Data centers probably weren’t on your list of things to think about when buying or selling a home.School districts? Sure. How close are you to family? Absolutely. A large building full of
Changes Are Coming to the Real Estate Industry Aug 17th
Dated: August 9 2024
Views: 291
A little backstory:
Back in March, the National Association of Realtors (NAR) agreed to a settlement deal. The organization agreed to both a monetary settlement and real estate practice changes to provide more transparency regarding how real estate agents are paid.
But how exactly does that change things for you? There are two main differences you may be hearing about:
Offers of compensation for buyer brokers or buyer agents can no longer be made on the Multiple Listing Service (MLS).
Real estate agents must enter into a written agreement with a homebuyer before giving them a tour of a property.
Headlines might make these changes seem overwhelming. And while some of the paperwork is new, the reality is that most professionals in the industry will continue to provide the same service they always have.
To help you get a better understanding of what this means for you, here are six key things home buyers and sellers should know about the changes going into effect on August 17, 2024.
What Changes Mean For Homebuyers
#1—Homebuyer Agreements
Your real estate agent needs to have a written agreement signed before they can show you homes. This doesn’t mean you are locked in for life—some agreements can be for one property, some for one week, and some for a longer period of time.
Be sure to ask about the different options available when interviewing buyer agents, and make sure you understand exactly what services are included.
#2—Know What You're Paying For
This agreement will clearly outline your agent's compensation. If the agreement is not specific, or if you have questions, ask for clarification (and get it in writing) before signing anything.
And, just like before, agent fees are negotiable. This settlement doesn't change that.
#3—Seller Deals Still Exist
Sellers can still offer to cover some of your closing costs, and even the buyer agent fees, as an incentive.
While you won't see the seller’s offers to buyer agents on the MLS listings anymore, that doesn't mean they're gone. Your agent can determine if the seller is offering buyer agent compensation (or negotiate for it should you decide to make an offer on a property).
What Changes Mean For Home Sellers
#1—The Power of Choice
You’re still in control! You can decide if you want to offer compensation to buyer brokers. When interviewing your listing agent, ask about the pros and cons of offering buyer agent compensation to help you determine what the best option is for your situation.
#2—Transparent Terms
Your listing agent must obtain your approval before making any payment offer to buyer brokers. If you choose to offer compensation, the terms must be transparent and made in writing—including how much and how it will be paid.
#3—MLS Dos and Don’ts
You can no longer offer buyer broker compensation on the MLS as a seller. (This must happen off MLS.) However, you can still offer buyer concessions on the MLS, like closing costs.
Final Thoughts
These changes are designed to make the process of agent compensation when buying or selling a home more transparent. That being said, different options will be available, so you must take the time to understand them all. Working with a knowledgeable real estate agent ensures your home buying or selling experience is positive and successful.
Schedule a discovery session with me by clicking HERE
David Demangos
With over 15 years as a professional Realtor and native of San Diego, home sellers, home buyers, and investors trust David. He has a long-standing tradition of success and a proven track record.He has....
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