08/14/2024
“For those of you who haven’t heard, some major changes are coming to the real estate market this week. Read below for more info, then contact me with any questions or to help you with your real estate needs.
Did you know that starting August 17th a Realtor®️ can no longer show you a property without a signed buyer's agency agreement? It can be exclusive or non but it MUST be signed. This means they can’t even unlock the door 🚪 without it.
Doing so, and getting caught, results in thousands of dollars in fines. 💴💴💴💴
A buyer's agency agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their duties to you.
There is no such thing as a "free service" for using a buyer's agent. Now, as with sellers, buyers must truly hire their agent.
Hiring an experienced agent that has done hundreds of transactions, and has many years of experience matters more than ever before.
Sellers always interview agents, and now … so will buyers, who must take this process more seriously.
🙌🏻Yes, sellers can still choose to pay a buyer's agent commission, but it’s no longer listed in the MLS.
Now, buyer's agents must call listing agents to confirm if and how much the seller will compensate. They will then communicate this to you, and you can decide how to proceed.
You can’t get an electrician or a plumber to come to your house for free. Their time is valuable and so is ours.
Educate yourselves so you aren’t in the dark when an agent explains this to you. A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands.
If you have any questions, reach out and let’s have a conversation. Happy to help!
(Copied from a fellow Realtor®️)”
