07/14/2024
We have been saying change is coming to the Real Estate world, so here it is.
If you any questions, I’m here to answer them.
🔈 Public Service Announcement To ALL Home Buyers 🏡
Effective August 17th, 2024 and beyond - (our Board is implementing this change on August 15th!)
A Realtor CAN NOT open a door and show a home to house without you 1st signing a Buyer Broker Agreement with them, this also is the case when asking/inquiring to the listing agent directly.
In the past, some Realtors already operated this way but many didn’t. Historically it has never been a problem - We make contact on a possible home of interest, we make an appointment and show you a home(or several) and proceed. However, starting the 17th of next month, no Realtor will be able to open the door to that home(or any) for you without you first signing an agreement. It is 100% a requirement - no exceptions (big fines.)
This is where selecting the RIGHT agent for YOU will be key. You will want to work with someone that you believe will not only look for the perfect 🏡 for you, but also look out for your best interests. An expert negotiator is 🔑 A real estate transaction can be uniquely complicated more often than not, they’re never exactly the same from one another and have their own challenges. Work with someone that will do all of that for you, and then some.
If you have any questions in regards to this change in the real estate industry, you all know that my message box and phone is always open! 🙏 📞 📧
*Copied from a fellow Realtor
~~~~~~~~~~~~~~~~~~~~~~
This came directly from NAR
(National Association of Realtors)
Hello all,
Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:
We recommend all MLSs implement practice changes by August 17. REALTOR® MLSs (those owned exclusively by one or more REALTOR® Member Boards) must implement the changes by this date to remain in compliance with NAR policy.
* Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate terms of buyer agreements, but NAR has created resources to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice—including our “Written Buyer Agreements 101” resource.
