08/07/2024
On August 17th all buyers must sign a Buyer Representation Agreement prior to walking into a property. Agents will not show a buyer property unless the document is signed.
✅ JUST SHOW ME THE HOUSE!!
Usually it’s not a problem and we can zip over, show it to you and be done, however, starting August 17th NO REALTOR will be able to unlock a door for you without you first signing that agreement 🤯
This will be non negotiable for any person with a Realtor designation.
✅ Wait…WHAT DO I HAVE TO SIGN??
The agreement between buyer and Realtor is a Buyers Representation Agreement, the contract between you and that realtor saying you will be using them to buy a home and breaking down the roles, duties and responsibilities owed to you by your agent etc. This form also spells out what broker commission are to be paid by you and/or the seller. Whatever commission is on this agreement is the MAXIMUM commission your broker/agent can receive out of the transaction.
✅ I HAVE TO PAY COMMISSION?
Well yes…but actually maybe no… 🤔
With the new NAR ruling going into effectadvertising cooperating broker and buyer broker commissions will now be BANNED on the MLS.
So, now when your agent shows a home they may likely not have any idea if they are going to get paid from the transaction. Commissions are always negotiable of course, and there are a number of ways your agent can get paid. By the seller either in the form of direct compensation to Buyer brokerage or as a form of concession/credit to buyer. In some cases the buyer will be paying the commission for their agent out of pocket and this will be spelled out in the buyers representation agreement.
✅ HIRE A PROFESSIONAL AGENT
Picking the agent you want to use to help you buy a home is an important decision and not one that should be forced upon you just to see a home.
The good news is that we get to decide when it expires, so although you may have to sign one, if you’re not ready yet to fully commit to a Realtor, you can always request an agreement that expires in a day, a week, a month, etc..
August 17th is approaching a lot of changes will happen behind-the-scenes. This new rule with a buyer representation agreement is just one facet of the NAR ruling which will change the landscape of how real estate is sold in the United States. 
✅ ALIGNMENT & COMMUNICATION
Now, more so than ever, aligning yourself and your family with a full-time professional realtor will be vitally important for the success of your home purchase. These rulings will likely change the landscape of our agent community and many agents will find themselves out of
You will have questions! So having an agent that clearly communicates expectations is vital! Your path forward to homeownership is more important than ever.
If you have any questions..PLEASE reach out!
Chad Warman
Realtor Keller Williams Seven Hills
513-543-8453
