08/13/2024
‼️ATTENTION BUYERS! PLEASE READ‼️
Starting on August 17th there will be some changes you will see happening in the real estate market that will be EXTREMELY IMPORTANT FOR BUYERS 👀
✅ JUST SHOW ME THE HOUSE!!
Before buyers can be shown ANY property they will be required to sign a “Buyer Representation Agreement”! This form will be mandatory and non-negotiable for anybody looking for a Realtor or working with a Realtor.
✅ WHAT BUYERS NEED TO SIGN
The Buyers Representation Agreement is a contract between you and your Realtor explaining that you will be using them to purchase a home and will also explain all responsibilities etc. owed to you by the agent you are working with. This form also states what compensation is to be paid by you as the buyer and/or the seller. The compensation that is agreed upon is the MAXIMUM compensation your broker/agent can receive.
✅ BUYERS HAVE TO PAY?
Possibly yes and possibly no! 👍🏻
Compensation has been and will ALWAYS be negotiable!! There are many ways that your agent will be compensated.
1. By the seller either paying the brokers compensation or credits/closing costs to buyer.
2. By the buyer which will be laid out in the buyer's representation agreement.
With the new NAR ruling taking place, the compensation will not be allowed to be posted on the MLS. So now when a home is shown, the agent will more than likely not have any clue what they will be compensated.
✅ WORK WITH A PROFESSIONAL AGENT
Selecting the right agent to work with(which I hope will be ME) when buying a home is SO IMPORTANT!! With August 17th coming up soon, there will be a lot of changes to Real Estate and having an agent on your side to help you navigate this will be extremely important!
✅ COMMUNICATION IS KEY
These changes are happening across the board for ALL Realtors, not just Ohio Realtors. Communication, now more than ever is going to be so so important! While the future is unknown I’m truly hopeful that almost all sellers will continue to offer compensation and buyers won’t be negatively affected by this!
As always I’m only a phone call away and always open to answer questions you may have!
Allie Tietz with HomeSmart Real Estate Momentum ❤️🏡