08/22/2024
Attention, prospective real estate clients! Significant changes are coming to the real estate industry, and hereβs what you need to know.
Starting August 17th, 2024, if youβre a buyer wanting to tour a property with a Realtor, youβll need to sign a Buyer's Representation Agreement **before** any property showings can occur. This agreement is important for a couple of reasons: it provides added security for all parties and agents, and it ensures that the parties have a clear understanding of their working relationship. The agreement will outline who the agent is representing and the terms of that relationship, including the duration and commission structure. These updates are part of our ongoing commitment to transparency in representing buyers and ensuring everyone understands the value we bring in earning our commission. Remember, commission rates remain negotiable.
On the seller's side, there are also important changes. Sellers will now be unable to offer buyer brokerage compensation through the MLS; however, buyers can pursue compensation off MLS through negotiation and consultation with Realtors.
As a realtor, my primary focus continues to be the best interests of my clients. I've been using Buyer Representation agreements my whole career with few exceptions, and ensuring that my clients fully understand the entire process has always been a top priority for me.
If you're ready to start your home-buying journey or are thinking about selling your home, feel free to reach out. Iβm happy to schedule a coffee meeting, a phone call, or a buyer/ seller consultation to go over the changes. Contact me, Teresa Martin, 859-983-0820, with any of your real estate needs!