08/14/2024
Under contract and leased. 🔒🏡✨ by yours truly!
I’m proud to be in a position where I can help families secure their dream homes. As your realtor (and future realtor 😉), it’s essential that you understand the recent changes from the National Association of Realtors (NAR) and how they impact you. Take a moment to read about these important updates!
Here are a few key changes I want to highlight:
1. **Written Agreement Requirement**: MLS Participants working with buyers must now have a written agreement with the buyer before touring a home. That’s right, buyers—this isn’t something to avoid. It’s mandatory for all Realtors showing homes on the MLS and is designed to protect you, ensuring you fully understand how commissions work for the realtors who are dedicated to helping you secure a home.
2. **Compensation Requirements**: The NAR has eliminated the requirement for offers of compensation between listing brokers or sellers and buyer brokers or other buyer representatives within the MLS. This means that if a seller chooses not to offer compensation to the buyer’s agent, the buyer will be responsible for covering any difference as per the agreement you have with your realtor.
3. **Compensation Disclosures**: Realtors are now required to disclose compensation details to sellers, prospective sellers, and buyers. While commissions have always been negotiable, NAR now mandates that this be explicitly stated in your disclosures.
These policy changes, approved by the NAR Leadership Team, will take effect on August 17.
