08/17/2024
I wear many hats: restaurant owner, real estate investor, and realtor - working with both buyers and sellers.
I respect the many hardworking agents who put in the time and do the work that it takes to have a smooth transition on either side. It requires resources, collaborations, partnerships, in-depth knowledge, and having a feel for your local market. Thats the value in having a professional on your side.
I have borrowed this from one such professional and she has summed it up quite well in these four points:
I’m sure you have heard some form of this message at some point in the news over the last couple of months. Well, tomorrow is the day! With that being said, Virginia has required a buyer agreement to be in place for many years now so we are one of the fortunate states that have had buyer representation in place for quite some time already. With that being said, here is what you need to know.
1. A signed Buyer Representation Agreement with an Agent is required BEFORE you can tour a home, and this MUST be completed prior to entering the home. You will need to hire your Realtor and understand the services they will provide you, and the fee for their services that will be paid to them at closing. Your agreement can be for one day, it can be for one property, for multiple properties, etc and must be for a negotiated length of time.
2. Compensation is fully negotiable between all parties, and always has been. You should ask your Agent about their services and what you can expect to receive during your transaction. Now more than ever, there is more transparency, which is great for all parties.
3. You do not need a written agreement to ask questions when speaking to a Listing Agent or to attend an open house.
4. Compensation to a Buyer’s Agent is no longer listed in the MLS. Sellers will list their home with the compensation they choose (which is the way it has been in VA) and that will be written into their listing agreement. If they do not offer Buyer Agent compensation, or if the Seller is offering less than what you have agreed to pay your Agent at closing, you may negotiate the compensation fee, as well as any requested Seller subsidy (same as always) in the contract.
Full transparency is the best thing that could have happened to our industry!
So as rates begin to come down and inventory begins to go up, call me and let’s discuss real estate. Whether, you’re investing, buying, selling, renting, or just want to know your options, I’m here. 202-491-9227.
