09/28/2024
BIG NEWS ⬇️⬇️⬇️ Real estate is forever changed!🏡
Did you know that as of August 14th in the Commonwealth of Virginia , and August 17th across the US, a Realtor can no longer show you a property without a signed Buyer or Tenant agency agreement?
So, what does this even mean?❓Just as a Seller hires a Brokerage/Realtor to represent them in the sale or rental of their home, a Buyer or Tenant would also be hiring one to represent their interests in the transaction. 📑
This agreement can be exclusive or non exclusive but it must be signed. This means, the Realtor can’t even unlock the door 😳 without it. Doing so, and getting caught, results in thousands of dollars in fines. 💰
🤝A Buyer or Tenant agency agreement legally binds you (Buyer or Tenant) to that particular Brokerage for an agreed-upon timeframe, spells out the compensation, and details the Realtor and Brokerage duties to you.
The reality is that there is no such thing as "free service" when using a Realtor. It's NEVER been free! Your time is valuable and so is that of Realtors...
Now, as with Sellers and Landlords, Buyers and Tenants must truly hire their Realtor. Hiring a Brokerage/Team/Realtor that has a proven track record and TONS of experience and professionalism matters more now than ever before. 🗃️
Sellers and Landlords often interview multiple Realtors and Property Managers prior to selecting THE one to represent them, and now so will Buyers and Tenants, who must take this seriously.
A Buyer or Tenant agent offers valuable services and protects you from legalities that can cost you thousands dollars and help you to reduce your risk! A professional will help you navigate the application, contract, negotiations, potential inspections, and ultimately your successful closing. 🎉🍾
When it comes to compensation, Sellers/Landlords can, and probably will continue to, offer compensation for a Buyer and Tenant agent. This is, and always has been, negotiable. The only difference is that the disclosure of compensation is no longer listed in the MLS. 🏡
Moving forward, Buyer's or Tenant agents must call Listing agents to confirm if and how much the Seller or Landlord has already agreed to compensate. They then communicate this to you, and you can decide how to proceed. At the end of the day, YOU are always in the position to decide whether or not you are comfortable moving forward submitting an offer or application. 👍
♥️ My goal in sharing this with you is for you have a great experience when the time comes for your next real estate transaction. Hopefully, now you are a bit more prepared.
If you have any questions, reach out, and let’s have a conversation. We are well versed on the new changes and how they impact you and we WELCOME your questions!
