loans, current restrictions on certain fees would not be compatible with the proposed national change. On March 27, NAR president Kevin Sears wrote a letter to the VA and shared his concern about this, stating, “In this exceedingly competitive market, we are concerned that the VA’s current policies place veterans at a significant disadvantage compared to traditional buyers. Under VA policies, buyers using their home loan benefit are prohibited from compensating their professional representative directly. In situations where no offer of compensation is offered from a seller, VA buyers are immediately at a disadvantage, potentially forcing them to forego professional representation, lose a property in an already limited inventory, choose a different loan product, or exit the market entirely.” 

No one knows exactly what this all will look like moving forward, or what things will have to change in order to make it all work, but there is a timid yet optimistic outlook from real estate professionals that things will work out for the best, as they have many times in the past.