BUFFALO, N.Y. — 716 Realty Group trademarked its name in 2017 and since has grown to more than 45 agents and five offices across Western New York.

"Real estate's a very entrepreneurial business,” broker and owner Greg Strauss said. “A lot of people are starting their own business. We are ultimately independent contractors working under the supervision of a brokerage, and it's exciting to grow and help clients more and more.”

For the last several months, Strauss has been preparing for a new challenge. In March, the National Association of Realtors agreed to some new rules for transactions in order to settle a series of class action antitrust lawsuits.

"We've been on Zoom calls, trainings with our local real estate association. We've been watching the National Association of Realtors, facts come out," he said. 

Among the biggest changes that will go into effect Saturday is a requirement that buyers enter into a written agreement with a broker before touring a home. It must include details of compensation and could impact the common practice of sellers paying both their and the buyers' commission fees.

"I believe that in Western New York that sellers will continue to offer buyer agent compensation because the realtors and the sellers are going to have that conversation up front and say, ‘This is still going to help you get top-dollar,’" Strauss said.

The industry will no longer be allowed to disclose commission offers on its centralized listing service. Strauss said there will be more phases as the settlement rolls out and parts are still confusing.

"I think that the longer this goes, the more time that passes, there's going to be more federal and state clarity on what it means to be representing a seller and be representing a buyer," he said. 

Analysts are projecting the changes will not only shrink the buyer pool but may push many realtors out of the industry due to things like more documentation and compliance requirements. However, Strauss said he sees it as an opportunity.

"Here in Western New York with about 3,200 realtors, we'll probably lose a couple hundred for sure,” he said. “I think that for those that are willing to go out and work hard, talk to their people, educate consumers and ultimately understand the process of buying and selling a home, there's going to be more business for those that know what they're doing.”

Strauss said it is already best practice for buyers' agents to enter into an agreement with their clients but those who don't have one in place, starting Saturday, will need to do that before showing more houses.